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A hedge-fund manger guest of Aaron Task's on Jim Cramer's

"RealMoney" radio show Friday said he didn't reposition his holdings in the wake of the Fed's decision to raise interest rates.

Task, co-executive editor of

, will be filling in for Cramer this week.

Task asked Willard, president of

CL Willard Capital

and a contributor to

, whether he has repositioned himself in the market since the Fed's move on Thursday.

Willard responded that he has not repositioned himself, and he missed Thursday's rally. Although many people believe what the Fed did yesterday was a bullish sign, Willard said it hasn't changed his point of view.

"The fact of the matter is the fed raised rates again," he said.

Willard said he doesn't expect a hard landing later in the year, but said the dislocation in so many different markets makes him believe that it isn't a good time to be aggressive. He said he is waiting for the market to cycle itself out and he's not in any rush to get back in.

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recently announced the delay of it Office 07 product, as well as plans for co-founder Bill Gates to step down, Task said.

In addition, there is talk that the company may need to break up or change their management or both, he said, asking Willard how concerned he is on the matter.

Even with the pushbacks, Microsoft is still generating billions of dollars of cash every quarter, he said. They have $50 billion of net cash on their balance sheet, so even if they bring out Office 07 in late 2007, Willard believes they are building up a pent-up demand.

He does not believe the company is dead money or that he is suffering opportunity costs by staying in it, he said. He is up on the stock from when he bought it six weeks ago, while the


is down double digits since that time.

"I don't look at what the stock has done in the past, but want to look ahead and see where I am going to make money in the future," Willard said, adding that he truly believes Microsoft is a potential "double" over the next couple of years.

In light of the news that



is being faced with options backdating, Willard said this is the first time since March 2003, when he first bought the stock, that he is considering getting out of it entirely, he said.

"I don't think it's good that the company is disclosed and has gone to the SEC and said they might have options backdating or options irregularity," he said.

Aaron L. Task is the co-executive editor of In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in He also doesn't invest in hedge funds or other private investment partnerships.

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