If you think, as I do, that technology should be an important part of your portfolio, but not the whole portfolio, then you might want to consider the (GABBX) - Get Report Gabelli Blue Chip Value fund run by Barbara Marcin.

Nobody, least of all Marcin, disputes that technology can make you a huge amount of money at times. Which is why she is currently putting 20% of her fund in tech, because, as she says, "tech is cheap."

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Marcin has a sizable position in

Compaq

(CPQ)

, which she strongly believes will be appreciably higher in the next 12 months. She has also bought some

Lucent

(LU)

, which she thinks can go to $15. (She is not a pie-in-the-skyer, trying to hit lots of singles and doubles, which is why she didn't make you decent money last year and is making really good money this year.)

She's also been a buyer of

Cendant

(CD)

, which she's been accumulating since it was at the $14 level (she missed the whole Cendant debacle -- something I wish I could say.). And has sizable positions in

American Home Products

(AHP)

and

Williams

(WMB) - Get Report

.

Marcin doesn't believe that technology is the place to be for massive gains. Those, she says, could be a thing of the past. However, she still sees bargains in technology and is deploying capital into the sector at these levels.

In the past I have praised Howard Ward of Gabelli's shop as a different, more rigorous type of growth investor. Marcin is his value counterpart. As is the case with all of the Gabelli funds, Marcin is smart, dedicated, level-headed and demanding of performance.

You know I have it in for these pure tech funds because they lost you so much money. Marcin's fund is still an alternative that can deliver consistent performance without losing you a lot of sleep.

Random musings:

See you on "Squawk"!

As originally published, this story contained an error. Please see

Corrections and Clarifications.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to

jjcletters@thestreet.com.