If you're looking for a way to make some money in tech, and you don't want to do it yourself, you might want to consider the (NEEGX) Needham Growth fund, which finished the first quarter in the black, an amazing achievement.
Peter Trapp, the manager behind Needham Growth, has a charter that gives him the flexibility to hedge, to bet against companies that aren't doing well as he bets in favor of others which are. That flexibility is why he's up for the year.
As I chatted with him this morning on "Squawk Box" and in the greenroom beforehand, it was like a breath of fresh air. I didn't have to hear that same set of excuses about "just wait three years" or "I wish I could have done better, but you know they gave me the money to be 100% long tech at all times."
No, we gave you the money to make money, I always want to say to these heads-I-win-tails-you-lose folks.
Trapp had some great hits shorting overvalued router and telco semiconductor companies, and he bought some undervalued personal-computer chip companies. He hedged his downside, so he doesn't have to tell you that he lost 50% of your money but gave it his college best.
To me, someone who was short the contract manufacturers during this horrific downturn is someone I trust to get it right when things turn around. Needham Growth Fund may be the perfect antidote to those fund managers who claim the right to be reckless in the name of being your tech exposure.
The amount of money you need to get into Needham Growth is about to go up from its current $1,500 to $5000, so you might want to move sooner rather than later if you want to send a small amount to Needham.
During the boom time, this fund did underperform others, but I think that is to be expected, given its hedged exposure.
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