Updated from Aug. 19With Salomon's star telecom analyst Jack Grubman now gone and Merrill Lynch's ( MER) infamous Henry Blodget out, one might be forgiven for wondering if it's time for Morgan Stanley's ( MWD) prominent Internet guru Mary Meeker to step aside. Though she has maintained a low profile over the past 18 months, Meeker was one of the most visible cheerleaders of the tech bubble, hyping a plethora of questionable Internet stocks even as they fell to pennies a share. On stocks such as Amazon ( AMZN) and Yahoo! ( YHOO), Meeker's optimism never wavered, and she has maintained her "overweight" ratings throughout the punishing declines of these stocks. Amazon is down over 85% from its high, while Yahoo! has fallen more than 90% from its best level. Although she did cut her ratings on FreeMarket ( FMKT) and VeriSign ( VRSN) this year to "equal weight," the downgrades came after the stocks had already lost 90% of their former value. Of the 13 stocks now under coverage, she has an "underweight" rating on just one: Ask Jeeves ( ASKJ). Thanks largely to her continued faith in Amazon and Expedia ( EXPE), an equally weighted portfolio of Meeker's Internet picks is only down about 22% year to date, a narrower loss than both the S&P 500 and Nasdaq Composite, which have fallen about 27% and 42%, respectively. Morgan Stanley declined to comment for this story, and Meeker was unavailable.