San Francisco
TECHNOLOGY stocks had another scorching weeklong run last month, capped off by Amazon's startling decision to buy Whole Foods for US$13.4 billion. And like many stock pickers these days, the portfolio managers at Parnassus Investments, a mutual fund company that invests mostly in large American companies, were at their wits' end as they gathered for the firm's weekly investment committee meeting.
"These stocks are hitting highs - again," said Todd C Ahlsten, who oversees the firm's US$15.6 billion core equity fund, pointing out that even low-risk exchange-traded funds were piling into the likes of Facebook, Apple, Google, Netflix and, yes, Amazon.
The explosion in low-cost, index-tracking...
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