12:22 PM ET Nov 8, 2001 Latest Market Overview Bambi Francisco's Net Stocks Compelled to buy expensive tech SAN FRANCISCO (CBS.MW) -- It's still early in the fourth quarter, but apparently it's time to jump in headfirst and ride the catalysts. "In the last two weeks, the biggest fear I see in the market is the fear of being left behind," said Ian Link, who manages the Franklin Technology Fund. "Many tech managers are just under-weighted technology and they had to aggressively move in regardless of how expensive stocks are." Link's fund is down nearly 36 percent this year, despite a solid performance since Oct. 1. "I'll be compelled to get into stocks that haven't run and have commensurately better outlooks over the next six months," he said. Most comforting to Link and most investors has been the 10th Fed rate cut of this year. What's more, companies aren't sharing particularly bad news these days. It's early in the current quarter, so earnings pre-announcement season isn't a concern at the moment. "What's driving these stocks is the lack of bad news more than a sudden onslaught of hope that the worse is almost over," added Link. That appears to be the case at the Merrill Lynch Internet and Software conference this week in Monterey, Calif. "The tone from most of these companies is fairly similar to what we've been hearing in the September quarter and that is essentially that business has stabilized," said Bruce Lupatkin, a portfolio manager at North Bay Technology Partners, noting that attendance seemed relatively thin.