Investing In High Tech

When it comes to investing, Gary L. Pilgrim is no piker. With more than two decades of money-management experience, he has seen his share of investment fads and bubbles, and he does worry about whether investors' passion for high-tech stocks is getting out of hand. But his qualms are overcome when he and his colleagues at Pilgrim Baxter & Associates troll the stock market for the companies with the best earnings prospects. Nearly two-thirds of the companies that jump the hurdles and make it to their best-buy list are tech companies. "I don't set out to buy technology companies," says Pilgrim. "I buy earnings engines."

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