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PILGRIM: Here are five technology picks, on the hunch that many things will get better: Documentum, JDA Software, Mercury Interactive, QLogic and Microchip Technology. They're the dominant factor in everything they do. They're the quality in a busted-up sector. Away from tech, we like Bed Bath & Beyond. It has lots of years to grow. Starbucks--they're going to open three or four times as many stores over the next decade.
MCKISSACK: A stock like MBNA, the credit card issuer, we've owned for a long time. It's growing from what was a midcap company into the larger-cap space. It has demonstrated 20%-a-year growth and, with its credit review and issuance process, it has an above-average customer in terms of income and payment history. We've also been very successful with SunGard Data Systems and continue to see that as a good long-term opportunity. It provides specialized software into the financial-services market and recently bought Comdisco to make it a larger player in that area. Comdisco was one of the companies to help businesses get back up quickly following 9/11. In the consumer area we like Clorox. It owns Kingsford charcoal and Hidden Valley, interesting and sustainable franchises. It's not growing at a rapid rate, but it is a very sustainable franchise, and we think that it's an industry that will consolidate over time, though that's not why we own the stock.
TIME: Eleanor, when people tell you they're buy-and-hold investors, you have said you question them to see if they have the constitution for it. That will surprise those who consider buy and hold a conservative strategy.
BLAYNEY: Many people buy and hold because they're afraid of making a decision, so it becomes a form of inertia or paralysis. And that has its own risks, some of which we've talked about here. Being a buy-and-holder demands that you actively look at and buy a stock's story each and every day. That's the kind of exploration we go through with our clients.