On several occasions in the last month or two, you have noted that the S&P500 is currently composed of approximately 20% tech stocks. Not long ago, the number reported in the media (papers and TV) was about 35% tech. Can you explain this further, as it does not appear that many stocks have rotated out of the S&P500. (March 22, 2001)

  When we refer to techs as a part of the S&P 500, we are referring to the percentage of the S&P market cap. The S&P 500 is a market cap index and we have been referring to the decrease in relative percentage of market cap for the index, not the number of stocks.

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