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Alissa Douglas By Beverly Chandler, Opalesque London:

The Opalesque West Coast Round Table – sponsored by Kaufman Rossin Fund Services - participants held a wide range of views as to whether there is a bubble in technology stocks happening at the moment or on its way.

Patrick Wolff, founder and managing member of Grandmaster Capital Management said: "It is very striking to me that there is a complete dichotomy between the very large technology companies with very attractive business models and mature growth that seem to be very attractively priced. We can all debate the relative merits of Microsoft versus Cisco versus Intel versus Hewlett Packard or Oracle and so on, but I personally cannot see any bubble here. Even if you look at a stock like Apple, you can argue that the history of consumer hardware suggests that eventually prices and margins collapse, but Apple is a heck of a brand and it has been growing like crazy. I have a similar view on Google - rational people can debate their prospects and the relative evaluation, but you cannot seriously talk about a bubble here. Then on the other hand we see smaller companies, often software companies, or software as a service or cloud computing companies and so forth. They oftentimes have market caps of $1, $2 or $3 billion, and when I look at these companies I find them impossible to understand. To start out, their "earnings&q......................

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