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14 Mar, 2008

By Charlie Parker | 09:09:27 | 14 March 2008

Tony Dye, who as chief investment officer at Phillips & Drew in the 1990's, bucked the herd to predict the collapse of technology stocks, has died from cancer aged 60.

As one of the City's most senior fund managers Dye made a series of public denouncements of technology stocks from 1995 onwards and was ultimately vindicated. However, his opposition ran over a series of years and by the time his predictions came true he had lost his job.

He was a value investor to his core and did not abandon conviction in his investment process despite widespread opposition and years of terrible relative performance.

He remained a bear until the end predicting in letters to newspapers from retirement that house prices could fall by up to 30% by 2009.

The recent turmoil in the US housing market may again show that his predictions ultimately come true. One of his final predictions will stick in the throats of many investors: 'We don't have soft landings in things like this, ever,' he said.

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