14 Mar, 2008
Charlie Parker | 09:09:27 | 14 March 2008
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.