TECH INVESTING'S EAST COAST MAN

In an interview, T. Rowe Price New Horizons Fund head Henry Ellenbogen talked about technology stocks. Ellenbogen said long term there's tremendous opportunity for Internet stocks. Right now you have a classic platform transition going on. The mobile Internet, driven by smartphones and iPads, is creating a lot of challenges for some of these companies. The right way to build a consumer Internet company today is to focus first on mobile and then on the desktop. Companies need to embrace change, even though they're in a flat spending environment. Corporate technology is where they have some of their biggest holdings. The last thing he wants to invest in private companies is for people to buy the New Horizons Fund thinking they're getting exposure to a VC fund or the next hot public company. About 3% of the fund's capital is invested in private companies, and it's unlikely they'll go much above that.