Mike Lippert
Baron IOpportunity Fund
Unlike many tech managers, Mike Lippert likes to buy a stock and ride it for a long time. The approach has paid off. Over the past 10 years, his Baron iOpportunity Fund is up 3.6% on an annualized basis, while the tech-heavy Nasdaq is down 4.2%.
Lippert's current favorite is Equinix, which operates data centers. Equinix provides banks, web-based software providers, and others with the space and power to locate key servers, enabling the fastest possible exchange of data. The proximity of machines and customers in Equinix's centers creates a network effect, giving Equinix a huge advantage over competitors, Lippert says. Customers "need to be there," he says, adding that the rise of web-based software means that need will grow.
He adds: "I can see owning this business for the next five to 10 years."
--M.C.
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