'USE...EUPHORIA AS AN OPPORTUNITY TO SELL'

Paul Wick, manager of the $4.7 billion Seligman Communications & Information Fund, is one of this year's more successful tech fund managers. Through Dec. 12, his Fund was up 13.4%.

ON HOW TO PICK TECH STOCKS: ''Don't get caught up in waves of enthusiasm and pessimism. If you like a stock, ignore the noise and stick with your convictions. Use volatility as an opportunity to buy and euphoria as an opportunity to sell.''

ON WHETHER TECH STOCKS ARE OVERVALUED: ''Valuations are all over the place. Some Internet stocks that are barely profitable have outlandish valuations (Yahoo!, Amazon.com). But valuations are low in the semiconductor-equipment industry and some peripherals and chip companies.''

ON WHETHER THERE'S SAFETY IN LARGE-CAP TECH STOCKS: ''Sometimes size is a critical variable for survival, but certainly it doesn't guarantee a big company will always do well. I won't consider buying Intel until its outlook becomes much clearer. Small companies can grow faster than large companies if they sell a hot product in an incredibly fast-growing industry.''

HIS FAVORITE TECH SECTORS: Peripherals, specialty semiconductors, and semiconductor equipment.

SECTORS TO AVOID: Internet stocks and PC companies other than Compaq and Dell.