My pal Bre-Xer has leaped back on to a crowding tech bandwagon, feverishly banging the drums for the Wi-LANs, Cell-Locs, Nortels and Videoflicks.coms of the world.

As for that other investment guru, Warren Buffett, he continues to resist the temptation to jump on any bandwagons.

Does one take the advice of someone who bought Cell-Loc at $80 last year (now $1.80), or someone whose tech-free Berkshire Hathaway stock (BRK.A-NYSE) has escalated from $38 two decades ago to $68,900 (a $10,000 investment 20 years ago would be worth more than $18 million today)?

I would recommend the man generally regarded as the investor of investors. No, not Bre-Xer. I vote for Buffett, the one without the bags under his eyes. However, while riding Buffett’s coat-tails, I would suggest to the Oracle of Omaha that he answer his e-mail, which is a polite way of saying that he should feel free to join the new millennium any time.

Of course, it would be too much to ask a man who thinks Wi-Lan is a fancy name for dim sum to succumb to critics who say that, by shunning techs, he is not offering his shareholders a fair chance at beating the market?

Here is a man who, at 68, has resided in the same gray stucco house on Farnam Street in Omaha, Neb., for 40 years while accumulating obscene wealth, drinking Cherry Coke (he owns part of the company), dining at Dairy Queen (he owns part of the company), shaving with Gillette (he owns part of the company) and reading the Washington Post (he owns part of the company).

Buffeteers flock to Omaha each year to worship Buffett and partner Charlie Munger at the “Woodstock for Capitalists.”

Naturally, one of them questioned Buffett at the recent meeting about his indifference to techs.

Buffett’s response?

“The only way we know how to make money is to evaluate businesses. Is it incomprehensible? We do think about it but we don’t get any place. We understand technology products and what they do for people. But we don’t understand the economics 10 years out — the predictability of it. We would be skeptical of anyone who says they can. Even my friend Bill Gates would agree.”

Buffett was the trusty, ageless ploughhorse in an investing environment of giddy colts last year. During last winter’s tech mania, Berkshire shares tumbled briefly into the $30s but, with sanity returning to the markets, Berkshire rallied to finish the year with a 30-per-cent gain.

Buffett recently cautioned shareholders about unrealistic expectations of 10 to 20 per cent, suggesting they expect six to seven per cent in annual gains. “Anyone who expects 15 per cent is living in a dream world,” he said. “Our chance of compounding at 15 per cent over an extended period is so remote as to be zero.”

Of the Internet, Buffett told investors: “On balance, for society, the Internet is good for consumers but for capitalists it’s a net negative. It’s likely it will improve efficiencies of American business and reduce profitability.”

History has shown that the words of the world’s most famous investor should not be taken lightly.

PRO'S THREE STARS

Anna Beukes of Edmonton-based Roche Securities hit a home run here six months ago with an old-economy cut, Edmonton-based Churchill Corp. (CUQ-TSE), and continues to recommend the stock as a strong buy.

“I have predicted they will become a $500-million company (in revenue) within, say, three years,” says Beukes of Churchill, noting the construction company has been profitable for nine consecutive years.

Beukes recommended Churchill at $1.64 in November. It recently traded at $2.40 (year range, $1.50-$2.45). Her 12-month target is $3.

The analyst’s other picks are ACD Systems International (ASA-TSE) and CHK Wireless Technologies (CHK-CDNX).

ACD (recent price, $3, year range, $2.40-$14.75) develops imaging software for companies such as Kodak and AT&T.

“Their client list reads like a who’s who,” says Beukes, ranking the stock a strong buy. “The share price got caught in the downdraft of the high-tech industry. But, at $3, they’re grossly underpriced, a jewel amongst the tech wrecks. They’ve been profitable since 1998, they have $18 million in cash and they’ve doubled their revenue from $5 million to $10 million in the last fiscal year.”

Beukes recommends CHK as a speculative buy. It recently traded at $1.15 (year range, .90-$1.25).

“I’m forecasting $3-million revenue for the current fiscal year and that will become $7 million by 2002,” says Beukes.

Beukes’ record: -40 per cent (Churchill +46 per cent, Videoflicks.com, YVF.U-CDNX -76 per cent, PhotoChannel Networks ,PNI Montreal Exchange -90 per cent).

HOT ALBERTA STOCK: Avid Oil & Gas

AVO.B-TSE $9.85

Up $3.20 (+48.1%) on 124,100 shares (for week ending May 4).

Husky Energy gave Avid shareholders a booster shot by announcing its intention to acquire all of Avid’s remaining shares at $10 per Class B share and $5.85 per class A share. Husky already owned 38 per cent of the burgeoning Alberta producer, which is based in Calgary. Avid produces 5,800 barrels of oil equivalent (BOE) per day.

COLD ALBERTA STOCK:Eurogas

EUG-TSE 45 cents

Down 14 cents (-23.7%) on 265,500 shares (for week ending May 4). Eurogas finally cooled off after a red-hot April in which the stock nearly doubled on its encouraging oil and gas prospects in Canada, Tunisia and Spain. The Calgary-based company sold its Russian interests to a major Russian company earlier this year for $15.9 million US.