He bought the stock at $56 in January, before the technology sell-off; it now trades at $25.4375, and Mr. Battelle has recently added to his position.

But that was in large part because big value stocks rose sharply during the technology sell-off.

During the technology sell-off from March 10 through April 14, his fund gained 8.4 percent, versus a 34.2 percent loss in the Nasdaq composite.

But shares of Intel fell in a general technology sell-off, declining $1.25, to $27.85.

"We were able to buy stock at a significant discount when they got caught up in the technology sell-off."

Exodus shares suffered mightily in the technology sell-off.

Tom.com tumbled in the global technology sell-off.

The Nasdaq, which had suffered most from the technology sell-off earlier this year, has rebounded somewhat and needs to add a further 814 points to match its record.

The fact that it fell just 8.1 percent during the technology sell-off suggests that a lot of people think so.

Analysts said the shares were caught in the early technology sell-off but that the mergers made sense.