But Integral is finding plenty of stocks to buy and a variety of themes to play. It is bullish on Internet advertising, for instance, and has sizable positions not only in Google (GOOG), but also Korea's NHN and China-based Baidu (BIDU).

But Integral is finding plenty of stocks to buy and a variety of themes to play. It is bullish on Internet advertising, for instance, and has sizable positions not only in Google (GOOG), but also Korea's NHN and China-based Baidu (BIDU).

Another Integral play: smartphones. Morris contends recent weakness in Research In Motion (RIMM) is overdone.

Integral also owns Taiwan-based HTC, and they believe people are being short-sighted in their recent treatment of Palm (PALM), which he thinks could eventually be acquired and is potentially a "multi-bagger."

Morris says Integral's approach to the new year is "not to get too far out in front of ourselves," to stay wary of the macro factors early, but to look for stocks that "people have thrown away or ignored." He offers examples: Web-hosting company Internap Network Services (INAP); Sonus Networks (SONS)

Morris says Integral's approach to the new year is "not to get too far out in front of ourselves," to stay wary of the macro factors early, but to look for stocks that "people have thrown away or ignored." He offers examples: Web-hosting company Internap Network Services (INAP); Sonus Networks (SONS)

He responded to the selloff by ratcheting up his stake and by adding to his holdings in Oracle (ORCL), which also sold off on the Cisco news.

Coburn has a host of bearish ideas. He has made a bundle betting against newspaper stocks; he thinks they are "the buggy whips of the digital age," and remains short the New York Times (NYT) and others. He's also short a boatload of big, troubled tech companies -- Motorola (MOT), Palm (he and Integral disagree completely), eBay (EBAY), Alcatel-Lucent (ALU), Interpublic Group (IPG), CNET (CNET)...he's got 51.