Is tech an investment – or always a trade?

As an investor, you either “get” tech or you don’t. Either it’s a source of glamour and outsized potential returns or hype and eventual disappointment. There doesn’t seem to be much middle ground.

Taiwan’s HTC is presently doing its best to satisfy both schools of thought. Shares in the smartphone maker staged a classic tech takeoff in 2010 – and have spent the second half of 2011 crashing back to earth.