The real world ate his and your lunch!
Once again, study the long term returns and performance of gorillas such as Intel, Microsoft, Cisco, Oracle, Siebel. Then gander at the longer term performance of sector leading royalty plays like Applied Materials, Dell, EMC, etc... . Anybody's lunch can be eaten in the shorter term, but broaden the scope out to include longer term performance. Moore's thoughts on the longer term performance of such important companies as Microsoft, Intel, Cisco, Oracle, etc... are easy to take potshots at in light of the mania, but lets see how they do over the next decade or two through a variety of economic climates and certainly plenty of business cycles.
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