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To: jelrod3 who wrote (8157)	12/5/1997 9:36:00 PM
From: Bernard Levy	Read Replies (1) of 25814

More fundamentally, Barton Biggs powers of observation seem to be singularly lacking. The last few years have seen the emergence of Internet as a powerful new mode for the distribution of goods and services. May be mature gentlemen of a certain age such as Barton do not use Intenet much, but most persons I know use it to buy books, shop for cars, and for their investments (what are we doing here otherwise?). This means that our coountry is undergoing a huge shift in resources from old distribution mechanisms (old style car salemen will soon be an endegered species, thank god) towards high tech. All sorts of persons who never used to buy computers will now buy new computers and new softwae every 2 or 3 years, not speaking of spending more money with ISPs, telcos, etc. Within this big picture, it is easy to understand why the share of high-tech in the global economy will double within the next 10 years. Old fashioned high-tech bears such as Barton Biggs keep viewing high-tech as a bunch of devices used by companies to increase employee productivity. This is the 70s or 80s view. They should stop, and see that the landscape around them has changed.

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