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John: Tony said it better than I can. I would only add that he didn't list the 17 applications that he can't imagine today, but he'll consider necessities tomorrow. When the pipeline gets bigger, what will pour out of it into my PC at home and work? I don't know exactly, but I do know it'll require a lot of processing. I take it as an article of faith, a semi-religious belief, that more processing power is a Good Thing, and people will pay for it. That's been true since the invention of the computer (one of those consistent long-term historical patterns), and I expect it will continue into the indefinite future. It is one of my basic assumptions, and I'm comfortable with it. I try to minimise the number of assumptions I make in my investing decisions, but I'm comfortable with this one. When I see signs that it's changing (2005?, 2020?), then I'll switch all my money into the next Big Thing, biotech. |
