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Technology Stocks : Dell Technologies Inc.

DELL 126.41

+2.8%

Dec 19 3:59 PM EST

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To: Lee who wrote (87754)	1/4/1999 1:45:00 PM
From: Chuzzlewit	Read Replies (1) of 176387

Hi Lee, I just got a copy of the latest edition of Michael Murphy's book High-Tech Stocks and Mutual Funds The beginning chapters are fascinating, because he points out that traditional smokestack and brick and mortar companies have been in decline for years. He calculates that the non-high tech economy is growing only at around 2% while high tech is growing at 20% per annum. He points out that as of 1997, non-technology companies accounted for around 85% of the U.S. economy, but if trends continue their share of the economy will fall below 50% by the end of 2008! Given the robust nature of technology, he asks why does the Fed continue to overweight the non-technology sector in their thinking. He also points out that the entire history of technology is characterized by disinflation (even during the inflationary period of the late '70s - early '80s), and that technology managers know how to thrive in such an environment. TTFN, CTC

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