Following 1998 in which earnings and sentiment suffered from the economic turmoil in Asia, this year...
Following 1998 in which earnings and sentiment suffered from the economic turmoil in Asia, this year has seen a strong rebound. In the recently reported third quarter, S&P 500 earnings were up 20%, the strongest quarter for many years. This growth was driven predominantly by the larger new-economy sectors of technology (up 35%) and telecoms (up 24%), and we continue to focus on these sectors despite their already impressive growth. A clear picture is emerging of a new business landscape developing at a speed unimaginable a decade ago. Looking at those key technological areas that are drivi...
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