Recovery gives hope to tech markets

By Alan Torry, fund manager at SGAM The US economy is coming back to life ' and at a much faster pace than most would have imagined just three months ago. How soon before this feeds through to the technology market? The answer is mixed. Investors tend to want immediate gratification and yet every economic cycle goes through several distinct stages. Initially driven by a pick-up in consumer demand and restocking, it is only after nine months or so that companies begin to raise their capital spending. We are in this gestation period now. Investors are wondering whether the tech rec...