Chasing trends in the new economy

Technology fund managers are in a unique position. They have to chase companies that are using new developments in the most profitable way, while simultaneously looking over their shoulders as the impact of those developments affects the rest of the economy. The fashionable explanation for the tech sector's continued success is that it forms part of the 'new economy', the implication being that somehow these companies are not obliged to follow normal market rules and patterns. Of course the fact is that every company is now in the new economy and what is driving the technology sector is t...