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― THE FRIDAY LETTER ―

(e-mailed weekly, from Gilder Publishing,
for friends and subscribers)

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| http://www.gilder.com/ | Issue 202.0/May 20, 2005

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HEADLINES:

▪ The Week / Fuel Cells or ‘Fool’ Cells?

▪ Book of the Month / A Different Universe, by Robert Laughlin
▪ Friday Bonus / Cell Phones Becoming ‘Laptop in Your Pocket'
▪ Friday Bonus II / Europe’s 70’s Show

▪ Readings /

The Week / Fuel Cells or ‘Fool’ Cells?
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Cypress Tests Fuel Cell Power: Cypress plans to install what will be the Bay Area's only fuel cell power generator at its San Jose campus this fall. However, these electricity-producing machines may soon become more common in the Bay Area. The 5-kilowatt power plant -- enough electricity to power a residential duplex -- is being produced by Ion America.

"This will be the fruits of a 50-year (industry) goal to develop cheap, clean energy source," says Pashu Gopalan, vice president of sales and marketing for Ion America Corp. "We're not there yet, but we think we are very close. If we make it, it is the holy grail of energy."

Read the Complete Article:
http://www.bizjournals.com/sanjose/stories/2005/05/16/story6.html

George Gilder’s 5/20/05 Response (form the www.gildertech.com message board):
Let's see. We are going to use a valuable substance such as natural gas, propane, uranium or fuel oil to sustain a costly and complex process for separating hydrogen from water in order to yield an unmanageable fuel that takes ten times more space and is far more volatile than gasoline, all in order to replace natural gas or oil for heating our houses and running our cars.

It's the fool cell economy and its run by pipe dreaming politicians and by entrepreneurs with hopes of huge subsidies. And it is based on the garbage-in garbage-out computer model canard of human caused global warming.

The GTR Subscriber Message Board is where George Gilder and the GTR editorial team gather daily with hundreds of investors, engineers, and money managers, to share information and debate technology and finance. Log on today, at http://www.gildertech.com/.

Gerson Lehrman Group Invites You to Join the Councils

The Gerson Lehrman Group Councils accelerate industry growth by connecting practicing professionals directly with leading decision makers in the investment and business community. Through enriching exchanges and innovative educational programs, Council members collectively and collaboratively shape the direction of markets, products and services.

https://www.thecouncils.com/ctapp.asp?rcid=2RXtEIudDAEa

Book of the Month / A Different Universe, by Robert Laughlin
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George Gilder (05/16/05): A Different Universe is by Robert Laughlin, the Nobel Laureate in physics from Stanford who supplied the mathematical explanation for the astonishing Fractional Quantum Hall Effect. With roots in solid state rather than theoretical physics, Laughlin is a new politically incorrect Richard Feynman, irreverent, funny, wise, and polymathic, with acute insights on everything from biotech to philosophy of science. A critical measurement used precisely to gauge the number of electrons in a wire, the Hall Effect was discovered in 1879 and is crucial in semiconductor engineering. Laughlin shows that it is a collective or emergent effect that derives not from the intrinsic properties of matter but from the interactions of ensembles of wave functions. Yet it allows the world's most accurate measurements of Planck's constant "h", the electron charge "e", and even the speed of light "c" without addressing these quantities directly. This discovery is also central to Carver Mead's Collective Electrodynamics (MIT Press, 1998) and offers a new way indeed to investigate the Universe.

Laughlin also makes devastatingly pungent and learned observations on such subjects as nanotech, evolution, quantum computing, Brian Greene's claims for string theory, the "findings" of high energy particle physics, and the illusion that science is anywhere close to understanding the universe. He follows Carver in a contrarian new view of physics that turns all the conventional pap in Scientific American upside down.

Order Your Copy Today On Amazon.com:

http://www.gildertech.com/bookstore.html

View Our List of Past Books of the Month:
http://www.gildertech.com/pastbooks.html

Coalition Summit for IPv6
May 23-26, 2005, Hyatt Regency, Reston, VA

▫ Keynotes by CIOs of Depts. of Defense and Homeland Security; 50 speakers, including leaders from Japan, Korea, Germany, Finland, NATO, European Commission and EDF.

▫ Talks and demonstrations by Juniper, Spirent, Microsoft, Cisco, Panasonic, Lucent, Agilent, and others on the New Internet (IPv6) and advanced IP security and mobility.

▫ Dept. of Defense, Japan, Korea, and European Commission have all mandated IPv6. Hear ideas of leaders, authors of IPv6 Transition Plans on opportunities and challenges

Visit http://www.coalitionsummit.com or call 310-458-9407 or write info@usipv6.com

Organized by IPv6 Summit, Inc., as follow-on to our previous four US IPv6 Summits.

Subscribe to 6Sense, free IPv6 newsletter subscribe@usipv6.com for monthly v6 update.

Friday Bonus I / Cell Phones Becoming ‘Laptop in Your Pocket'
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In Burnaby, B.C., sits a futuristic-looking building with soaring ceilings and spacious rooms of metal and glass, broken up by columns made of giant, rough-hewn local logs. Is it a museum? No. A private mansion? No. It's a Nokia Corp. (NOK) research and development lab, and if you try to get a peek inside you will get the same reaction that film crews do when they ask to use it as a movie location: Not a chance.

If Nokia were the U.S. military, this lab would be part of its Area 51, the top-secret research facility that helped develop the Stealth fighter and other high-tech weaponry. In Nokia's case, the lab helped develop the new N91 phone, which has a built-in hard drive and can be used as an iPod-style music player. Nokia hopes that it too becomes a weapon, in its fight to dominate the future of the cell phone.

The Nokia N91 has a four-gigabyte hard drive, which is about 10 times as much storage as a desktop PC had a decade ago. That's enough room for thousands of MP3 files, or hundreds of pictures — or for carrying reports, spreadsheets and other documents to and from the office.

Technology is making it easier for the phone to become what telecom guru George Gilder calls a “teleputer” — a wireless device capable of performing all of the functions we associate with a computer …

Read the Complete Article:
http://www.theglobeandmail.com/servlet/story/RTGAM.20050517.wfonez0517/BNStory/Technology/

Forbes/Wolfe Nanotech Report

Nanotech is Hot…But Don’t Get Burned: Nanotechnology is changing the world and creating an investing opportunity of a lifetime. We highlighted one company at $1.60 and it is now up over $17…and our Nanosphere portfolio is up over 90% since Mar. 2002. But beware of the hype! The Forbes/Wolfe Nanotech Report separates the true leaders from the overpriced.

Start your subscription today and immediately download our latest report ‘5 Biggest Profit Takers

of the Nanotech Revolution’ and get the 5 stocks that every nanotech investor should be buying right now. Click Here For More Info

Friday Bonus II / Europe’s 70’s Show
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Is the European "social model" doomed? It's a question that comes up with increasing frequency as unemployment across Western Europe has climbed into the double digits and economic growth has ground to a virtual halt across much of the Continent.

Updated GDP figures for the euro zone came out last week, and growth in the first quarter was a disappointing 0.5%. Last month both the European Commission and the European Central Bank cut their annual growth forecasts for the euro zone to 1.6% from 2%, and that ugly word recession is in the air.

The European Union's much-ballyhooed "Lisbon Agenda"--which was supposed to revive growth in Europe--was really not an agenda for reform at all. It was, instead, simply a statement of nice things the EU would like to see happen to the European economy to help it compete with the U.S.--such as raising employment levels, increasing R&D spending, and so on.

Unfortunately, but not surprisingly, almost none of those things have happened, and halfway through the 10-year timetable of "Lisbon," the European economy is in at least as bad a shape as it was when Lisbon was announced in 2000.

Read the Complete Article:
http://www.opinionjournal.com/editorial/feature.html?id=110006692

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