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- THE FRIDAY LETTER -
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for friends and subscribers)
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| http://www.gilder.com/ | Issue 301.0/July 6,
2007
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HEADLINES:
- The
Week / Gilder on Investing in Israel
- Friday Feature / Karlgaard: The 231-year Boom
- Friday
Blogger Bonus / From the
Gilder Telecosm Forum
- Readings /
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OFFER
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The
Week /
Investing in Israel
George Gilder, June 2007 Gilder Technology Report:
The apparent
randomness of a phenomenon does not necessarily signify that it is caused by
chance processes. Creativity always comes as a surprise to us. An apparently
random pattern might signify a series of creative surprises as much as a roar
of random noise.
In
regard to investments, the apparent randomness of price movements and other market
indices does not suggest a random or inexplicable process. It reflects the
surprises of human creativity. To understand them you must use a microscope to
investigate the details of their operations rather than an oscilloscope to
measure the frequencies of their volatility.
From
the distance, Israel looks like a country fraught with random violence and
volatility. Visiting it one finds instead an incredible density of information
and creative entrepreneurship. I believe it will prevail and thrive long after
its enemies are forgotten. In the meantime, investors will do well by
investigating the thousands of its technology companies. I intend to do so.
To read the complete June issue of the Gilder Technology Report, become
a registered member of the GILDER TELECOSM FORUM. Visit http://www.gildertech.com/ for
subscription details.
|
The Gilder
Telecosm Forum This
is it for the Gilder Technology Report (GTR). Long live the Gilder Telecosm Forum (GTF), where
Charlie Burger, Nick Tredennick, and I will post our reports and reflections,
as we have been doing for the last ten years. Become
a GTF member today: http://www.gildertech.com/ |
Friday Feature / Karlgaard: The 231-year Boom
Rich
Karlgaard, Forbes.com (7/4/07): Per capita income in 1776, in the 13 colonies, on a
purchasing parity basis adjusted to 2007 dollars, was less than $500. More or
less.
Today,
in the U.S., per capita income is exactly $46,018.47. (Take the GDP annual run rate and divide it by this July 2007 population estimate.)
It's a stunningly large number, don't you think?
Not
to brag excessively--Forbes.com being a worldly website, with even a French
reader or two--but the U.S. has performed exceptionally well since its founding
231 years ago.
What
were the American founders drinking? What was in the water? They managed to get
so many things right about business and economics.
Starting
with the words “life, liberty and the pursuit of happiness." (Or was it
“purfuit" and "happineff?” One can never tell with Jefferson's
penmanship.) Free speech. Church-state separation. The rights against search
and seizure and self-incrimination. We don't always think of these as economic
prescriptions, but they were.
Here is one that gets little credit. Without the Commerce
Clause, a protectionist moonbat like New York's Sen. Chuck Schumer could start
a tariff war against another protectionist moonbat like South Carolina's Sen.
Lindsey Graham. Chuck would no doubt protect the Manhattan's garment industry
against the scourge of cheap South Carolina clothes. And Lindsey could shield
his church-going folk against usurious New York bankers.
And
America would be poorer. A lot poorer.
Check out Rich’s Digital Rules Blog:
http://blogs.forbes.com/digitalrules/
__________________________________________
Friday Blogger Bonus / From the Gilder Telecosm Forum
George Gilder Gilder Telecosm Forum (7/2/07): Last week I urged support for Anadigics (ANAD) as a
way to play the continuing dominance of Qualcomm (QCOM) in the face of
its legal imbroglios, if you are worried about them. (I really am not.)
Again, the power amp is the critical path element in
all wireless technologies; it does what is hard, even apparently
impossible—converting a pico (10 to the minus 12) watt inkling of info in the
noisy crucible of the air into an audible voice (or now image) on the phone. It
is the only functionality that cannot be offloaded to TSMC or some other fab.
The physical fab sophistication is key to engineering a device that can do this
analog measurement and amplification of the ineffable. ANAD has it beat.
To become a GILDER TELECOSM FORUM member, visit: http://www.gildertech.com/
__________________________________________
Readings /
The
Weekly GTI
http://www.gtindex.com/
Supreme Court Sides with Business
http://www.forbes.com/home/business/2007/07/05/supreme-court-business-biz-cx_0706oxford.html
Sigma In, Yahoo Out
http://www.globes.co.il/serveen/globes/DocView.asp?did=1000227903&fid=1176
LNOP in Bed with Cisco
http://chip.seekingalpha.com/article/39626
The Cause and Cure of Poverty
http://www.acton.org/blog/?/archives/1736-The-Cause-and-Cure-of-Poverty.html
Foreign Investors Face New Hurdles
http://online.wsj.com/article/SB118364981579558088.html?mod=todays_us_nonsub_page_one
The Computer of the Future
http://www.forbes.com/technology/2007/07/03/apple-iphone-computers-tech_cx_rr_0704iphone.html
Triumph of the New
http://www.aei.org/publications/filter.all,pubID.26393/pub_detail.asp
The House that Helped Build
Google
http://www.usatoday.com/tech/techinvestor/corporatenews/2007-07-04-google-wojcicki_N.htm
__________________________________________
FRIDAY LETTER STAFF
Editor: Mary Collins George / mcollins@gilder.com
Research: Sandy Fleischmann / sfleischmann@gilder.com
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