"I've always thought Roger McNamee--stock analyst, venture
capitalist, private equity investor. and guitar player for the
Flying Other Brothers band--was a very smart fellow. I remember
seeing an interview with him in the late '90s when he observed
that, over the previous 25 years, technology stocks had grown from
about 10 percent to 50 percent of the S&P 500 valuation. His
message was that this reflected an enormous increase in
technology's role in the economy--but the high-growth story was
over. The future of technology stocks would be much less rosy.
"McNamee acted on his insight and sold off his technology
holdings before the tech crash in early 2000..."