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Experts have been busy placing the burden of blame on the technology sector and its famously overvalued stock prices. Considering the hype--and subsequent expectation inflation--that has surrounded the success of the dot-coms, implicating Internet fever is a safe, uncontroversial explanation that specialists feel comfortable voicing and that the public is eager to swallow...
...survey found that the average American expected the market to grow an average of 19 percent for the next ten years. This figure is totally irrational for a long-term prediction, and reflects the kind of ignorance that led people to continue to transfer funds to the technology sector long after it became hopelessly overvalued. It's so simple, then, to blame that sector as a sort of disembodied entity rather than understanding that this sort of correction was ultimately inevitable--that although it was impossible to prevent this mini-crash, it could have been prepared for if people took...
With even the state sector combing business-school rosters for employees, capitalistic start-ups like Tang's may have an even tougher time attracting top-notch managers. Happily, he's been trained for that. "One of the things we talked about at Harvard was the ability to deal with unexpected problems creatively and quickly," he says...
That's because stock prices are based in large part on expectations. The emergence of a new leader or leading sector reveals not necessarily which companies have been more profitable--even today General Motors makes more money than Microsoft--but which are likely to have gaudy earnings in the future. That's why technology, Internet and biotech stocks--the new economy--have been soaring the past few months. But that's also why last week, when investors felt that expectations had got out of hand in the face of higher interest rates, the new-economy stocks sold off heavily, Cisco...
...Mars is back on the cosmic itinerary. Scientists at NASA and in the private sector have been quietly scribbling out flight plans and sketching out vehicles that--so they say--could make manned landings on the Red Planet not only possible but also economically practical. The hardware, they believe, is largely in hand. The funds, they argue, could be within reach. "Within 25 years," says NASA's Bret Drake, director of mission studies at the Johnson Space Center in Houston, "I project that we could have human exploration of Mars being conducted routinely...