I've included the sub-heads but only copied out one sector, nano-technology. The whole thing is worth a read.
The reason for highlighting nano is two-fold.
1) Since Feynman coined the word there has been a misconception among investors that there would be a nano-technology "industry". This has proven not to be the case and won't be in the future. Rather nano is a tool, an approach toward problem solving.
There will be some breakthroughs that make their discoverers instantly (after 10 years of research) wealthy but the real beneficiaries will be companies like Kyocera and 3M and Siemens. They will use the technology to do what they are already doing, just better, faster, cheaper, more.
2) In spite of the fact that there will be few pure plays we are convinced that nano combined with advances in materials science and manufacturing technology is what will spur the next secular bull market.
Some prognosticators say it will be 2020 before the next bull while we are more optimistic, looking for a 2014-2016 time-frame. Because the crystal ball gets foggy even in the short term it is impossible to forecast where the magic will land. The thing to do now is get a feel for the possibilities and spread your bets.
The entrepreneur's credo seems helpful: Fail fast, fail often, fail forward.
From 24/7 Wall Street: