“Reading through Art Kleiner’s interview with you on ‘The Finer Points of Global Economics,’ I once again found myself hoping that your readers in D.C. are getting permission to share this with key people in the White House and Congress.
“It is one of the more cogent analyses I’ve read, both looking back at what got us here and looking forward to the next 40 years of creating the new IP-based energy economy.”
Anderson argues that the root cause of the crisis of 2008–09 was excess liquidity: too much money seeking rapid returns, subsidizing too much production for too few customers. That bubble burst, no subsequent engine of economic growth has proved sustainable, and the excess liquidity remains, driving some prices up and others down, and splitting the world even more dramatically into economic haves and have-nots. Three critical measures, in Anderson’s view, need to be put into place before serious recovery can get under way. The first is better protection of intellectual property. The second is the specific type of financial reform that would prevent “jackals” (short-sellers) and “vampires” (sophisticated investors who take profits without contributing either market balance or information) from dominating the market as they do today. The third is a rebuilding of the manufacturing base of the industrialized world, including an accelerated transition to green energy and technologies.
This interview is adapted with permission from a conversation conducted on May 13, 2010, before the audience at Anderson’s annual Future in Review conference. Anderson, a former venture capitalist and founder of two software companies and a hedge fund, is known for his knowledgeable readers (who often contribute to the newsletter) and his prescience: He tracks his published predictions and claims a 90 percent success rate. In this interview, he goes out on a limb. He believes that human beings, flawed though their decisions may be, have the will and the ability to avoid further crisis – or at least to bounce back from crisis in the long run.
» The Lesson of Liquidity
Art Kleiner: How do you interpret the divergent points of view about where the global economy is going – the view that we’re heading for deflation and depression and need more government stimulus versus the view that our greatest dangers are inflation and deficit spending?
“The threat of hyperinflation is real, but it’s a long-term threat. It may come in five or 10 years; no sooner than five.”
Mark Anderson: The largest problem facing our economy in 2010 was going to be hyperinflation. All the central bankers and policymakers understood this. But a funny thing happened: the damage was so great from the meltdown this time that the time frame changed. The threat of hyperinflation is real, but it’s a long-term threat. It may come in five or 10 years; no sooner than five.
In the meantime, we are all still dealing with the consequences of the meltdown. For example, in a very strange way, the low interest rates that still exist because of the meltdown are assisting in the economic return of some parts of the economy. The economic stimulus from 2009 could never have been enacted except for the knowledge that there would be no hyperinflation in the short term.
Keep in mind – and there are still very few people who get this – that the crisis did not start because of American banking practices or subprime loans. It started because of the doubling of global liquidity over a five-year period in the 2000s. The world’s annual investment capital – the amount of money seeking rapid returns – went from US$36 trillion in 2002 to $72 trillion in 2007, just five years later. That’s what led to all the inflation we saw in real estate prices, all around the world.
If you saw that pattern early enough – and I saw it in 2007 – then watching the financial system was like being inside a warehouse where someone has poured gasoline all over the floor, and there’s a guy smoking at the far end. You know something’s going to happen. It’s just a matter of when. There were 50 different problems that could have triggered the crisis.
The key to the crisis wasn’t in the balance sheets, which were lies. Even today, bank balance sheets are lies. Nor was it the usual GDP numbers, which are made up. It was in the fund flows. The big lesson is that for the future, we’d all better start watching fund flows.
“There are still very few people who
get this… the crisis did not start
because of American banking practices
or subprime loans. It started because of
the doubling of global liquidity over a
five-year period in the 2000s.”
Kleiner: What are the fund flows telling us now?
Anderson: I don’t know. The worst part of this story is that people don’t measure them. They’re very hard to track, and no one’s in charge of measuring them. The numbers I just cited for 2002 and 2007 came out a year after the collapse. Even in 2007, I didn’t have them. I saw symptoms of this money flow through the price rises in petroleum markets, and through the “carry trade,” where speculators borrow in one currency to invest in another. There were trillions of dollars of “hot money”: money seeking quick returns. Where would that get invested? In stocks, bonds, commodities? A lot of it went into real estate.
Kleiner: These billions in hot money were funding lots of efforts to provide quick returns…
Kleiner: …which were producing many goods and services that no one wanted or needed…
Anderson: Or that were bogus.
Kleiner: …and creating a kind of bubble of asset bubbles through the 2000s, in stocks, real estate, financial instruments?
Anderson: Absolutely. That’s right.
Kleiner: And did all of those bubbles fully burst, or is there more to come?
Anderson: Oh, no. All those asset bubbles burst. Real estate, stock, different countries, different markets: they all burst.
But the hot money is still with us. Today, instead of only one country – Japan – providing the near-zero interest rates that enable a carry trade, we have almost every nation except Australia competing for the interest-rate bottom. This has produced huge flows of hot money into the global liquidity pool. Although I haven’t seen any figures published, the amount of available capital, despite a slower economy, is likely to be equivalent to the totals of 2007. When the damaged parts of split economies begin to come back, this liquidity will likely create a whiplash effect, throwing countries into hyperinflation before they can respond effectively.
That is the fear of every central banker in the world, and the threat is more than plausible; it seems inevitable.
» Protecting Intellectual Property
Kleiner: What other important trends are shaping the economy right now?
“When the damaged parts of split
economies begin to come back,
this liquidity will likely create a
whiplash effect, throwing countries
into hyperinflation before they
can respond effectively.”
Anderson: The first is the conversion of the world’s abject poor to consumers; that’s more important than the birthrate. Around the world, the next 1 billion consumers are coming online really fast – for the most part in India, China, and Southeast Asia, but also in South America. Even the poorest of these people will have cellphones and some access to technology. The “cloud” of cloud computing will be serving them, too.
Meanwhile, it’s becoming brutally clear that the economy is not going to be what it was. We’re going to return, not to normal, but to reality. There will be a war between two systems: that of the mercantilist countries, which seek to make money by obtaining foreign intellectual property [IP] and regulating trade for the sake of competitive advantage, and the free market, free trade countries – India, Australia, and those of North America, Europe, and most of South America. Most businesspeople in the West are not emotionally prepared for this war.
Kleiner: By “mercantilists,” do you mean only China?
Anderson: No. Japan was the original expert mercantilist, even before World War II. After World War II, the Japanese refined their model, the South Koreans refined it further, and the Chinese learned from both. Today, the Chinese model is probably more advanced than the other two. The Chinese didn’t want to wait 40 years. So whereas some Japanese and South Korean companies obtained IP in nefarious ways, only China made the acquisition of intellectual property a serious government program. It was required in the contracts of American companies doing business in China that they give away their patented designs, processes, and innovations as part of the right to trade.
The Chinese also allowed huge amounts of investment, even though they prevented outright ownership of companies by outsiders. This was clever. In effect, the Chinese said, “We will take your money and IP in exchange for access to our market – but it’s faux access. You’ll be able to sell cars and airplanes here until our companies are ready to compete, and then we’ll cut you off.” A lot of people got fooled into thinking that it was either an open or partially open market. In fact, it was just a very well-designed mercantilist program.
In the mercantilist model – which, by the way, is a very intelligent way to build a fast-growth economy – you bring together business and government leaders and set up a deliberate trade policy. You list the industries you’re most interested in and target them one by one. Cars are important because they use steel and involve a lot of employees. One test for the effectiveness of mercantilism is the number of outside products sold in that country; for example, only a handful of American cars are sold in South Korea and Japan.
“As the U.S. and Europe lose
manufacturing and IP… how do
technology companies fare?
It’s tough to make a $2 billion
investment in an operating system
if it shows up on the street for a
dollar 10 days later in Hong Kong.”
The indicators so far are all in favor of the mercantilist countries winning over their free-market counterparts. And as the United States and Europe lose manufacturing and intellectual property, and as we find that the return on investment for IP starts to decline, how do technology companies fare in that environment? It’s tough to make a $2 billion investment in an operating system if it shows up on the street for a dollar 10 days later in Hong Kong. This is a big problem that hasn’t been fixed.
Kleiner: How will free-market countries try to fix it?
Anderson: There are only a couple of choices for the governments of the West. Choice A: Keep going as is. In that case, the value of IP will disappear. With limited returns, the whole world, essentially, will stop investing in innovation.
Choice B: The governments of the West focus on protecting IP – in trade agreements, other policies, and their public talk. There has to be almost a cultural shift, where people recognize that civilization – the discoveries, cures, drugs, chips, and advances that we’re most proud of – are all forms of intellectual property. We’ve already created geographical alliances for trade, such as the North American Free Trade Agreement. Having trade alliances based on intellectual property would make a lot more sense; countries should only trade with others that have similar protections in place. India saw this coming. After having a very loose environment for a long time, it passed one of the strictest sets of IP laws.
Kleiner: Could India’s approach become a model for other countries?
Anderson: I think it could. The idea of moving research and development to India looks better and better, to companies that have been burned a few times in other countries. India is now a healthy competitor. Its people are very smart. A lot of Indian Institute of Technology [IIT] graduates are brilliant programmers. The government leaders very much want to have their own industries. India will be a real player among global high-tech competitors.
» Jackals and Vampires
Kleiner: What kind of impact will financial regulation have?
Anderson: When you look at financial meltdowns, you have to consider the role played by financial jackals, as I call them: short-sellers, unrestrained by oversight of any kind, who pile on and make money when there’s a sign of impending shortages. That’s why Bear Stearns lost $33 billion in value in two days – over a weekend, mind you, when no one was even trading. George Soros did the same thing to Britain in 1992. This year, the breakdown in Greece is another form of the same story. The central bankers of Europe didn’t understand this in the same way that American financiers did, because the U.S. has more experience with jackals.
The shorts have such an effective technique and so much power that the truth, whatever it might be, about real economic value and prospects doesn’t matter. Maybe Greece only needed €25 billion [$34 billion] to avoid default, as was said in February, or €45 billion [$61 billion], as the European Union offered in April.
“We’ve already created geographical
alliances for trade, such as [NAFTA].
Having trade alliances based on
intellectual property would make
a lot more sense….”
The amount is unimportant. What’s important is, Did you and I and 13 of our closest friends pile on and short this thing? If we did, it’s going down. Foreign exchange rates – the legitimate trading of currencies – is unimportant compared to the pressure brought by shorts.
We saw the great potential danger of this behavior in 1997 during the Asian financial crisis. Those collapses of currency didn’t occur because the countries had suddenly overreached. The jackals were simply picking off the weakest, one by one. We have to fix this problem somehow.
Kleiner: In other words, regulation of trading is more important than regulation of the banks.
Anderson: Yes. More precisely, regulation of traders would be a more effective way to regulate the big problems that exist right now in the markets. I hear Wall Street guys say with a straight face – and I think they mean it – that “shorts are a part of the natural order. There’s a long, and there’s a short. It’s that simple.” In other words, a short trade is just a deal where you buy an option on a falling price, and they should be allowed to continue.
But I don’t think that’s how the world works. In a short deal as it works in practice, you buy options against the share price, and then you call your friends, and they call all their friends, and then you call the press, and you tell everyone lies about how bad the company is. Then the stock goes down. And that’s not right. It’s an extremely damaging, destructive practice that has no real place in the economy.
The answer would be to either eliminate shorts altogether, which probably won’t happen, or to put back some serious restrictions, such as the uptick rule. [The uptick rule, established by the U.S. Securities and Exchange Commission in 1938, restricted the short selling of a stock when its price falls. This rule was removed in 2007.]
Kleiner: Realistically, though, how much regulation of short selling will happen? The SEC has been publicly considering a reinstatement of the uptick rule since April 2009.
Anderson: Sure: “Don’t push it. It takes time to do these things.” Seriously, it’s hard to believe that we’re having a debate about whether to regulate some forms of trading. After seeing the collapse of the global economy, and having come close to the edge of destruction of all that we know and hold dear, some legislators are still arguing with a straight face that we don’t need any fixes.
We do need fixes. I hope they bring back the uptick law and institute the Volcker Rule [a restatement of the Glass-Steagall Act barring commercial banks from proprietary speculation – Ed.]. Right now, the larger banks are lobbying against this. That’s one example of why we cannot rely on lobbyists to come up with the right policies, for either the health of the economy or the health of their own industries. I recently met someone who led the banking industry’s lobbying effort, during the Clinton administration, to have the Glass-Steagall Act revoked. They spent $1 billion in cash. They’ve spent easily that much fighting the current wave of proposals.
I don’t know if we will get regulatory assistance, but we definitely need it. There is a strong possibility that it won’t get passed, or that it won’t be tough enough, and then we would go right into another financial crisis, but 10 times worse and without any remedies for the government to provide this time. How much extra debt load can the U.S., the U.K., or the E.U. take on right now?
Kleiner: What prospects do you see for investors in the current financial system?
Anderson: I think that investors ought to be very careful. Stocks in this market can move in ways that most investors couldn’t possibly anticipate. A few companies, like Goldman Sachs, have become so good at what they do that the game they’re playing isn’t the same as the game an ordinary investor plays in the market.
“If someone gets to be that good, then
they become vampire investors: ‘I’m
just going to take some blood, but I’m not going to give you anything back.’ That kind of trading is destructive….
In fact, it ensures that markets
A few months before the crash, I was watching Goldman, and I realized that these guys were doing something in that building that nobody else did. I’m not talking about anything illegal – it didn’t have to be. For example, Goldman locates its computer servers within a small distance from the trading servers because they need the extra microseconds of transmission time. I don’t play that kind of game; very few investors can. In May 2010, the Goldman Sachs quarterly reports came out, and said they had 35 days with profits over $100 million; 78 percent of their profits came from trading. And every day was better than the day before. That pattern of profitability had never happened before.
Kleiner: You’re saying that Goldman is the corporate equivalent of the mercantilist governments. They’re all such sophisticated financial players that they change the game for the rest of us.
Anderson: Yes. You can’t blame them, because they’re playing by the rules – I think, at least mostly. But the rules may have to change. If someone gets to be that good, then they become vampire investors: “I’m just going to take some blood, but I’m not going to give you anything back.” That kind of trading is destructive. It doesn’t help anybody; it doesn’t correct imbalances in the market. In fact, it ensures that markets won’t work.
An estimate by Vanguard Group founder John Bogle two years ago put the amount extracted at that time at about $600 billion per year, directly removed from the American economy. Well, what if it becomes $1.2 trillion? Or $5 trillion? At what point do we wake up? Or do we just lie there with the spigot in our veins and never wake up at all?
» Rebuilding the Manufacturing Base
Kleiner: What will happen in the general economy in the U.S. and Europe?
Anderson: Already, we’ve seen the economies of the U.S. and probably Western Europe split cleanly in half. Some people will be wealthy beyond their wildest dreams. They will be the people in global commerce of some kind, probably with most revenues coming from offshore.
At the same time, a lot of people will have lost their jobs forever. At the age of 35 or 45, they have lost jobs that they dreamed of retiring from, and they’re not going to get them back. For kids just out of school, the job market is so oversaturated that it could be 10 or 15 years before that gets fixed.
This kind of severe split between haves and have-nots has not happened any time before; not in the Great Depression, or in the crashes of 1987 and 2001. The time delay before a broad job market returns will be a big problem for the bottom half of the economy, and it will be difficult to see clearly because it will be clouded by averages in the statistics. The unemployment rate will be 10 percent overall, but that will mean 40 percent in some sectors and zero percent elsewhere.
Kleiner: Why would it take so long to fix this problem?
Anderson: It has two causes, and both took a long time to develop; they’ll take a long time to unravel. The first is the rise of offshoring over the past 40 years to cut costs – a strategy that is backfiring now. Companies in the West are bringing jobs back to their home countries, not for patriotic reasons but because they found out either that they needed their expertise in-house or that part of the offshoring machine didn’t work very well. Distinguishing what to offshore versus what to produce at home has become a major business question.
The second cause was the loss of the U.S. manufacturing base as companies elsewhere outperformed American companies. Automobiles are a pretty good example, and there are some great books written about this. See, for example, Eamonn Fingleton’s In the Jaws of the Dragon: America’s Fate in the Coming Era of Chinese Hegemony [Thomas Dunne Books, 2008]. These manufacturing jobs went to Japan or South Korea, which occasionally then offshored them to China and Vietnam. The same happened with electronics. The U.S. has one DRAM [dynamic random access memory] semiconductor company left, but essentially all the others went away.
“The U.S., in particular, is vulnerable
to this problem…. Why should my
citizens be allowed to buy your cars,
if you won’t let your citizens buy mine?”
In the coming years, more Asian and Latin American companies will open plants in the U.S. and Europe, but mainly to avoid trade retribution. That, too, has been going on for 30 years. For instance, in the late 1980s, Japan was named an “unfair trading partner” under the “Super 301” U.S. tariff laws. This happened after Intel filed a complaint about semiconductor competitors from overseas, and Toyota’s top executives worried that cars would be the next product type in line. So they immediately put all their manufacturing plants for cars sold in America into the United States. It wasn’t because they loved America; it’s because they didn’t want Super 301 brought against them, too.
The U.S., in particular, is vulnerable to this problem. It should decide not to allow foreign nations to sell cars in its markets, if there is not equal access for U.S. cars overseas. The same ought to be true for steel, televisions, consumer electronics, and other categories that the U.S. has been frozen out of in trade with mercantilist nations. Why should my citizens be allowed to buy your cars, if you won’t let your citizens buy mine?
» Hope and Expectation
Kleiner: If you looked at these trends separately, none of them would strike you as a good thing. But given the way they fit together, where do you look for hope?
Anderson: There is some reason for hope here. Learning how to protect IP is our only path forward. Whether you’re making movies or chips, the sooner that happens, the better.
The emergence of all of the new consumers in the world is exciting. If we got some basic things right about trading, there would be lots of growth available for everybody: China, the U.S., Japan, India, and Europe could all grow. It would be a very exciting story.
“Climate change is like the next
war… it could have all the economic impact of a war without being a war. It’s obvious what to
do, the requirements are clear,
and it couldn’t be more important. Let’s do it.”
Kleiner: How does the environmental imperative play into the growth? For example, we’re trying to boost economic growth, bring billions of people into the middle class, and stay within the carrying capacity of the planet at the same time.
Anderson: Like Larry Smarr [University of California computer science and engineering professor, and director of the Calit2 labs – Ed.], I call myself a long-term optimist. And I don’t see people as a threat. It seems to me that the largest businesses available – as the Chinese would tell you, and I think a lot of Americans understand – are in clean energy, alternative energy, and green technologies.
We need a big problem to solve right now. Climate change is like the next war – in fact, it could have all the economic impact of a war without being a war. It’s obvious what to do, the requirements are clear, and it couldn’t be more important. Let’s do it.
I miss Winston Churchill. I wish we had a Roosevelt. I would love it if Obama would stand up and make the kind of case those leaders might have made: “I’m very sorry, I’m going to hurt your feelings now. I’ve recognized the importance of this problem, and I’ve talked to [U.S. Energy Secretary] Steven Chu. As of today, we are not going to build another coal-fired plant ever again. All plans are on ice. Forget it. Moreover, for every existing coal plant, we’re going to put in either a natural gas or a nuclear plant. That’s a five-year program. In 2015, we’re turning off all the coal plants in America. Period.”
That would buy us 20 years of time in which to curb emissions more thoroughly. He might go on to say something like this: “Between now and 2030, we’re going to test all the other technologies: algae, solar, wind, whatever. Everybody gets a shot, and we’ll let the market figure it out. But we will invest and have tax policies that encourage this stuff to happen. At the end of that 20 years, we’re going to turn the switch again, and probably no more nukes. And guess what, by the way: Yucca Mountain is open for business [storing nuclear waste], and if the people of Nevada don’t like that, we’re going to send the troops down there and open it forcefully, because this isn’t an opt-out kind of situation. That’s the plan. And we’re not voting on it.”
That’s the kind of leadership we need right now in many countries. I think people would love it.
Kleiner: Your primary audience has been technologists. What do you say to them about doing well while doing good, in this environment?
Anderson: The generation that’s coming up right now is so cool. I recently heard David Gergen from Harvard’s Kennedy School of Government say, “The only way we can go wrong is to discourage these kids. They are set to go. They’re smart. They’re motivated. They understand the problems. They are engaged.”
I think that’s true. I believe the baby-boom generation has done a medium-to-poor job of recognizing the problems and dealing with them. But this generation is set. I’m totally encouraged about the idea of, “Here’s the baton, sorry about the mess, please do better,” and I think they will.
About Art Kleiner
Art Kleiner is the editor-in-chief of strategy+business, the quarterly management magazine published by Booz & Company. He is a writer, lecturer, and consultant with a background in business management, interactive media, corporate environmentalism, scenario planning, and organizational learning. He is the author of The Age of Heretics: A History of the Radical Thinkers Who Reinvented Corporate Management (2008, Jossey-Bass) and Who Really Matters: The Core Group Theory of Power, Privilege, and Success (2003, Doubleday/Currency).
Art is also a faculty member of New York University’s Interactive Telecommunications Program, where he teaches a course on scenario planning and the future of the infrastructure. As editorial director of the Fifth Discipline Fieldbook series (developed with Peter Senge), he has been a co-author of three bestsellers published by Doubleday: The Fifth Discipline Fieldbook (1994), The Dance of Change (1999), and Schools That Learn (2000). At the Center for Organizational Learning at Massachusetts Institute of Technology, he co-created (with George Roth) a pioneering form of organizational story-telling, the “Learning History.” Currently he lives with his family outside New York City. For more information about Art Kleiner, see the strategy+business website.
I hope our members have found this conversation of use.
Your comments are always welcome.
Mark R. Anderson
Strategic News Service LLC Tel. 360-378-3431
P.O. Box 1969 Fax. 360-378-7041
Friday Harbor, WA 98250 USA Email: email@example.com
Upcoming SNS Events & Media Links
FiReGlobal : West Coast
Second annual FiReGlobal : West Coast conference November 11, 2010, at the Fairmont Olympic Hotel, Seattle.
To register, go to:
Ninth annual Future in Review conference, May 24-27, 2011, at the Montage Laguna Beach Hotel, California:
To register, go to:
Hear the latest NPR interview with Mark Anderson, “Is Microsoft in Trouble?” at:
To arrange for a talk by Mark Anderson on subjects in technology and economics, or to schedule a strategic review of your company, email firstname.lastname@example.org.
For inquiries about SNS Events and/or Sponsorship opportunities, please contact Sharon Anderson-Morris (“SAM”), SNS Programs Director, at email@example.com or 435-649-3645.
We would like to give a special welcome to our most recent site members, Deutsche Telekom and Accenture.
If SNS is a competitive weapon, shouldn’t all of your employees have it? Email firstname.lastname@example.org for details.
» SNS Media
“SNS iNews is a terrific idea.”
– Peter Petre, Author and Past Sr. Editor, FORTUNE magazine
Are you an AORTA (Always On RealTime Access) member of SNS? Use SNS iNews™ to stay in touch, in real time, with what your fellow members and FiRe Thought Leaders are achieving – and then help them get there.
Click here for the current iNews digest: http://www.snsinews.com
(For ID and password assistance, email email@example.com)
SNS Library 2.0: Here are your favorite books, including who has proposed them,
whether they’re fiction or nonfiction, and ready clicks to Amazon:
- SNS Blog, “A Bright Fire”: Join Mark in this SNS forum and add your own comments: www.abrightfire.com. If you’re already a blogger, email firstname.lastname@example.org if you’d like to be added to our blogroll.
- Top Ten Predictions for 2010: Audio of the Fifth Annual Predictions Dinner in New York, presented on December 10th, 2009, at the Waldorf=Astoria Hotel:
» SNS Positions Open
- Mark Anderson is seeking an Executive Assistant. This person will be equally adept in computer and social skills, willing and able to do menial tasks one day and attend international thought leader meetings the next. The successful candidate will be a close team member, present well at all occasions, and assist in seeing and gaining opportunities for the enterprise. The job will require living in Friday Harbor, Washington, on San Juan Island, north of Seattle. Please send a cover letter, photo, and bio/resume to email@example.com.
- Circulation Sales by Commission. This person (or company) will continue our nearly 100% success rate in offering site licenses for the SNS newsletter to large companies. Current license holders include: Deloitte, Accenture, Deutsche Telekom, and Internode. Generous commissions available. Please send a cover letter and bio/resume to Sharon Anderson-Morris at firstname.lastname@example.org.
» How to Subscribe
(All rates $USD)
If you are not currently an SNS subscriber, the SNS newsletter has been sent to you for a one-month trial. If you would like a one-year subscription to SNS, the current rate is $595, which includes approximately 48 issues per year, plus special industry alerts and related materials; two years are $995. Premium Subscriptions, which include passworded access to additional materials on the SNS website, are $895 per year. Subscriptions can be purchased, upgraded, or renewed at our secure website, at www.stratnews.com. Contact Scott Schramke, email@example.com, for subscription assistance.
UPGRADE YOUR SUBSCRIPTION TO PREMIUM LEVEL for $300 per year, and enjoy email access to our FiRe Conference speakers through our new service, SNS Interactive News (SNS iNews™), along with other Premium benefits. After logging in to your Account, go to: http://www.tapsns.com/orders/?page=account.
VOLUME CORPORATE SUBSCRIPTION RATES: More than half-price savings, for up to 10 members: $2950. Additional members: $295.
SMALL COMPANY SITE LICENSE (for companies with fewer than 10 employees): Deep discount (far less than half price), for up to 10 members: $1495. Additional members: $295.
TEACHERS’ GROUP RATE (five teachers): $295.
STUDENT and INDEPENDENT JOURNALIST RATE: $295 per year.
» May I Share This Newsletter?
If you are aware of others who would like to receive this service, please forward this message to them, with a cc: to Mark Anderson at firstname.lastname@example.org; they will automatically receive a free one-month pilot subscription.
ANY OTHER UNAUTHORIZED REDISTRIBUTION IS A VIOLATION OF COPYRIGHT LAW.
» About the Strategic News Service
SNS is the most accurate predictive letter covering the computer and telecom industries. It is personally read by the top managers at companies such as Intel, Microsoft, Dell, HP, Cisco, Sun, Google, Yahoo!, Ericsson, Telstra, and China Mobile, as well as by leading financial analysts at the world’s top investment banks and venture capital funds, including Goldman Sachs, Merrill Lynch, Kleiner Perkins, Venrock, Warburg Pincus, and 3i. It is regularly quoted in top industry publications such as BusinessWeek, WIRED, Barron’s, Fortune, PC Magazine, ZDNet, Business 2.0, the Financial Times, the New York Times, the Wall Street Journal, and elsewhere.
Email sent to SNS may be reprinted, unless you indicate that it is not to be.
» About the Publisher
Mark Anderson is CEO of the Strategic News Service. He is the founder of two software companies and of the Washington Technology Industry Association “Fast Pitch” Forum, Washington’s premier software investment conference; and has participated in the launch of many software startups. He regularly appears on the CNN World News, CNBC and CNBC Europe, Reuters TV, the BBC, Wall Street Review/KSDO, and National Public Radio programs. He is a member of the Merrill Lynch Technology Advisory Board, and is an advisor and/or investor in OVP Ventures, Ignition Partners, Mohr Davidow Ventures, the UCSD Calit2 Laboratory, the Global Advisory Council of the mPedigree Network (Ghana), SwedeTrade, The Family Circle (Europe), and the Australian American Leadership Dialogue.
Mark serves as chair of the Future in Review Conferences, SNS Project Inkwell, The Foresight Foundation, and Orca Relief Citizens Alliance.
» Where’s Mark?
* On August 5th, Mark will moderate a panel on “The Future of Currency,” and on August 6th, he will moderate a panel on “China’s Techonomic Future,” both at the Techonomy Conference, Northstar, Tahoe, CA. * On the evening of September 22nd, he will moderate a panel on Cloud Computing for the MIT Forum, in Seattle. * On October 6th, Mark will keynote the 25th Anniversary meeting of the Puget Sound Venture Club, in Seattle. * October 26th to 28th, he will be hosting panels at the third annual Family Office Circle meeting on Cyberwar, the North American Economy, and Mobile IT, in Heidelberg, Germany. * On November 11th, he will host the second annual FiReGlobal : West Coast Conference, at the Fairmont Olympic Hotel, in Seattle. * On December 9th, he will be hosting the sixth annual SNS Annual Predictions Dinner in NYC, at the Waldorf = Astoria.
Copyright © 2010, Strategic News Service LLC.
“Strategic News Service,” “SNS,” “Future in Review,” “FiRe,” and “SNS Project Inkwell” are all registered service marks of Strategic News Service LLC.