1 The growth trap 3
2 Creative destruction or destruction of the creative? 18
3 The tried and true : finding corporate El Dorados 33
4 Growth is not return : the trap of investing in high-growth sectors 50
5 The bubble trap : how to spot and avoid market euphoria 71
6 Investing in the newest of the new : initial public offerings 84
7 Capital pigs : technology as productivity creator and value destroyer 102
8 Productivity and profits : winning managements in losing industries 113
9 Show me the money : dividends, stock returns, and corporate governance 125
10 Reinvested dividends : the bear market protector and return accelerator 139
11 Earnings : the basic source of shareholder returns 155
12 Is the past prologue? : the past and future case for stocks 169
13 The future that cannot be changed : the coming age wave 179
14 Conquering the age wave : which policies will work and which won't 193
15 The global situation : the true new economy 203
16 Global markets and the world portfolio 225
17 Strategies for the future : the D-I-V directives 241
App The complete corporate history and returns of the original S&P 500 firms 257