Arnie Berman Growth Quotations

You've had a narrow group of tech companies that have been delivering positive and accelerating growth characteristics and money tends to get concentrated in those few companies that are doing that.

A lot of the best news is associated with the PC industry. Intel has been not just a bellwether in the sense that it's big, but in the sense that technology as an industry has returned to positive year-over-year growth rates, and technology as an industry tends to be delivering more upside surprises than downside surprises these days. Intel started to do that earlier and more substantially than the rest of technology.

It looks like we'll have the third period in a row where revisions to estimates are positive. And top-line growth rates, which were negative for a while, will be positive for the third period in a row and will be higher than we saw in either December or March.

In the late '90s investors believed that tech was such a great secular growth story that cycles didn't matter. In this rebound, the only thing that matters is the economic context.

In terms of the kind of hurdle that Microsoft and IBM have to leap over, the kind of growth they have to deliver is not as significant a bar as it is for Intel.