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But the paradigm began to crack with the high-tech bust and resulting layoffs, and crumbled with the recession and the Enron-led wave of scandals.
These companies have real customers and real sales, which have continued to grow after the high-tech bust and the demise of the dot-coms.
As a salesman at Rothschild, Unterberg, Towbin, he participated in the high-tech boom of 1983 and the reciprocal high-tech bust of 1984.
(For the quality of life downtown, see "Deadville") The recovery has taken place despite a calamitous high-tech bust, which has wiped out 29,000 positions, one-third of all information technology jobs, since 2000.
We should note that last month Morgan Stanley issued a "triple-sell warning" on European equities for the first time since the high-tech bust of 2000, and this week Ned Davis Research's Super-10 Indicator Composite triggered a sell signal.
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In many ways, high tech busts provide a convenient historic parallel to the 19th century prospectors who ended up in squalor during California's Gold Rush.
"It's just another tool to shut these guys down". Cavicchia, who described himself as a member of the "pinball generation," said he is both impressed and intimidated by his field office's foray into high-tech crime-busting.
He recently signed a $1-million-plus 1-million-plus 1-million-plushuster to write abook the high-tecontractand bust.
Capstone's turbines piled up in the warehouses of distributors such as Cinergy, Sumitomo and others as high-tech buyers went bust.
Austin's coffee shops are reverberating with talk of stock options.On the other hand, as Mr Thornton admits, no Austin venture capitalist can promise every potential recruit that there will definitely be a job for him in Austin, even if the proposed venture goes bust; and high-tech managers are in short supply.
Yet two years into the biggest bust in high-tech history, an estimated 10,000 public and private software companies are still in business.
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