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Like The Roaring 2000s and Dow 36 000 this is a disappointing book. Originally written as a long magazine article that is a much better size for the amount of information that the authors had available.
So what did I do? I just read the magazine article. Here it is.
So what did the book (magazine article) have to say? Basically that everything is going really well and that computing has really lifted productivity, profits, and hence the stockmarket for the last 20 years and should keep doing so for another 20.
OK. Perhaps a LONG magazine article was a bit too much room as well.
No, only kidding. They did provide a fair bit of supporting information, but that was the gist of their message.
I'm writing this in April 2001 when the NASDAQ share market of high tech computer companies has fallen 2/3 from its peak. At this point many will say that The Long Boom has been proved disasterously wrong. In this case I am on the authors side. Sure the tech stock returns have been really bad, for the last year, but So What? The Long Boom is written about developments over decades. The Nasdaq may be down from almost 5000 to 1500, but it is still at the level of 1998, substantially higher than when the original publication of The Long Boom said that the Nasdaq would keep growing.
From the perspective of someone who bought diversified tech shares at the publication of The Long Boom, and then waited to see if they made millions over the next 2 decades, the volatility of one year will be trivial noise.
What matters is whether the economic and sector growth keeps going till 2020. We don't know if it will. Some authors say that it won't, some that it will. You'll just have to wait.
In short, just read the magazine article, but if you must: The Long Boom
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