Typically, there are a few niches, and everybody sees they are growing more rapidly, and so they jump on these niche markets. And all of a sudden they are no longer niche markets, and there will be too many players, and it's going to be very competitive in a short period of time.

The losers often are heterogeneous patchworks of many small companies acquired during the irrational exuberance in the late '90s.

The major trend is globalization. A new world order is rapidly emerging.