Poway,
I think many sectors are, though none I feel qualified to comment on beyond telecom. In general, the increases in productivity aided by the technological leaps of the past 10 years with the internet, Moore’s law, ERP software and the ability to work virtually anywhere have fueled profit and reveue growth without necessitating extra hiring. Yet many of them (especially in high tech) surreptitously use their $$$ for open market purchases of their own stock to mop up the millions of options they’ve given out. This is one of the ugly truths of the tech bubble. There was a good article in the Sunday NY Times ~ 1 month ago on it.

I’m no economist, so I’ll need to think about your question. Looking at my company’s stock, it boomed during a time of high interest rates, depressed RE and lackluster job growth throughout the early 90’s (and al the way through). Our earnings are driven by consumer and business spending. In general it seems we do well after a Fed tightening cycle, historically speaking. I guess you could say we’re somewhat cyclical.

I wish that I had the time to pursue an advanced degree. My boss wants me to get an executive MBA (company pays) but I am loathe to invest the time away from my family. I look at our top sales mgt (5K person sales org), and none of them have MBAs – just bachelors degrees. However if I ever want to run a P&L, I’ll need it for sure.

The one thing I will always teach my son is that no matter how many fortunes one makes and loses, no one can take away your education. The memories of my college years and all the experiences entailed are priceless.