One of our favorite descriptions of venture capitalists during the dot com boom was as a pack of carnivorous sheep. They stand around all day looking totally vacant and uninterested until an opportunity presents itself then they all charge after it and tear it to pieces.
We seem to be getting into similar territory with investment banks and nanotechnology indices. We can imagine the Merril Lynch team gnashing their teeth after those punks at Punk and Ziegel nipped in first, quickly followed by First Trust Portfolios and now the big boys at Merril Lynch leap in with a portfolio of companies somebody once told us had something to do with nanotechnology.
Three very weird looking indices, and this latter one based on the mind boggling claim that below 100 nm "classical gives way to quantum physics" which must mean that this was written on a quantum computer. You can tell the amount of deep thought that has gone into this one with claims such as "We believe nanotechnology is the next logical step in miniaturization" which effectively quash any hopes of bottom up technologies getting a look in, although these will be basement rather than garage industries as "The new scale allows manipulation on the cellar level, which should enable new discoveries in pharmaceuticals, biodefense, and healthcare." Not in our cellar you don't! (for any puzzled non UK readers, a UK cellar is what is called a basement in the US.
All in all, it is rather silly stuff, littered with buzzwords, typos and three year old (and largely discredited) statistics. Well, you take your pin, you take your pick…Next!