Then: Buy Nifty 50; Today: Buy Tech

Now, as to where the money is, look at the dividends of technology companies. According to the same S&P report, the companies within the technology sector are paying more dividends than companies of any other sector. In the aggregate, they account for 14.7% of all dividends paid by S&P 500 companies. That's up from just 6% in 2007.

There is probably, or should be, a Nifty Fifty list of technology companies. If there was such a list, stocks listed below held by the GMG Defensive Beta Fund (MPDAX) would surely be on it.

• Intel (INTC)
• International Business Machines (IBM)
• Microsoft (MSFT)
• Cognizant Technologies (CTSH)
• Apple (AAPL)
• Oracle (ORCL)
• Cisco (CSCO)
• Adobe Systems (ADBE)

Note that several of these don't pay dividends yet, but I expect that many of them will within a year or so.

Some random observations about the old Nifty Fifty companies:

There was just a single bank on the list, First National City Bank (FNCB). If Eastman Kodak saw itself as a technology company then, it would be with us now.

Notably missing from the Nifty Fifty list: an integrated oil company. Emery Airfreight no longer exists. FedEx (FDX), founded in 1971 by Fred Smith, is now a dominant global player and demonstrates how much can be accomplished in one lifetime.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

Oliver Pursche is President of Gary Goldberg Financial Services, a boutique money management firm located in Suffern, NY. Additionally, Mr. Pursche is the Co-Portfolio Manager for the GMG Defensive Beta Fund, and a Founding Partner of Montebello Partners, llc. In his role as President of GGFS, and as a member of the GGFS Investment Committee, Mr. Pursche helps oversee the investment portfolio of over 2000 clients with over $500 million dollars in assets. Mr. Pursche frequently provides market and economic commentary on CNBC and Fox Business News, as well as often being interviewed by The Financial Times, US News and World Report, Thomson Reuters, Bloomberg Businessweek, and the Associated Press regarding his and the firms views on the latest market news and events. Mr. Pursche's views on the market and investment strategies have been featured in the Wall Street Journal, Investors Business Daily, Smart Money, USA Today and other national business publications. In addition to writing for TheStreet.com, he is also a weekly contributor on Forbes.com and BankRate.com. His daily market commentary can be read at www.betafundcommentary.com or you can listen to him on www.financialtalkshow.com weekdays at 10:00 AM.

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