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.
International Business Machines
(IBM - Get Report)
(CTSH - Get Report)
(AAPL - Get Report)
(CSCO - Get Report)
(ADBE - Get Report)
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.