the explosion of cheap capital from Wall Street has
led major industries to consolidate. Where a sector such as pharmaceuticals or
telecommunications (and, of course, banking) might have had dozens of big
players a couple of decades ago, now it has closer to five. When I began in the
intelligence industry 15 years ago, I did projects for Compaq, Amoco, Wyeth
Pharmaceuticals, and Cingular -- all of which have since been rolled into the
conglomerates of Hewlett Packard, British Petroleum, Pfizer, and AT&T.
There are fewer firms for an intelligence analyst to track, and their behavior
has to be understood on totally different terms than when this discipline was
created.