On April 1, 1996, top investment experts met in Las Vegas for the ISI Money Show. In "The Next Ten Years" panel, sponsored by ISI and CNBC, panelists discussed their predictions for the stock market in the next decade. Panelists included: Elizabeth Bramwell, president and CIO of the Bramwell Funds;  John Dessauer, editor of John Dessauer's Investor's World; James Dines, editor of The Dines Letter; Michael Murphy, editor of the California Technology Stock Letter; Don Phillips, president of Morningstar; and Jim Rogers, author/investor. Sue Herera, a CNBC anchor, served as moderator of the panel. Follows is a transcript from this event:

's a pleasure. And, I think this hour and a half is going to be a lot fun. At least I hope so. 

We have a very distinguished and wonderful panel to answer your questions, and I'm also going to ask them some specific questions. This is not an easy panel to be on, The Next Ten Years. Most of us are having trouble with the next month in this market --ten years and they agreed to come -- so I think we should give them some credit for going out on a limb in many cases. What I'm going to do is ask a few questions to each -- some have some fairly interesting predictions for you. The idea behind this is to help you create well and if you have created well, congratulations, and we're going to help you preserve that, I hope. So the idea is to give you some guidance and help you to a wonderful and better future financially. 

 So think about questions that you might have for the panelists, after I kind of get some opening remarks from each of them. It may take me a few minutes, but I'll get to you, and give you the microphone and you can ask your questions, because I think many of you, depending on your particular area of interest, might have questions that perhaps I haven't thought of before, that haven't been addressed by some of the speakers that you've had a chance to hear so far. Are you having a good time so far at this seminar, I hope? Good. I think when we did the promo at CNBC it was, "The perfect opportunity to mix business with pleasure". So, we hope you've had a chance to do that. 

nel as well. Next to him is Jim Dines, and he is Editor of the Dines Letter. Next to him is Don Phillips, President of Morningstar; and then Elizabeth Bramwell, and she is President and CIO of the Bramwell Funds. Then, Jim Rogers, author and investor and very interesting story teller, so I have a few questions for Jim.

worldwide investor and, I think Michael, perhaps technology is a great place to start, because it has been such a huge area of growth in many sectors of the technology sector itself. I know technology is a tough call, but if you had to put your finger on the hot issues for the next few years, what would they be?

Michael Murphy: Well, in technology, I think if you divide it into two parts, medical and electronics, the medical part of technology, clearly for the next ten years, is going to be totally driven by the biotechnology revolution. A lot of these companies that a lot of people have forgotten about (because the stocks went through a three year bear market through about the middle of last year) have made a lot of clinical progress. For the next ten years, I think it really belongs to those companies. The big drug companies are investing in those companies and are counting on those companies to come up with the new products. So there's a tremendous amount of opportunity in biotech. 

chnology, the electronics part, really divides into two parts there. The personal computing-related part, and the communications part. The communications part has grown steadily, grew right through the last recession at 35 percent a year. It's going to keep growing at 35 percent a year. You all, I'm sure, have heard the statistic that half the people in the world have never made a telephone call; ten years from now, everybody will have made a telephone call. So that means a lot of infrastructure has got to be put in place, and a lot of services. Unfortunately, United States companies pretty much lead the world in those areas. 

 priced machines. There will be a $500 Internet machine, their $200 machine you carry around in your hand. The technology is going to continue to spread. My guess is that all of technology for the next ten years is a pretty good bet. The surest part of the bet is in telecommunications and in biotechnology, but there's going to be plenty of opportunities in personal computing during that time span.

Sue Herera: Michael, when you said the big drug companies are going to start looking at the smaller, perhaps more innovative companies, do you then see an increase in takeover play aspect there, because you're looking at the big companies? Or are you looking more at buying the smaller companies themselves? 

ly developed the