Remember back in 1999 when telecom was the white hot thing … and then it was the source of your near coronary when Lucent (LU), JDS Uniphase (JDSU), WorldCom et al. brought your 401(k) to its knees? Well, telecom is back and now it’s mobile.

The past few years have seen extraordinary gains for companies like Research in Motion (RIMM) and Apple (AAPL) with the Blackberry and iPhone, respectively. However, until recently, the mobile web was not functional for anyone except technofiles. But times they are a changin’ …

Monday Google (GOOG) announced the purchase of mobile advertising leader AdMob. The three-year old firm cleared a sweet $750 million for figuring out what Google and other giants could not: how to effectively cram ads onto tiny screens. The important point to note is the amount of money involved and the 1999-esque feeling that mobile is generating in investment circles. Sure, you’ve been reading about apps and games, but this is a glaring sign that mobile is starting to generate very big money.

While all the doom and gloomers cannot see anything but digression ahead, young industries such as mobile, health tech, alternative energy and others will line up to be the next great economic engine of the world. As far as I have noticed, from the rural fields of Thailand to the skyscrapers of Manhattan, cellphones are everywhere. Keep your eye on the ball and you will see the businesses of tomorrow sprouting today.

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