The global explosion in wireless phones was the world’s biggest communications story in the last decade. The next 10 years, however, will belong to a second wireless revolution: the widespread adoption of so-called “smart phones.”

Carriers aren’t the only way to profit from the explosive growth in wireless voice and data services around the world.

The point of a stimulus package is to deliver maximum bang on scarce bucks, as soon as possible. You want people who receive stimulus to spend the money in the real economy. There are choices, some better than others, but all subjective. In any case, it appears the Keynesian demand-side management policies that characterized the New Deal may be making a 21st century comeback.

Bear markets aren’t the best time to expect immediate blockbuster gains. But they are the best possible time to build a high-quality portfolio of positions for outsized future returns.

Doing just that is our primary goal for the New World 3.0 Portfolio here in its second month of operation. To date we’ve purchased nine stocks of companies tapped into what’s shaping up as the biggest investment opportunity of our lifetime: The need to construct the infrastructure needed to run a global 21st century economy.

The world’s stock markets aren’t for the faint of heart here in September 2008. Neither is the market for fixed income excepting US Treasuries, the classic safe haven. The flipside of panicked crisis markets, however, is opportunity. It takes fortitude, patience, spare cash and a willingness to bet against the crowd. And it goes without saying that you’ve got to pick targets carefully.