Capital Markets: Observations & Insights

Growth through Cycles ​ Growth vs. Bond-like Equities

• Growth fundamentals have often done quite well in difficult economic conditions

‒ During the recent Financial Crisis, U.S. retail trade was flat while innovative industries such as e-commerce and Internet advertising both grew over 30%

U.S. Internet Ad Revenue

U.S. E-Commerce

U.S. Total Retail Trade

140

130

120

Average of +30% growth during crisis time period

110

100

90

80

Q208

Q308

Q408

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

Source: Bureau of Economic Analysis, PwC, Census Bureau

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