Capital Markets: Observations & Insights

​ Party Without the Punch?

Innovation Grows Through Downturns

• If the global economy does ultimately weaken as a result of prolonged interest rate increases… • …Invest with a focus on innovation because it has outpaced difficult economic environments

Innovative Areas of the Economy Outperformed Even in the Global Financial Crisis

U.S. Internet Ad Revenue U.S. E-Commerce U.S. Total Retail Sales

140

+33%

130

Innovation Outperforms

120

110

100

+1%

90

80

Q208

Q308

Q408

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

Source: FactSet.

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