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.
Page 9
Made with FlippingBook - professional solution for displaying marketing and sales documents online