Capital Markets: Observations & Insights

Innovation Through Economic Cycles Birthday Wishes

• Innovation can flourish even if the economy languishes

‒ History shows that there are areas of innovation and growth throughout recessions, depressions and panics over the past 150 years*

U.S. Internet Ad Revenue

U.S. E-Commerce

U.S. Total Retail Sales

140

130

120

+30% Growth

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. *See Alger’s white paper “The Enduring Force of Innovation.”

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