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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