Capital Markets Spring 2020
I
Innovation Triumphs Over Economic Volatility Navigating Through a Crisis
I • Innovation flourishes even when the economy languishes ‒ Through the 1918-1919 “Spanish Flu” pandemic/recession, automobiles grew at a double-digit rate, TV ownership increased strongly in the 1950s “Asian Flu” pandemic/recession, and more recently PCs and smartphones grew through recessions
II
Personal Computer Penetration Grew Through Early ‘90s Recession
Global Smartphone Subscribers Grew Through Global Financial Crisis
III
Global Real GDP Index Global Smartphone Subscriber Index Recession
U.S. Real GDP Index U.S. PC Index Recession
500
160
IV
+335%
400
+43%
140
300
120
200
V
+4%
+9%
100
100
80
0
VI
1988
1989
1990
1991
1992
2006
2007
2008
2009
2010
Source: Diego Comin and Bart Hobijn “Historical Cross County Technology Adoption Dataset”; GSM Association; FactSet.
3
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