Capital Markets Summer 2022: Revealing Recession Patterns

V

Accelerating Change Style Wars

I • Innovation is accelerating across many areas of the economy, causing new products and services to diffuse through society faster and disrupt businesses at a greater pace • This may be a tailwind to growth companies, which we believe are the drivers of innovation, and a headwind to value stocks, which may be victims of change

II

Years from Market Entry to 50% Penetration

Years to Reach 1 Billion Users

III

IV

V

Source: Asymco, Visual Capitalist, company disclosures, Alger estimates.

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