"If I'd have had more time, I'd have written a shorter letter" ~Blaise Pascal
Our colleagues at Alger Capital recently shared this insight: The source article can be found here.
Innovation Triumphs Over Economic Volatility
History has shown that Innovation flourishes in the face of a languishing economy:
Through the 1918-1919 “Spanish Flu” pandemic/recession, the economy faced devastating challenges. However, ownership of automobiles grew during this time at a double-digit rate.
During the 1950’s “Asian Flu” pandemic/recession, television ownership exploded.
Through the early 90’s recession, real GDP grew by only 4%, while personal computer penetration grew by 43%.
Through the more recent Global Financial Crisis of 2007-2008, Smartphone ownership exploded, and market-leading companies began to thrive.
In short, even in times of tremendous economic stress, there are innovations that bring opportunities to society…and investors as well.
Make It a Great Day!
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