The Impact of Technological Innovation on the U.S. Equity Market and the Value-Growth Continuum

November 05, 2018 | ,

2018 Investment Symposium flash talk by Samantha T. Grant, CFA, CAIA

Since the 2008 financial crisis, investors have flocked to new and innovative growth stocks over more traditional and seemingly boring value stocks. This is not the first time investors have favored growth over value, and surely it will not be the last. In this session, we will discuss what makes the current growth cycle different from previous growth cycles, the companies at the forefront of the technology wave and what could cause the market to reverse course and favor value over growth.

A summary of this flash talk can be downloaded here.

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This chart description is for illustrative purposes only and its accuracy cannot be guaranteed. Please see full disclosures at end of PDF document in the web post. General description: Combination line and area chart showing cumulative return of the S&P 500 Semiconductors & Equipment Index and value of private construction put in place by sector. Chart subtitle: The CHIPS and Science Act has helped provide a tailwind for semiconductor companies over the last year. Chart source: Bloomberg and U.S. Census Bureau as of July 31, 2023. Chart visual description: Data is monthly; displayed in 6-month increments on x-axis from Aug-13 to present. Left Y-axis is labeled “Value of Private Construction Put in Place” and ranges from $0B to $210B (labeled through $200B). Right Y-axis is labeled “Cumulative Return” and ranges from 0% to 1000%. Sectors corresponding to left axis are as follows: Computer/Electronic/Electrical uppermost of area stack in green; Chemical in blue; Food/Beverage/Tobacco in purple; Transportation Equipment in teal; Plastic/Rubber in dark blue; Nonmetallic Mineral in orange; Fabricated Metal in dark green; Other in gray. Line corresponding to S&P 500 Semiconductors & Equipment Index is slate, corresponding to right Y-axis. Chart data description: Please contact us for the full dataset. Latest data as of July 2023: S&P 500 Semiconductors & Equipment Index at 907% cumulative return; CEE at $110.9B; Chemical at $37.8B; Food/Bev/Tobacco at $15.9B; Transp Equipment at $9.1B; Plastic/Rubber at $2.2B; Nonmetallic Mineral at $1.9B; Fabricated Metal at 1$.4B; Other at $21.5B. End chart description. See disclosures at end of document.



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