Investment Strategy Insights: The Fourth Industrial Revolution

After a prolonged period where companies under-spent depreciation, capacity utilization is still beneath 80%, the rate which normally triggers upswings in capital expenditures. 

Courtesy of China and others integrating an additional one billion people into the global supply chain, there is still plenty of untapped old-fashioned capacity. Yet get ready for another new, “new norm.”

Acclaimed Harvard Business School professor Clayton Christensen’s “disruptive technology” concept has finally arrived. Formerly strong business models with well established “moats” are being taken out of the system. Consider the debt holders of many retail and telecom firms, whose business models are suddenly faltering after the long post-crisis period in which their managements bought in stock.

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