Senior vice president and portfolio manager Jeff Madden was published in The Journal of Wealth Management Volume 22 Fall 2019. His article, "The World Has Changed: Investing in the New Economy," explores the "New Economy's" move to intangible assets.
"The higher proportion of investments in intangible assets versus tangible assets that is common today is emblematic of a structural change in value creation. Investor experience in the 'New Economy' is that today’s digital network effects and other changes are providing a different path for big winners. In contrast with the 'Old Economy,' investors have found that in the New Economy, the speed of change is faster and the risk–reward profiles are wider, with greater upside but also greater downside. Many firms on the wrong side of digital network effects are headed to the graveyard, regardless of past business success."