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Archive for 20. November 2019

Top 10 Emerging Technologies Of 2019

Posted by hkarner - 20. November 2019

Date: 20-11-2019
Source: Scientific American

World-changing technologies that are poised to rattle the status quo

One day soon an emerging technology highlighted in this report will allow you to virtually teleport to a distant site and actually feel the handshakes and hugs of fellow cyber travelers. Also close to becoming commonplace: humanoid (and animaloid) robots designed to socialize with people; a system for pinpointing the source of a food-poisoning outbreak in just seconds; minuscule lenses that will pave the way for diminutive cameras and other devices; strong, biodegradable plastics that can be fashioned from otherwise useless plant wastes; DNA-based data-storage systems that will reliably stow ginormous amounts of information; and more.

Together with the World Economic Forum, Scientific American convened an international Steering Group of leading technology experts and engaged in an intense process to identify this year’s “Top 10 Emerging Technologies.” After soliciting nominations from additional experts around the globe, the Steering Group evaluated dozens of proposals according to a number of criteria: Do the suggested technologies have the potential to provide major benefits to societies and economies? Could they alter established ways of doing things? Are they still in early stages of development but attracting a lot of interest from research labs, companies or investors? Are they likely to make significant inroads in the next several years? The group sought more information where needed and honed the list in four virtual meetings. Den Rest des Beitrags lesen »

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DAS RICHTIGE TUN

Posted by hkarner - 20. November 2019

Wilfried STADLER

FURCHE-Beitrag Drucker-Forum November 2019

Peter F. Drucker und die Grundsätze eines Managements mit Verantwortung

 Vor 110 Jahren, am 19. November 1909, wurde in Wien Peter F. Drucker geboren. Der 2005 in den USA verstorbene „Erfinder“ des modernen Managements, war nicht nur vielgefragter Berater großer Unternehmen und Organisationen, sondern vor allem Autor weltweit verbreiteter „Klassiker“ zu Fragen kluger, verantwortungsvoller Unternehmensführung. Sein lebenslanger Kampf gegen den verbreiteten Irrglauben, dass ungebildet sei, wer sich verständlich ausdrückt, brachte ihm nicht nur viel Anerkennung ein, sondern auch einigen akademischen Neid ob der Tatsache, dass sich seine wichtigsten Werke bis heute in den Bestseller-Listen halten.

Druckers Vater war hochrangiger Beamter im Finanzministerium, seine emanzipierte Mutter wirkte als Ärztin, zu einer Zeit, in der das Medizinstudium für Frauen gerade erst zugänglich wurde. Ihre jüngste Schwester war mit Hans Kelsen, dem Schöpfer der österreichischen Bundesverfassung, verheiratet. Bei allwöchentlichen Gesellschaften in dem von Josef Hoffmann entworfenen Haus am Kaasgraben in Wien-Grinzing traf sich die intellektuelle Elite von damals, von Sigmund Freud über Ökonom Joseph Schumpeter bis zum Komponisten Egon Wellesz.

Schon mit 20 Jahren verließ Peter Drucker Wien in Richtung Frankfurt, wo er zunächst als Journalist wirkte. 1933 vertrieb ihn das mit der Machtergreifung Hitlers einsetzende antisemitische Kesseltreiben nach London. Von dort aus besuchte er regelmäßig die Seminare des Nationalökonomen John Maynard Keynes in Cambridge. 1939 veröffentlichte er sein erstes Buch und zugleich sein einziges, das sich mit Politik befasste: „The End of Economic Man“. Diese hellsichtige Analyse des in Nationalismen und Faschismen zerfallenden Europa, gilt bis heute als Standardwerk der Totalitarismus-Theorie. Winston Churchill verfasste darüber – ein Jahr bevor er englischer Premierminister wurde – eine Rezension, in der er würdigte, dass der Autor „nicht nur eigenständigen Geist besitzt, sondern auch die Gabe, bei anderen Menschen geistvolle Gedankengänge in Bewegung zu setzen“. Den Rest des Beitrags lesen »

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Technology Stocks Head Toward Best Year Since 2009

Posted by hkarner - 20. November 2019

Date: 19-11-2019
Source: The Wall Street Journal

Regulatory scrutiny and mixed earnings aren’t stopping the group from rallying

Shares of chip maker Applied Materials have soared 90% this year.

Technology stocks are racing toward their best year in a decade, underscoring
investors’ interest in companies offering everything from memory chips to social-media platforms.

Investors have favored shares of rapidly growing, relatively pricey companies over their more low-valued counterparts for much of the more-than-decadelong bull market.

Although the latter group has rebounded over the past three months, technology stocks remain the market’s leaders: The S&P 500 technology sector’s 41% gain for the year has put the group well above the S&P 500’s 25% climb and on course for its biggest one-year advance since 2009.

That is even as investors have had to grapple with issues including controversies over how big tech companies have handled users’ data, antitrust probes and trade tariffs targeting consumer devices.

To many money managers, the gains reflect confidence that technology companies will be able to continue delivering robust sales and earnings growth even as the broader economy shows signs of cooling.

“This is where the growth is over the long term, so you’re always going to get a pretty good bid” for technology shares, said Katie Nixon, chief investment officer of Northern Trust Wealth Management.

Among the biggest gainers in the sector are semiconductor manufacturers, as well as the companies that create devices to make chips. Applied Materials Inc. has soared 90% this year, Tokyo Electron Ltd. has jumped 85%, ASML Holding NV has risen 81% and Lam Research Corp. has more than doubled.

“They are the companies that are enabling the semiconductor manufacturers to make denser chips with more transistors on them,” said John Freeman, vice president of equity research at CFRA. “They hold the keys, so they hold the pricing power at this point.”

Shares of companies focusing on electronic payments also have done particularly well—something investors have attributed to the technology’s growing presence around the world.

“If you would have told me 20 years ago I was going to pull out my Visa card to pay a one-dollar parking meter on a square in Madison, Wis., I’d have said you’re nuts, but now that’s the only compensation they accept,” said Tom Plumb, president and portfolio manager at Plumb Funds.

Mr. Plumb said his firm’s largest holding is Visa Inc., which has risen 36% this year. The firm also holds shares of Mastercard Inc., which are up 49%. Both companies reported better-than-expected earnings in October for their latest quarters, buoyed by higher spending on credit and debit cards.

To be sure, after a big rally, some investors say they believe parts of the technology sector may have run up too far. Nearly one in three fund managers believes the most crowded trade in markets is betting on a rise in U.S. technology shares and other rapidly growing companies, according to a Bank of America survey conducted earlier in November.

And in a field that is particularly reliant upon innovation, some companies will be better investments than others.

“Just because you’re sitting on top of the world, doesn’t mean you’re going to stay there,” Mr. Freeman said. For instance, Oracle Corp. —up 24% for the year—is one of the biggest software companies in the world, but it could still be at risk because it was late to cloud computing, he said.

Then there are earnings: Among the S&P 500’s 11 sectors, technology companies actually posted among the steepest declines in profits for the third quarter, according to FactSet. The sector reported a roughly 5.3% drop in earnings from the year-earlier period, compared with a 2.3% decline for the broader S&P 500.

Within the past few months, a handful of technology-driven companies have reported momentum slowing. Amazon.com Inc. posted its first earnings decline in more than two years and Netflix Inc. missed its subscriber-growth target for a second consecutive quarter.

But money managers say technology stocks have been able to continue rising anyway in part because expectations were low heading into earnings season. As of June 30, analysts had expected the technology sector to report a 9.4% drop in third-quarter earnings, according to FactSet.

Technology executives managed to temper investors’ expectations heading into the second half of the year, Ms. Nixon said, making even the relatively weak earnings better than feared.

That has helped money managers justify buying technology shares that have grown to look pricey.

The S&P 500 technology sector trades at roughly 21 times its next 12 months’ projected earnings, according to FactSet. In comparison, the broader index trades at 18 times.

“This is an environment where we’re finding opportunities,” said Eric Wiegand, investment portfolio manager for the private wealth team of U.S. Bank, which has emphasized software and service companies within technology holdings.

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Good Economics for Hard Times’

Posted by hkarner - 20. November 2019

Date: 18-11-2019
Source: The Wall Street Journal By William Easterly

Review: Sticky Markets, Tricky Solutions

Free-market advocates often assume the free mobility of labor. The truth is that people don’t move so fluidly. Markets can be sticky.

Free-market advocates often forget that labor markets can be sticky.

Proponents of market reforms are quick to tout the benefits that markets have to deliver. But as Abhijit Banerjee and Esther Duflo, two of this year’s Nobel laureates in economics, repeatedly show in “Good Economics for Hard Times,” some apologists have a tendency to overpromise. Markets, the authors remind us, can be sticky. Pro-market reforms like freer trade, for instance, only work as well as advocates predict when people can freely move to better opportunities. Den Rest des Beitrags lesen »

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