BERNSTEIN PERSPECTIVES
WHITE PAPERS• Shifting Balance of Power
• Disruption Everywhere
FEATURED BLOGS• How Low Can Emerging Markets Go?
• Women Building Wealth
• Benefits of Bonds When Rates Are Rising
MEDIA GALLERY• Global Growth:
Synchronicity to Divergence
• Podcasts
OUR MOST INTERESTING CHART RIGHT NOW• Bitcoin’s Descent
ABOUT US• Partnering with Bernstein
BERNSTEIN PERSPECTIVES
SHIFTING BALANCE OF POWERMillennials are moving to the fore as the soon-to-be-largest generation and wielders of the greatest spending power. As they upend consumer preferences, how will they impact industries and profitability—both now and in the years ahead?
DISPLAY: STREAMING, NOT VIEWING
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DISRUPTION EVERYWHERETransformative threats are rocking industry after industry today at a rate not seen since the late 1990s. Does the dot-com era tell us anything about the types of companies best positioned to survive? We think so.
DISPLAY: FASTER ADOPTION RATES CREATE A TAILWIND FOR PROFITS
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Source: Netflix (US subscribers only), Nielsen (data through 2Q 2017)
As of January 2018Source: Boston Consulting Group ITU, BCG research, Business Insider, Digital Quarterly, Fortune, Internet Live Stat, iTunes, mobilephonehistory.co.uk, OS X Daily, Scientific American, Statista, TechCrunch, VentureBeat, Wired, AB
.WWW
0
10
20
30
40
50
60
0
5
10
15
20
25
30
2011 2012 2013 2014 2015 2016 2017
Netflix Subscribers (M
illions)
keeW/sruo
H
Viewing Habits of 18–24 Year Olds
TV Viewing Netflix Streaming Subscribers
FEATURED BLOGSWHITE PAPERS MEDIA GALLERYOUR MOST INTERESTING CHART ABOUT US
BERNSTEIN PERSPECTIVES
HOW LOW CAN EMERGING MARKETS GO?With emerging-market stocks falling, is it too soon to buy into the weakness? Here are signs that could herald a quick rebound.
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WOMEN BUILDING WEALTH
LEARN MORECONTEXTThe AB Blog on Investing
BENEFITS OF BONDS WHEN RATES ARE RISINGShould investors shift their long-term bond allocations to cash? We don’t think so.
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Five things women need to know to become more engaged in their finances.
FEATURED BLOGSWHITE PAPERS MEDIA GALLERYOUR MOST INTERESTING CHART ABOUT US
BERNSTEIN PERSPECTIVES
Bitcoin’s Reversal Has Been Stunning but Not Unexpected
As of November 26, 2018Source: Coindesk and AllianceBernstein (AB)
Growth of $100, YTD 2018
US
Dolla
rs
Bitcoin
$28
10
40
70
100
130
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
BITCOIN’S DESCENTBitcoin has fallen 72% this year and is down roughly 80% from its high in December 2017. While the final chapter on Bitcoin has yet to be written, the hype surrounding its prospects has certainly diminished considerably. We believe this reassessment of Bitcoin and other crypto currencies is logical. In April 2018 we wrote that we saw no intrinsic value in Bitcoin because it had no compelling “use” case (i.e., its role as a payment mechanism was dubious), it generated no cash flow, and it had no aesthetic or cultural appeal. We concluded that future values for cryptocurrencies were highly uncertain and did “not recommend them for investment purposes.” While new technologies often have unlimited promise, sound and grounded research can often see through blind optimism. See our conclusions in “Will Blockchain Change Everything?”
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BITCOIN’S REVERSAL HAS BEEN STUNNING BUT NOT UNEXPECTED Growth of $100, YTD 2018
Through November 26, 2018Source: Bloomberg, Coindesk and AllianceBernstein (AB)
FEATURED BLOGSWHITE PAPERS MEDIA GALLERYOUR MOST INTERESTING CHART ABOUT US
BERNSTEIN PERSPECTIVES
GLOBAL GROWTH: SYNCHRONICITY TO DIVERGENCEAfter a period of synchronized global growth, the US economy has accelerated while non-US markets have slowed. Time to reduce international exposure? We think it makes more sense to go global.
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The Pulse: Millennials are Shifting the Balance of Power
Bernstein Insights
Nov 13, 2018
25:2300:00
The Pulse: Millennials are Shifting the Balance of Power
Women and Wealth: Five Things You Need to Know
The Pulse: October Sell-off
The Pulse: The View from the Top
Women and Wealth: A Wake-Up Call for Women Investors
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BERNSTEIN PERSPECTIVES
ABOUT BERNSTEINIn a world where most investment managers look alike,
Bernstein Private Wealth Management is a firm like no other.
We are investors, not intermediaries or middlemen, working
directly with clients to solve today’s wealth and investment
strategy challenges. We are innovators, continuously pushing
the boundaries of investing while minimizing costs and taxes.
We are advisors, whose global reach and more than 50 years
of service give us exceptional insights into the goals, questions,
and aspirations of private clients. We are in the business of
money management, but we are devoted to Making
Money Meaningful®.
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2018
Important Questions, Straightforward AnswersPARTNERING WITH BERNSTEIN:
The views expressed herein may change at any time after the date of this publication. This information does not constitute as investment advice. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any security, financial instrument, product or service sponsored by AllianceBernstein or its affiliates.Bitcoin and other cryptocurrencies are a very speculative investment and involve a high degree of risk. Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment, and a potential total loss of their investment. Information provided by Bernstein is not intended to be, nor should it be construed or used as investment, tax or legal advice, a recommendation, an offer to sell, or a solicitation of an offer to buy, an interest in cryptocurrency. Bernstein does not offer cryptocurrency products and investments in cryptocurrency is not suitable for all investors.Logos, brands and other trademarks in this presentation are the property of their respective trademark holders. They are used for illustrative purposes only, and are not intended to convey any endorsement or sponsorship by, or association or affiliation with, the trademark holders.Sanford C. Bernstein & Co., LLC is a member of FINRA and is an affiliate of AllianceBernstein L.P.The [A/B] logo is a registered service mark of AllianceBernstein, and AllianceBernstein® is a registered service mark, used by permission of the owner, AllianceBernstein L.P. © 2018 AllianceBernstein L.P. All rights reserved. 1345 Avenue of the Americas, New York, NY 10105181105141526Bernstein.com
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