So counterintuitively, it seems like you’re better off investing in cheap dying stocks over expensive growth stocks. Most likely investors are overestimating how quickly renewable energy will make oil obsolete leading to oil stocks being undervalued and having higher returns. Ben Felix, 2020Ī second example is that you would have made more money holding oil stocks instead of technology stocks over the time period between 19.
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Over this period, a dollar invested in the oil index grew to $134, while a dollar invested in the software index grew to $76. The oil industry on the other hand has seen a massive decline in market capitalization, from nearly 15% of the US market in 1971, to about 3% at the end of 2019. Since the approximate start of the age of information in 1971, the software industry has grown more than any other, from basically non-existent in 1971, to the largest industry by market capitalization at the end of 2019 at nearly 15% of the US stock market. Additionally, bad companies could be good investments if you can get them cheap enough. The moral of the story is that great companies are not necessarily great investments if you pay too much for them, and when new technologies come out investors get excited and do just that. Similarly, they overestimated how well car and airplane companies would do causing those stocks to become overvalued and have lower returns. Investors had overestimated how quickly the railway companies would become obsolete leading them to value those stocks too low. Despite going from a 63% to 1% share of the stock market capitalization between 19, it still managed to outperform innovative new transportation technologies like cars and airplanes during the same time period. To illustrate the point, Ben uses the example of the declining rail industry. Over that time period, rail stocks beat the US market, road transportation stocks, and air transportation stocks. It is the ultimate example of a declining industry. Historically investors have overestimated the future growth of new innovative firms and underestimated how long it would take for dying industries to become irrelevant.įrom 1900 through 2019, rail companies declined from a 63% share of the US stock market to a less than 1% share. If you want to customize almost all Logitech keyboard lights, you will have to do it directly from this app.In the video he argues that based on the historical data it is a bad idea to invest into exciting new technologies, and the companies that create them. Logitech G HUB is a virtually essential program for Logitech G Gaming range device users, as you will need this software to unlock many of their features. Like this, you can get your keyboard to light up red and black when playing Dark Souls, and it will automatically turn off when you stop playing. For example, you can create customized keyboard shortcuts for certain games, or make your keyboard backlight change color for different games.
Thanks to this feature, you can get certain settings on your Logitech devices to change when you start playing a game. After this, you can log in with your Logitech G account or, if you prefer, continue as a guest, although you won't be able to save your profiles on the cloud.Ĭreating profiles for your devices is one of Logitech G HUB's strong points. This process will take just a few seconds. The first thing that Logitech G HUB will do once you open it will be to determine which compatible devices are connected to your Mac. This program helps you to get the most out of them and unlock all their features. Logitech G HUB is a program that lets you customize your experience using any device from the Logitech G Gaming range, among which can be found keyboards, mouses, headphones, microphones and speakers, among others.
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