different source of value is becoming more powerful? We believe there’s good reason to think that value is shifting from knowledge stocks to knowledge flows. Put more simply, we believe that flows trump stocks [italics added] … As the world speeds up, stocks of knowledge depreciate at a faster rate. As one simple example, look at the rapid compression in product life cycles across many industries on a global scale. Even the most successful products fall by the wayside more quickly as new generations come through the pipeline faster and faster. In more stable times, we could sit back and relax
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