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Women are approaching a critical milestone in the U.S. Entering 2024, those aged 25 to 34 accounted for a nearly 48% employment share in managerial roles—almost entirely closing a gap that has long favoured men. Progress on this front has been particularly swift. As recently as 2014, women in the early stages of their careers accounted for just 43% of managerial positions in the U.S.
What’s driving the push into management among younger women? A record gender gap in college attendance is one factor. In 2022, 48% of women with high school degrees enrolled in college compared to just 39% of men with the same degree. Their tendency to wait longer before starting a family (the average age of first birth has risen to 27.3 years compared with 25.6 years in 2011) has also likely enabled them to be more career-focused relative to men.
While younger women now seem to be competing on an equal footing to men at the beginning of their careers, it remains to be seen whether these gains will translate into greater representation later on. Indeed, women continue to face significant tradeoffs between starting families and their careers. And as the population ages, they are increasingly responsible for elder care. At the moment, growth in women’s representation in management at the mid and late career points continues to be stubbornly incremental—as does growth in their representation in senior management roles.
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Artificial Intelligence (AI) has the potential to revolutionize the way the global economy works and how many businesses generate profits.
Article
January 31, 2024
{:en}
By Jack Purich, Managing Director, Balancing Portfolio Implementation
Artificial intelligence (AI) has the potential to revolutionize the way the global economy works and how many businesses generate profits. As a result, markets have reacted with a flurry of excitement to recent AI breakthroughs and seem to have already picked the “winners” of AI. This group of technology giants—nicknamed The Magnificent Seven—include Apple, Amazon, Alphabet (Google), Meta (Facebook), Microsoft, Nvidia and Tesla. Together, they’ve outperformed global equity markets by a stunning 200% over the past five years. In the process, they’ve also become quite expensive compared to trailing earnings (at an average price/earnings ratio of 53x).
Given the large technology and data platforms they possess, declaring The Magnificent Seven to be the “winners” of the AI race seems reasonable. But let’s not pretend markets are always right.
In the late 1990s, markets were enthralled with another emergent technology with the power to revolutionize the economy—the Internet. An early set of “winners” were selected back then too—names like AOL, Nokia, Microsoft, Cisco and Sun Microsystems. Some of those companies flourished (especially Microsoft). But ultimately, it was a set of smaller players, like Apple and Google, or companies that didn’t yet exist, like Facebook, who came out on top. For long-term investors, the question is: will history repeat itself or will this time be different?
Author
Jack Purich
Managing Director, Balancing Portfolio Implementation
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Five Minutes with Michel Leduc
Michel Leduc, Global Head of Public Affairs and Communications, explores evolving industrial policy, concentration risks, and why investors
Video
January 31, 2024
“Challenge your beliefs”: Investing in times of geopolitical turbulence
Over the past several years, Ed Cass has seen first-hand how labour issues, political tensions and technological change have impacted asset
Article
January 31, 2024
Done Deals: Hohe See and Albatros
Offshore wind at scale. That was the draw when CPP Investments bought its 24.5% stake in Hohe See and Albatros in 2018.
Article
January 31, 2024
{:}{:fr}
Auteur : Jack Purich, Directeur Général, Mise en œuvre de Portefeuille d’équilibrage
L’intelligence artificielle (IA) a le potentiel de révolutionner le fonctionnement de l’économie mondiale et le nombre d’entreprises qui dégagent des profits. Par conséquent, les marchés ont réagi avec enthousiasme aux percées récentes dans le domaine et semblent avoir déjà choisi les « gagnants » de l’IA. Ce groupe de géants technologiques, surnommé les « Magnificent Seven », comprend Apple, Amazon, Alphabet (Google), Meta (Facebook), Microsoft, Nvidia et Tesla. Ensemble, ils ont surpassé les marchés boursiers mondiaux de 200 % au cours des cinq dernières années. Par la même occasion, ils sont aussi devenus très chers par rapport aux bénéfices des 12 derniers mois (ratio cours/bénéfice moyen de 53x).
Compte tenu des vastes plateformes technologiques et de données qu’ils possèdent, il semble raisonnable de déclarer le groupe des Magnificent Seven « gagnant » de la course à l’IA. Mais ne faisons pas comme si que les marchés avaient toujours raison.
À la fin des années 1990, l’engouement des marchés portait sur une autre technologie émergente capable de révolutionner l’économie : Internet. À l’époque, un premier groupe de « gagnants » avait également été choisi, parmi lesquels AOL, Nokia, Microsoft, Cisco et Sun Microsystems. Certaines de ces sociétés ont prospéré (en particulier Microsoft). Mais au final, c’est un ensemble de petits acteurs, tels Apple et Google, ou de sociétés qui n’existaient pas encore, à l’image de Facebook, qui l’ont emporté. Pour les investisseurs à long terme, la question est donc la suivante : l’histoire va-t-elle se répéter ou sera-t-elle différente cette fois-ci?
Auteur
Jack Purich
Directeur Général, Mise en œuvre de Portefeuille d’équilibragen
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Five Minutes with Michel Leduc
Michel Leduc, Global Head of Public Affairs and Communications, explores evolving industrial policy, concentration risks, and why investors
Video
January 31, 2024
“Challenge your beliefs”: Investing in times of geopolitical turbulence
Over the past several years, Ed Cass has seen first-hand how labour issues, political tensions and technological change have impacted asset
Article
January 31, 2024
Done Deals: Hohe See and Albatros
Offshore wind at scale. That was the draw when CPP Investments bought its 24.5% stake in Hohe See and Albatros in 2018.
Article
January 31, 2024
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