Investment Strategy
29/09/2025DEBT & DATA
By Sébastien Cavernes, CIO Edmond de Rothschild Gestion (Monaco).
In 1998, Nobel laureate-to-be Paul Krugman famously claimed that “the impact of the Internet on the economy will be no greater than that of the fax machine.” At the time, productivity statistics seemed to confirm his skepticism: internet adoption was booming, yet the promised efficiency gains remained elusive.
A decade later, the picture had dramatically changed. Global connectivity reshaped commerce, communication, and logistics, fueling productivity growth on a scale rarely seen before in history. Suddenly, the world had become smaller: producing faster, cheaper, and further away was no longer an illusion—it was simply a matter of patience.
