Fred says it best today in his post entitled ‘Bits of Destruction ‘:
This downturn will be marked in history as the time where many of the business models built in the industrial era finally collapsed as a result of being undermined by the information age. Its creative destruction at work. It’s painful and many jobs will be lost permanently. But let’s also remember that its inevitable and we can’t fight it. Technology and information forces are unstoppable and they will reshape the world as we know it regardless of whether or not we want them to.
Forget what would Google do. You know the scenarios unfolding…WHAT WILL YOU DO?
As an investor, especially one that reads this blog the last 3 plus years, you should by now know at least WHAT TO AVOID…Retailers, Auto, Components, Conglomerate Banks, Airlines, Newspapers and highly leveraged businesses. Leverage is going to be out of style for years. If not, avoid it anyway. Information and the Social Web is today’s leverage machine.
You know what I am doing because I disclose it here everyday. After reading Fred’s post I am actually excited about the major changes coming in banking. Seieng that the trust is gone despite the marble floors and pillars, what will the true information age banks look like. I know it won’t look like the banks we are used to today.
Don’t get mad and don’t get into the blame game. This is no time to be lazy.
The information pitch is a fat one and you should start swinging at it.