Thanks to the pandemic and winter, I have had a lot of time to think. Something that I find fun to do, even though I am very rarely right, is to try and think of what industries and/or businesses will become mainstays over the next decade. An example of a total miss was Netflix. Why would people want to get their movie rentals by mail and then mail them back when you could simply go to a local BlockBuster and rent them right away? But then came the ability to stream movies into your home via the internet and Netflix was the big dog in that arena. Streaming has grown leaps and bounds during the pandemic. Will movie theatres survive?
Well, here are a few thought for us to ponder – right or wrong…
Clean energy. I think we have finally made the mental and emotional realization that our climate is changing and to some extent carbon based fuels are a source of that change. This leads us to the conclusion that we need to use less of them and develop more types of clean energy. In that area, I feel like solar and lithium batteries may be big players. The trend from gas burning vehicles to electric is going to continue. Before it becomes the norm, batteries must be developed that will allow the car to travel hundreds of miles on a charge and charging stations need to be as convenient as gas stations and recharging time must not take any longer than refilling one’s tank of gas. All of this is being worked on and will continue to be in a big way.
Cybersecurity is another area that I feel will grow dramatically. Not only do we need to protect the individual and their information, but cyber-attacks on our very own power grid is a real possibility. Many believe the next war will be a cyber war. Will building cybersecurity defense systems become as important in defending our country against adversaries as building missiles?
I don’t see the demand for quicker and more reliable internet going away anytime soon. So the connectivity area seems like it will continue to grow. 4G and now 5G. What’s to stop things from going to 7G?
I’ve read that the pandemic has opened so many doors in health science and research that advances in how we treat diseases and unravel their causes is going to grow at a rapid speed. As our population continues to age, this will become more and more important.
Well, right or wrong, I’ve put my thoughts out there. Let’s see what happens over the next decade!
These are the opinions of Legacy Wealth Management, LLC and not necessarily those of Cambridge, are for informational purposes only, and should not be construed or acted upon as individualized investment advice.
Mike Berry is a Registered Representative offering securities through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Legacy Wealth Management, LLC and Cambridge are not affiliated. Cambridge does not offer tax advice.
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