The Reverse Industrial Revolution-Minyanville

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The Reverse Industrial Revolution

Todd Harrison Feb 25, 2009 7:50 am


		Companies must reinvent themselves if they hope to see better days.

“It is with our passions as it is with fire and water; they are good servants, but bad masters.” --Roger L’Estrange, Aesop’s Fables, 1692

Today’s financial landscape is akin to a forest fire, scary and dangerous yet necessary to establish fertile ground for an eventual rebirthing.

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As we witness historic wealth destruction, it’s easy to get caught up in the gloom and doom. Acrimonious flames are rapidly spreading as social mood shifts, tempers flare and patience runs thin.

The point of recognition is here and it can be downright depressing.

There are three lenses with which to view this once-in-a-lifetime event—optimism, pessimism and realism—and each has a role as we wade through this process of price discovery.

Optimism is necessary to identify winners in the new world and find the future franchises of tomorrow.

Pessimism is warranted when viewing organizations that lack financial staying power or are encumbered with too much debt.

Realism is required to understand that time and price are the only arbiters of our financial fate and there will be inevitable casualties of war.

Welcome to the reverse Industrial Revolution, where most companies must reinvent themselves if they hope to find their way to better days.

What Goes Around Comes Around

Taking the other side of conventional wisdom is never easy. When Minyanville first discussed the “prolonged period of socioeconomic malaise entirely more depressing than a recession” in August 2006, the pushback was palpable.

Now that it’s arrived, offering any semblance of positive perspective is widely considered Pollyanna. While the other side of the business cycle will take time—measured in years, not months—the simple truth is that in order to get through this, we needed to go through this.

The fact that we’re going through it now is on the margin constructive.

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Comments (15)

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Michael Taillon

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02-25-2009, 11:44 am
Government will always forget its role when money can purchase laws and the law makers. Read More

Brett Tibbitts

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02-25-2009, 1:15 pm
All we hear about from way too many people is "societal malaise", "societal acrimony", "crisis", "crisis". Yes, we face difficult times, no doubt. But all the negativity is dri Read More

Brandon Mcnamara

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02-25-2009, 3:02 pm
The same people who will cry out about equality will pass by the man on the street who is hungry. The same people who cry out about equality will walk by the person struggling to get their groceries in the door. The same person who will talk about re Read More

Denise Steinberg

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02-26-2009, 12:29 pm
The people who cry out about equality are the ones who sacrifice their time, and money to feed the poor through food banks and voting in people who think that feeding the poor through increases in the food stamp program (which is the most stimulative Read More

James Stewart

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02-26-2009, 12:49 pm
You would advocate we allow the federal government to take our money to feed the poor. More money to the huge, slobbering pig that is our federal government. The same group that manages all of their other affairs so well, we empower them with more Read More


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Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at todd@minyanville.com.

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