Where does value come from?

Over the past ten years and despite two economic and financial crises, the average annual TSR of the Western Stock markets was 8% per year (with an average inflation of 2%). A sample of 250 major Western corporations reached a TSR of 10% per year. How was value created overthis period? Where will it come from in the next five, ten and twenty years?

Published in Challenges, October 2015