Govts Still Hold Top Spot in Latest CEO Survey

PWC recently released its 10th annual CEO survey, and as with last year’s survey, governments ("Overregulation") continue to rank highest among "potential business threats" (see chart on page 11 of the Acrobat pdf).

This year’s survey also includes a human capital component, termed "availability of key skills", and this ranked as the second weightiest concern. This datapoint is encouraging to us, as it confirms one of our secular investment themes: an increasing relative scarcity of human capital.