Cons. Disc. 13% Utilities 12% Source: Company reports, Deutsche Bank Source: BEA, Deutsche Bank Industrials 10% —54% S&P heavy industrial Industrial Equip. 13% $1,720bn Software 18% Transportation Equip. 16% Other IPP 5% R&D 17% 22% Intangibles Other Equip 7% Medical Equip. 5% Comm. Eq