Mary Meeker’s report is out!

Mary Meeker, a general partner at Kleiner Perkins, published today the 22nd edition of the Internet Trends Report at the Code Conference.

Each year, it is the same ritual. Mary Meeker presents her 350+ slides presentation in a sharp and sustained way. This year, topics go from her traditional “Global Internet Trends” and “Online Advertising” to new areas of focus such as “Healthcare” and “Macro Thoughts”.

Enjoy the presentation and tell us which slides are the most outstanding (see mine below):

In my opinion, her section on macro economics, p. 335, is important to step back and understand what is going on in the US economy outside tech. Her subsection “USA, Inc” analyzes how the United States would perform if it was considered as a company: What is its income statement? Its P&L? How does it spend its money? What are its entitlements?

For example, entitlements in the US budget (Social Security, Medicare, Medicaid, Income Security) went from $597Bn in 1991 to $2.4T in 2016, with a big increase in Medicare and Medicaid. Her underlying goal is to give broader perspectives, especially when tax payer only see that the net debt went from 40% of the GDP in 1990 to 77% of the GDP last year. In a tech industry that has some trouble seeing outside of its bubble, these macro trends are crucial to understand where tax dollars go.