Excess Returns · Wednesday, September 16, 2026
Franklin Templeton CEO Jenny Johnson drew parallels between current anxieties about AI and job displacement and historical technological shifts. She cited the Luddites and the introduction of automated looms in the 1800s as an example, noting that while some jobs were lost, new industries and roles ultimately emerged.
“But it dramatically changed, um, creating new jobs. Suddenly, people could get different clothing. Like, you didn't have five outfits, 10 outfits, you had a couple of outfits, right?”
“And so that ability to, you know, recognize that you have to try to train yourself for what the opportunity is going to be very important.”
“The lamp lighters, right? The people who, you know, it was a great job where you walk down the street and you, you know, lit the lamp on fire. And what happened when the electricity came in, right?”