Fig. 2

Snapshots of Community Assignments from the Data. This figure plots snapshots of industry communities every 10 years for the 1960 to 2014 sample. Note that the community structure was constant before 1960. Lines indicate a pairwise correlation of industry returns greater than 0.7. Darker lines indicate a stronger connection. By 1970 the communities begin to change modestly, with increasing movement through the 80s, 90s, and 00s