Recessions create opportunities for innovative companies to gain competitive advantages. They can acquire distressed assets and talented workers at reduced costs. During the Great Depression, some companies thrived despite the economic hard times. More recent recessions have also dramatically reshaped industry pecking orders. Studies found that mergers and acquisitions during recessions generated higher returns than during booms. The current recession rewards companies with strong records of innovation and those using downturns to reposition themselves, and will likely produce new upstart companies.