• The muscles of portfolio construction and valuation atrophy, as consensus-driven ‘access’ dominates behavior and idiosyncratic risk falls out of favour.


• The typical ‘power law’ distribution of outputs collapses as few genuine outliers can be realised from a concentrated pattern of investment.


• As returns converge on a mediocre market-rate, investors

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We tend to index what has worked before. The future often rhymes but doesn’t repeat the past. Looking back on the past decade, one can observe how cloud and mobile have created massive companies and crowned multiple venture funds as beneficiaries. However, one needs to consider that these markets might have matured and are not as high-volatility... See more