The retail and coal sectors act as cautionary tales that mean reversion is not assured. Low multiples in a vacuum can dangerously mislead investors. We incorporate many secular trends into our investment thinking, including themes related to AI, automated vehicles, cybersecurity, e-commerce and aging in developed countries.
We believe the single most disruptive secular trend to the global capital markets over the next 20 years is our transition to a low carbon economy. We are loathe to use Silicon Valley’s most overused word, disruption, but in this case it is appropriate.
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