In a time of rapid change you build an investment strategy around what stays the same

Navigating tailwinds

In today’s world of technological innovation and macroeconomic uncertainty, change is all around us.

However, when everything seems to be in motion it can be best to stop and ask what is not changing. As Jeff Bezos put it, when he was asked what is going to change in the next ten years: "I almost never get the question ‘What is not going to change in the next ten years?' And I submit to you that… you can build a business strategy around the things that are stable in time." Bezos gives a simple example to illustrate this; it is impossible customers will be coming to him in ten years and asking for higher prices and slower delivery times. So while specific products or technologies may ...