Disruption.

Disruption is in many cases just an extension of "Technological change" which is now happening at an exponential rate. The vast bulk of people, I think, have no real sense of how rapidly our society, our jobs, our country - everything, will change over the next decade. Part of why people have no real sense of how fast things will change is because humans think linearly, while change is happening exponentially. Because DISRUPTION is so important, it is worth making DISRUPTION into its own topic.

DISRUPTION is not only changing our lives, but if you are going to get a good investment outcome, it needs to also influence your investment strategy - and part of that of that influence should be to influence you to invest more funds into technology companies - and to state the obvious, the big players that are driving technological change are big multinationals - such as Amazon, Google/Alphabet, Oracle, Microsoft, Samsung, Baidu, Tencent, Alibaba, Facebook.

To kick this topic off, let us start with Magellan who have produced a range of documents that are very relevant to this issue and well worth a read:

This DISRUPTION also has very important implications for Australia and Australian investors. If you read "The surprising future of manufacturing", you will note that Magellan is of the view that these changes do not bode well for Australia. So that is another reason your share exposure should have a substantial offshore bias.