In the latest monthly report for his £4.8bn Lindsell Train UK Equity fund, Nick Train discusses digital disruption, which caused a number of uncertainties throughout last year but now has "thrilling" potential.
The self-proclaimed "vintage" manager, who started his career in 1981, said the biggest shock of 2017 was seeing the market cap of online clothing retailer ASOS exceed that of Marks & Spencer, a company dating back to 1884. He said the sight of ASOS, which was only founded in 2000, leapfrogging the market value of M&S was a "wake-up" for him and a "real sign of the times". He added: "It is a sign that technology driven change is relentless and that while new fortunes are being minted, old ones may atrophy and decline." Train: There is nowhere to hide from technology Train said t...
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