1/ Think about how the world is today. Consider how the world will be in the future. Importantly, don’t confuse what you want the world-to-be with what it may become. Those are two very different things. You can then use these views to guidepost long-term investments.

2/ Related to the above. Many management teams become all too comfortable in their current ways. If your management team is complacent about the ‘future’ they are more likely than not to make poor decisions that will result in sub-par returns. Beware of this trap.

3/ Of course, the best management teams are preparing as best they can for the future. You want to invest in teams with an open-minded approach to change.

4/ Importantly, in investing as in life, the only constant is change. Companies and management teams that embrace change succeed. Those that don’t slowly wither away. The same, unfortunately, applies to investors. Realise and guard against withering away into oblivion.