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What’s an industry that’s in sectoral decline, but the incumbents are in absolute denial (or ignorance)?
I’ll start: public equities fund management
This includes hedge funds, mutual funds, all the connected advisors and dealers.
Anything to do with actively investing in stocks/bonds and collecting fees.
Anything to do with actively investing in stocks/bonds and collecting fees.
People in the industry spend their time thinking about the colour of their suit, ties, steak dinners and golf club memberships...
...meanwhile they’re unaware of the fact that they’re on the titanic.
Very little thought/investment into any sort of innovation or defensibility.
...meanwhile they’re unaware of the fact that they’re on the titanic.
Very little thought/investment into any sort of innovation or defensibility.
The equity fund management ship hit an iceberg (2008) and has been very slowly sinking ever since.
The irony of an industry that’s so focused on analyzing moats in other businesses hasn’t stopped to consider the moat in their own business.
The irony of an industry that’s so focused on analyzing moats in other businesses hasn’t stopped to consider the moat in their own business.
