Much was written about the attraction of ‘disruption’ by investment analysts during 2015. How new technology is enabling smaller, smarter and nimbler start-ups to build disruptive business models by achieving the “magical trifecta” of better service to more customers at a lower cost. Investing in a ‘ten bagger’ by picking the next Google or Facebook is harder than it seems. Survivorship bias means we remain focussed on the few companies that ‘make it’ rather than the multitude of ones that don’t. Furthermore, rapidly growing disruptors carry additional investment risk. This risk may include a lack of any cash earnings to underpin a valuation as the business grows its way to scale; as well as a lofty multiple of future earnings, EBITDA, revenue or even addressable market share, depending on how hot investor sentiment is at the time.