The term 'disruption' has become particularly popular and in vogue when looking at new and emerging businesses. Alex Pollak (VIEW LINK) is a regular contributor to Livewire and focuses on investing in disruptive businesses. We asked him to explain exactly what he defines as disruptive and why these businesses command such high multiples/valuations. In his explanation he uses the auto industry to highlight how 'disruptive' businesses are those that compress or completely by pass parts of or entire supply chains. He talks through the emergence of Tesla to illustrate his point.