I am often reminded of the sage advice from Sir John Templeton: “The four most dangerous words in investing are ‘this time it’s different’.” As investors, I think we need to question whether we are entering a new technological and machine age over the next 10-25 years that could disrupt most businesses and possibly society as we know it. In this regard, the new technological and machine age may be more important than The Industrial Revolution. Quite possibly, this time it is different and whilst heeding Sir Templeton’s advice, as prudent investors we believe it would be neglectful to ignore the technological developments that are almost certain to provide substantial threats and opportunities to businesses.