While there have been many dramatic changes in the tech sector of late, GAM Investments’ Mark Hawtin believes we are really only at the beginning of the cycle and there is plenty more to come, particularly from technologies such as blockchain.

It would be very easy to say that with the dramatic changes we have already seen in technology we are coming to the end of this cycle. But we do not think that is the case. Quite the contrary, we believe this is really just the beginning of developments in technology – there should be a lot more to come.

In our view there are two key drivers behind the extraordinary disruption seen in the period from 2007 onwards. Firstly, Moore’s Law – the principle that the price of technology halves every 18 months. The economic consequence of this meant it became possible for consumers to purchase devices like the iPhone at an affordable price and with manageable energy consumption and size – none of which would have been possible back in 1999/2000. Up until that point most computers needed to be powered by mains electricity in order operate at a functioning speed, but the turn of the century marked a point where mobile devices moved from just being telephones to taking on the functions of personal computers. This generated a proliferation of devices and leads us to the second part of our thesis: the network effect.

In the mid-1990s, Robert Metcalfe developed a law in relation to telecoms, theorising that the value of a network increases exponentially with the number of users. This makes sense – if you have one person with a fax machine it is not really much use to anyone, but as the number of devices proliferates the network becomes more powerful and you can multiply the number of points of connection as a geometric progression. When you put these two factors together, you have the low cost of mobile computing together with Metcalfe’s law on networks, signalling an intrinsic value explosion and a host of new highly disruptive possibilities.

Read more

GAM

GAM

Le groupe GAM compte parmi les premiers gestionnaires d’actifs indépendants du monde. La société fournit des produits et solutions de gestion active à une clientèle d’institutionnels, d’intermédiaires financiers et d’investisseurs privés. A son activité de base dans le domaine des placements s’ajoutent des services de private labelling, qui englobent des services à l’intention d’établissements tiers. GAM emploie plus de 900 personnes dans 14 pays, avec des centres d’investissement à Londres, Cambridge, Zurich, Hong Kong, New York, Lugano et Milan. Les gérants bénéficient de l’appui d’un vaste réseau de distribution mondial.

GAM a son siège à Zurich. La société est cotée à la SIX Swiss Exchange et fait partie de l’indice Swiss Market Index Mid (SMIM) [symbole: GAM]. Les actifs sous gestion du Groupe s’élèvent à 132,2 milliards de francs suisses (117,3 milliards d’euro)*.

* Source : GAM. Données au 31 décembre 2018, hors 1,5 milliard CHF d’actifs liés aux fonds de stratégies ARBF, en liquidation

View all posts


Funds of the day

L’agenda de l’AM

décembre

05decToute la journéeSommet BFM PatrimoineCESE - PALAIS DE IENA L'organisateur: BFM Business

janvier

Pas d'évènement

février

Pas d'évènement

X