Equity investing, the process of funnelling capital towards projects in the search for profitable returns, has been a root cause of societal progress and individual wealth creation since the 19th century. For most of this time the investment industry concerned itself with actual companies and actual projects. Nowadays though our industry is obsessed by abstract concepts – such as regional allocations, sector positions, factor exposures and over/underweights – which have little to do with our fundamental purpose.

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