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Not a week later the world awoke with the news that Amazon is looking at taking over Whole Foods, a sort of Woolies-equivalent in the US.

Two things happened on the news. Such is the fear of what Amazom can do to established industries. At Tesla, for instance, we had a visit to the Palo Alto factory and a talk about the future of cars. Barely a month later Volvo announced that it will be the first major motor car manufacturer ceasing to produce internal combustion engine vehicles and go totally electric.

I felt real proud to be able to tell our tour guide that Elon Musk, visionary founder of Tesla, grew up in the same suburb where I have been living for 25 years. At the heart of all this change is technology and the world leader in technology is in Silicon Valley, which by the way, is not in a valley at all.

Technology has been the major boost behind stock market returns over the past five to eight years and if you did not have any of the FANG companies in your portfolio, then you have been lagging badly. But it was the chance encounter with a group of Vanguard executives in New York which also added immensely to my investment repertoire. At an upmarket venue I bumped into some Vanguard people who were there for a conference and we got talking.

The index lovers and punters have pounced onto this comment by Buffett as the holy grail of investment advice in their promotional endeavours. Sensing that there was something afoot, I pressed on, looking for more information. In the end — after buying a couple of rounds — I finally got to the bottom of this story. The reason? But they cannot come out and publicise this fact; it might just slow down the inflow of funds into their index fund. In fact, as I subsequently found out, more than half their assets under management are still held in active funds.

And secondly, when I did some more work on the Vanguard Opportunities Fund I was blown away by its massive outperformance against, not only the index, but also against its peers.

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