Warren Buffet has said that we will see who is wearing a bathing suit when the tide goes out. We have enjoyed two years of remarkable growth in the equity markets while the bond markets have languished for many years. Much as innovation is often slow to be adopted in the tech space, it is much slower in the investing space.

In the early 1950s, computers were the size of buildings and used fragile vacuum tubes that consumed enormous amounts of power and generated a lot of heat. A former IBM Chairman once said, “I think there is a world market for about five computers.”   

In the early 1950s, computers were the size of buildings and used fragile vacuum tubes that consumed enormous amounts of power and generated a lot of heat. A former IBM Chairman once said, “I think there is a world market for about five computers.” Semiconductor chips were invented by the mid-1950s, which were smaller, faster, more efficient, and performed calculations faster. From there, things paused a bit until the first PC that could sit on your desk was invented....