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The Industrial Revolution started in the North of England in the early 1800’s where the first step was taken by the Machine in its long trek to gain supremacy over Man. Further chapters of progression have included the automated factory, telecommunications, computers, mobile computers, advanced sensors, robotics and software. At each step Man has reaped the rewards of productivity gains whilst the Machine has gained power.
The returns of stock market indices focused on technology have outperformed the traditional equity markets in each discrete decade performance
This has not happened by accident as companies that invest in R&D build competitive strengths that lead to superior operating margins, dominant return on invested capital ratios and excessive cash flow. Once software is built its marginal cost on incremental sale is extremely low which makes its marginal profit extraordinarily high. Combine this software with the platform/network effect and such companies can drive an exponential growth in returns. The superiority of these exponential financial metrics are underestimated by many market commentators who misunderstand how quickly the growth of such companies can generate excess economic value and market dominance.
Today we approach the position where the Machine is usurping and disrupting the dominance of Man. Many may not like this Brave New World but history has shown that hindering the tide of progress is pointless and economically destructive. Join our journey and accept and harness the great economic gains of the continuing empowerment of the Machine.
Mark is a qualified chartered accountant (Deloitte) and has previously worked at ABN Amro Hoare Govett.
Mark has a degree from the Economics department of the University of Exeter and a BSc (Honours) Computing & IT degree from the Open University.
Richard is a CFA ® charterholder and has previously worked at EIC.
Richard has a degree from the Economics department of the University of Manchester and a BSc (Honours) Computing & IT degree from the Open University.
Brett (former solicitor – Nabarro Nathanson) is Head of Governance and Risk Oversight. Brett also sits on the Investment Committee.
He has degrees from the London School of Economics and University of the Witwatersrand (SA).
MLCM does not have any representatives that are not listed on this page, please be aware of possible scams.
Our central investment thesis is that we believe in the increasing economic power of the Machine in the two century long battle for supremacy between Man & Machine
‘M&L Capital Management Limited (“MLCM”) is authorised and regulated by the Financial Conduct Authority under firm reference number 672181.
MLCM is registered in England & Wales under number 04089418, with its registered address at 12a Princes Gate Mews, London, SW7 2PS.
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