Mark is an qualified chartered accountant (Deloitte) and has previously worked at ABN Amro Hoare Govett.

    He has a degree from the Economics department of the University of Exeter and has passed all the modules of the first year of a BSc (Honours) Computing & IT degree at the Open University.


    Richard is a CFA ® charterholder and has previously worked at EIC. He has a degree from the Economics department of the University of Manchester and has passed all the modules of the first year of a BSc (Honours) Computing & IT degree at the Open University with distinction.


    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).


The shift from Man to Machine

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.

Watch Richard Morgan's Interview at the Citywire Awards

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.

Read more from the Team on their latest views:

Software just ate your Bond Yield!

Software just started a Trade War.

Software just ate your Property Nest Egg!

Software, spectacular investment returns and the forthcoming Chinese SaaS tsunami.

To Long the Future: Please read further information on the Manchester & London Investment Trust

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