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Money and value are two different things, although you could be forgiven for thinking differently, as the line that divides them becomes increasingly blurred. Nevertheless, the challenge is to differentiate between enduring and transient value, and how to create, distribute and store it. We’ve seen a sustained period of increasing values for stock market listed companies, practically unbroken since the financial crisis of 2008/2009. There have been variations around the theme, across markets, currencies and geographies, but it is clear that technology-based, particularly consumer technology-based companies, have primarily been responsible for the increase in index values, accompanied, until fairly recently, by their trusted companion, financial services (they join in, whatever is leading the charge). I don’t think it’s going to last much longer. The new valuation metrics don’t reference any past achievements. It’s about the future, unbounded expectations. It’s about “client acquisit...

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