technological disruption, page-11

This is very true. The ham sandwich may not have recognised the upcoming regression to the mean for Australian supermarkets, but at least it would have been well placed to deal with it, as the balance street would have reflected the prior years of excellent returns (or atleast the wallets of sharholders would have).

Whilst on culture - I noticed that Alan Windus (Director/Secretary of UOS) is also on the board here... There's a small vote of confidence from me for that alone.