Exposed, But Not Over-Exposed
I wanted to share a thought following a recent conversation I had with one of my contacts, Paul at ARK, around artificial intelligence.
There’s no question it’s an important new line of technology. It’s already shaping how we all operate, how productivity will evolve, and how the global economy will change over time.
But it’s also worth keeping a little perspective.
A Dell I Couldn’t Turn On
In March 2003, I left Barclays and started out on my own. To do that, I had to buy a “computer”. I went for a Dell and when it arrived, I genuinely didn’t know how to turn it on.
It took me ages to get to grips with the basics. I also remember when the internet and companies like Google were just beginning to emerge.
Back in the late 1990s, when I was an investment adviser at the bank, we all wanted this “new email thing” so we could keep in touch more easily.
Our Regional Director at the time, Nigel Gallagher, wouldn’t allow it.
I got on very well with Nige (that’s us below at his wedding in 2000) and I remember asking him why he’d vetoed it.
He said…
“Martin, all you need is that list of orphan clients, your black diary and your mobile phone. If we give you email, it’ll take over and you’ll get lost.”
For the record, that phone was an Ericsson S868 brick.
Week One of a New Shift
Even then, it was obvious something significant was happening in the world but nobody really knew where it would lead, which companies would win, or how long it would take to unfold.
Does AI feel similar? It does to me.
In many ways, we’re still at week one of this new global technology shift. The opportunity is real, but I don’t expect the path will always be smooth or predictable.
There will be breakthroughs, setbacks, periods of over enthusiasm and, quite possibly, corrections along the way, just as we saw after the tech boom of the early 2000s.
I also remember what happened to Blackberry. Nobody really saw it coming did they.
Exposed, But Not Over-Exposed
That’s why, when it comes to portfolios, the aim isn’t to over concentrate, make bold bets or chase headlines.
It’s to make sure we’re exposed — but not over-exposed.
This is exactly how we’re approaching AI within our broader, globally diversified investment model.
Rather than trying to predict winners, we build exposure sensibly alongside the things that have always driven long term returns.
That means:
- maintaining global diversification
- leaning on evidence-based investing principles
- and using a range of complementary managers where each plays a specific role rather than dominating the portfolio
AI is certainly part of our future, but it’s only one part of it. Our job isn’t to predict exactly how this revolution plays out.
It’s to ensure portfolios are positioned to secure the inevitable long-term advance, while remaining resilient, balanced and disciplined along the way.
I’m happy to talk this through if you’d like to explore how we’ve included exposure not just to AI, but also to areas such as robotics, space and defence technologies, healthcare innovation and energy systems.
All of this now sits within our EVEST™ Investment Model in a sensible, globally diversified way, rather than as narrow or over concentrated positions.
Feel free to book a consultation with me using the link below…
Originally Penned on 30 January 2026
