In a free global marketplace capital tends to flow to sectors where long term growth rates -and hence returnsare more attractive than the average. This capital -whether of a private or public sector sort- bids up prices of assets in these sectors and creates "sustainability" of growth.

As investment managers, it’s our role to "allocate capital" (Warren Buffett’s hallmark phrase) to where the best potential returns (and lowest prices and risks) are available. Pricing is important; "overpaying" for assets is always dangerous. The same theme may be "played" at one stage of the cycle through one fund, then at another stage through another, depending on the attractions of the specialist sector. Robust long term global themes may remain a powerful way to make money for decades, whilst he funds chosen to "play" them may be–though do not have to be- different at different times.