Guest: Nick Griffin, Chief Investment Officer at Munro Partners.

For decades, traditional wisdom has held that value investing is the only way to outperform, and with good reason. Until the GFC, value had outperformed growth in all but a few brief periods, and those periods immediately preceded a major bear market. But for nearly a decade now, growth has produced superior returns.

While some may argue that zero interest rates and quantitative easing are to blame/thank (depending on your positions), a look at the top 10 companies in the world tells a different story. As the world exited the worst of the GFC, the top 10 companies in the world were all traditional businesses – oil, supermarkets, banks, and telcos. 10 years later, the list is dominated by digital businesses.