Michael Murray: The potentially disruptive impact of technology on business models is often overlooked by investors seeking value

By nature, I am a conservative investor. This is despite the fact that, excluding my home, I currently hold about 80 per cent of my pension fund and other assets in equities. But that includes 30 per cent of equities that are relatively resilient through the cycles: boring, branded, but partly addictive consumer staples, for example. With the exception of Google - a market leader in search and online advertising whose business model ...