What do you see when you check under the hood of a ‘balanced’ portfolio managed by some industry funds?   A very long list of assets with varying tail risks. Read on, and you’ll see that comparing balanced, multi-asset portfolio across industry and retails funds is no easy feat.

In Part I of this series, we framed Google’s incredible disruption of the advertising industry over 20 years ago and how it would have been near impossible to predict back in 1999.

A helpful mental model that we often incorporate into our research process at Montaka Global is Total Addressable Market (TAM) analysis. Through this process, we attempt to estimate how large the revenue opportunity is for a particular business. However, the picture isn’t quite as linear as it sounds. For example, take the advertising industry as it currently stands.