The world is changing faster than ever before. This brings new challenges and, with them, new opportunities for great businesses.
With this change happening so rapidly, it’s never been more important to keep your ear to the ground in an attempt to unearth the next world-altering industry.
This article was originally written by MyWallSt. Read more insights from the MyWallSt team here.
Can we predict the future?
Good investors should always be forward-thinking. Remember, we’re investing with a five to 10-year outlook. What will the world look like in 10 years?
Will McDonald’s still be the biggest fast-food chain in the world, or will healthier alternatives steal their market share? Will we be using more electric cars, and will we even be driving them? Will autonomous vehicles finally unlock their massive potential and allow us to sit back and enjoy the scenery?
With some of these transitions already underway, what companies are poised to profit from these social shifts? Tesla [TSLA] has so far been leading the vanguard when it comes to electric and autonomous vehicles, but will it maintain its position or succumb to a newer business it effectively paved the way for?
This is the kind of thinking you should adopt if you want to prosper as a long-term investor.
You’ll find great investing ideas by reading up on the latest technologies, changing consumer trends, and the flurry of new services the internet has given birth to.
Be conscious, however, that new technologies often get overhyped in the early stages. Be careful not to throw money at the new ‘hot stocks’ without properly evaluating the business and the market opportunity.
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