Beware of investment fairy tales. Expert investor Devina Mehra warns against chasing multi-year themes like AI, noting that revolutionary technologies don't always create investment winners. Remember ESG? It vanished. The dotcom era produced Amazon and eBay but killed over ninety-five percent of companies. Even infrastructure plays failed—Global Crossing went bankrupt despite laying undersea cables still used today. The pattern repeats: investors chase narratives rather than fundamentals. Today's AI boom mirrors past cycles where massive capital expenditure doesn't guarantee returns. No expert predicted these outcomes beforehand, yet all claim hindsight wisdom. Asset allocation and diversification remain boring but proven strategies. The wise investor recognizes that transformational technologies and profitable investments are entirely different things.
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