“I have huge admiration for people who are prepared to make these sorts of judgements and when they get right they deserve all the credit, but it’s not something we feel comfortable doing.
“We might not recognise the next emerging biotech company, but we can analyse businesses that we understand and work out if the internet is their friend or their enemy.
“If we own enough companies where the internet is their friend then maybe we will be okay.”
He also pointed to the $596bn (£480bn) of global merger and acquisition deals announced in October, which was the fourth highest month of M&A deals in financial history.
“Companies around the world are trying to work out what to do about the threat of technology and globalisation,” he said, adding this was largely motivated by the drive for firms to create economies of scale.
