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In a bigger is better world, it is no longer enough for economists and investment managers to talk about trends. Instead, they talk about megatrends – massive global changes that transcend physical, geopolitical and cultural boundaries. In theory, these huge global shifts, such as an ageing population and the changing climate, should provide rich pickings for investors. After all, if we are all eating less meat, then vegan burger companies should do well, and surely hip replacement businesses should form the bedrock of your portfolio if we are all getting older? But thematic investing, as fund managers tend to refer to the strategy of picking businesses that might ride this wave of global change, is harder than it looks. We do not have a crystal ball, and seismic events, like a global pandemic, can put predictions out of kilter. ....