One of the great variables of appearing at investment conferences is the question-and-answer session after your presentation. No matter how well-prepared you may be, it’s hard to anticipate every query.
Such was the case earlier this week, when I was speaking to employees at a scrappy startup in Pennsylvania (OK, it was Vanguard Group). It was the last question, and it was a gem: “What do you think the financial-services industry will look like in five or 10 years?”
After acknowledging the advantages of being free of the burden of having made any forecasts, I offered up a short and woefully incomplete answer. Today, I want to fill in some holes.