Inigo Fraser-Jenkins on how Amazon is destroying retail moats

If Amazon is going to continue to destroy other parts of the retail sector, say, then why should we expect mean-reversion to still hold?  We agree that this dynamic is likely behind part of the underperformance of value.  Technology has disrupted industries in a way that may permanently destroy ‘moats’ that used to exist around certain industries.

~ Inigo Fraser-Jenkins, Sanford C. Bernstein’s head of European quantitative strategy, "Is value investing dead? It might be and here’s what killed it," CNBC.com, June 23, 2019