Hi David - Here's an excerpt from an interesting article by One River Asset Management. 

Disruption: “The biggest ten S&P 500 companies are fighting to reduce GDP,” he said from Silicon Valley. “They’re undermining everyone else’s revenue.” Apple’s iPhone enabled Uber. An iPad means you don’t have to buy your kids video consoles. Google means you don’t need a library. Amazon destroys physical retailers. “You have all these great companies, these huge companies, but they’re probably net negative for growth using standard measurements. So GDP is not necessarily a great barometer for trying to figure out what’s supposed to happen to stocks.”

David Fuller's view

Thanks, Howard, for this highly relevant contribution. 

One River is expanding on the disruptor theme of technological innovation, which none of us have seen before to anything like this speed and extent. We need to factor this into our thinking because this trend is more likely to increase than decrease, in my opinion. It is highly profitable for the winners but increases the rate of obsolescence for the losers, and this can also be a headwind for GDP. What an interesting world we live in.