If I had to sum up the key constraint on innovation (and by default, successful investing) in one sentence, I would say most companies (be they fund managers, industrial conglomerates, start ups and everything in between) value arriving at certainty over exploring the unknown. Be a laggard or slow follower at your peril!

A comparison between VW Power day and Tesla battery day reveals a lot about the differences between the two companies, and not just the difference between their strategies.