I thought this FT article on the role of tech in retail was really fascinating. Less about the impact that tech is obviously having on how consumers shop and the role of retail space, but more about the impact of 'dumb money' on shareholder structure and valuation.

Asos's recent vaulting of M&S in terms of market capitalisation illustrates the challenge that more traditional retailers have in transforming not just their business but the outlook of their shareholder base. 

For traditional retailers finding a way to persuade the shareholders to go on a short-medium term earnings dilutive path to transformation is as difficult as navigating the path itself. Sadly this challenge often means that the leadership of these businesses shy away from the brave decisions that need to be made.

In a world where algorithms are increasingly determining the movement of share prices these transformation journeys are perhaps even harder!