Embracing the new order in a fast-shrinking world

I hate conferences, but I'd have to say that they are a necessary evil. It's often the only way we can get everyone to understand what's really going on and what we should do about it.

I hate conferences, but I'd have to say that they are a necessary evil. It's often the only way we can get everyone to understand what's really going on and what we should do about it.

It's probably a deeply ancient practice that began in a cave somewhere, with the Neanderthals getting together around a fire to work out how they were going to go out and kill the next beast. And the tradition continued down through the centuries. People met on corners, climbed onto soap boxes in parks, assembled in their thousands to protest about wars and celebrate the arrival of a new year.

The great suffragette Emmeline Pankhurst met secretly to form the Bodyguard - 25 ju-jitzu trained women charged with protecting the suffragettes at their rallies across the UK. "Too right," says Louise, "and now we have a female PM, G-G and goal umpires."

And speaking of football, who conferences more than a footy club - they can't keep away from themselves, huddling as they do around bars, running the Kokoda Track, even knocking their own heads together in the middle of a field with 50,000 people watching and wishing they would just get on with it. Yet conferences have their place it seems.

My conference this week has been in Rome and the first thing I noticed was that it was filled with Romans ... and very small motor cars. I don't know if you've ever had to push your way down a Roman street, but if you have, you will understand why the smallest Fiat is called Bambino.

It's like a birthing experience to be squeezed through what we would call back streets, to arrive at the Trevi Fountain where Romans have been turning their backs on the wonderful centrepiece and throwing coins into the water over their shoulder for donkey's years.

Apart from this all being a great metaphor for Italian financial management, I just can't work out why it's not piled high with cash! Just another one of those Italian economic mysteries attempting to be a miracle. Not even Charlie, our finance oracle who is travelling with me, can work this one out.

Meantime, our Australian economy is booming relative to the rest of the world and part of the reason for this has been the great waves of migration that have established our diverse and harmonious population.

Over decades now, perhaps our hardest, most motivated workers and entrepreneurs have been "new arrivals" who have gone on to become distinguished Australians in so many walks of life - many of them from Italy. Sir James Gobbo comes easily to mind in a hall of migrant fame that is a celebration of what opportunity really means.

My mate George Megalogenis gave me this amazing set of facts about how the global mixing of peoples is changing the world dramatically, both here and in many other countries. Megalogenis' research of the 2011 census shows that 26 per cent of Australians were born overseas and another 20 per cent have at least one parent who was an immigrant. Add another 2 per cent for indigenous Australians and exactly half the country has a world view that extends beyond the old Australian mainstream.

And in Sydney, the Chinese-born now outnumber the Brits. The story is similar in Brisbane, except it's the Kiwis who now outnumber those born in England, and are tied with everyone from the British Isles.

It's nonsense to cling to ideas of past and fixed identity. Our economic, social and cultural future will be driven by this changing face of peoples right around the globe. They say that Rome was not built in a day; well time and space are shrinking even quicker now in a world where almost anyone can get to anywhere in a tinny with an outboard motor. The lesson is that diversity is inescapable ... and it works.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles