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Michael Dell started his business, now Dell Technologies in , after realising he could market computers direct to the public at a bargain price by cutting out retailers. Dell used privacy to tighten control of his company and engineer a series of audacious acquisitions. He returned to the stock market in Early on, it was involved with hedge funds following its decision to back SkyBridge Capital, co-led by Anthony Scaramucci who briefly served as communications chief for US President Donald Trump, prior to their spectacular falling out, weeks later.

As well as backing new hedge fund managers through SkyBridge, MSD developed its own expertise in hedge funds, credit and value investing. Stock market strategies more than delivered for MSD at the outset. But active funds, struggled to beat the indices, whose performance is driven by a small number of big growth stocks. Passive inflows and cheap money have pushed up shares across the market leaving many of them moored at a high rating compared to credit which is unattractive, according to private equity firm Verdad.

When companies seriously disappoint investors their shares decline sharply and there few value managers around to pick them up for the rebound. It argued private markets should be a big focus for MSD, which declined to comment. In fact, MSD has been travelling down this road for some years, as its returns from stock-picking have declined.

Michael Dell has often expressed satisfaction at the way the privatisation of his technology group allowed him to revive its prospects with the help of acquisitions that would have unnerved stock market investors.

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And big data requires analytics. It backs Endries International, a global distributor of fasteners, Hayward Industries, a maker of swimming pool equipment, Transaction Network Services, a data solution provider, and Prophet Capital, a residential mortgage specialist. Many of the businesses appear humdrum, but technology is dramatically revolutionising industrial and financial processes, where MSD can draw on the expertise of Dell Technologies, where it retains a significant stake.

Sports franchises are not cheap to access but they are increasingly seen as a sound source of revenue for families prepared to manage their stars and their fans. Like industrial and financial processes, their output can be enhanced with technology.