Excess Returns  cover image

Constructing an Intangible Asset Based Value Strategy with Kai Wu

Excess Returns

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How Long Does It Take to Turn Over a Portfolio?

I looked at the evolution of like book value through time, how fast is it. And I found that culture tends to be one of the slowest moving of the pillars. So end up being pretty similar to a classical value strategy with regards to fundamentals. It's not like every value strategy in terms of the underlying fundamental has the same type of changes. But if you kind of want to blend and say a bunch of different value metrics like book sales, earnings, etc., then you get this composite result.

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