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11min chapter
Michael Mauboussin – Market Concentration, Buybacks & Luck vs. Skill
The Investors First Podcast
The Shift from Tangible to Intangible Investments and Value Allocation Strategies
This chapter delves into the evolution from tangible to intangible assets in company investments, the impact of expensing vs. capitalizing intangible assets on earnings and book value, and the significance of a diversified measure of value allocation. It explores the concepts of buybacks, total shareholder yield, and the effects of buybacks and equity issuance on companies' performance.
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