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Excess Returns
The One Factor That Explains the Struggles of Value, International and Small-Cap Stocks | Kai Wu
Jan 2, 2025
Dive into the world of intangible value investing with expert insights on the underappreciated assets driving modern companies. Discover how traditional metrics overlook key elements of value and why U.S. firms consistently outshine their international counterparts. Learn about the four pillars of intangible value and the role of AI in reshaping investment analysis. Uncover surprising trends in global patent leadership and strategies for navigating and capitalizing on investment opportunities in both domestic and international markets.
01:00:48
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Quick takeaways
- The importance of intangible assets like intellectual property and brand equity in modern value investing is increasingly significant, as traditional metrics often overlook these aspects.
- Investors can enhance their assessment of intangible value by leveraging advanced AI and machine learning techniques, which provide insights from unstructured data sources like patents and social media profiles.
Deep dives
The Importance of Intangible Assets in Value Investing
Intangible assets, such as intellectual property and brand equity, are becoming increasingly significant in value investing. Traditional value investing primarily focuses on tangible assets, which can lead to underweight positions in companies that excel in intangible value, such as tech giants like Google or Apple. The idea posits that the current landscape has shifted towards an economy where innovation and intangible assets drive returns, causing traditional metrics to underperform. As a result, investors who do not adapt to this shift may miss opportunities within companies leveraging modern business models.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode