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Michael Mauboussin Master Class — Moats, Skill, Luck, Decision Making and a Whole Lot More
Acquired
Intangibles Challenge Conventional Analysis
Understanding business requires a focus on the fundamental unit of analysis, specifically how a company generates revenue. This entails refining one's approach to analyzing financial data as traditional numbers may no longer provide meaningful insights. The evolution of software-based companies has enabled faster global growth, but their reliance on intangible assets also increases vulnerability; if their product or service falters, there is little left of intrinsic value. Additionally, the disparity in financial acumen among venture capital investors, often stemming from entrepreneurial backgrounds rather than formal financial training, complicates their ability to assess intangibles as legitimate investments, highlighting the struggle of aligning these elements within financial statements.
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