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Visualizing History
Percentage of U.S. public company market capitalization in Intangible-Heavy vs. Tangible-Heavy industries
Happy Sunday, everyone! Also… happy World Cup day to all who celebrate! Although, the World Cup only truly begins at 8AM tomorrow when England take on Iran (“it’s coming home… it’s coming…”)
I’m excited to share the fascinating conversation I had on Thursday with the honorable Michael Mauboussin and Kai Wu. Our discussion focused on intangible assets, and how they are influencing modern markets. While the topic may seem wonky, it is one that impacts all investors and touches interesting areas like Value’s underperformance, miscalculating ROIC, and much more.
I should also mention that earlier in the week, Michael sent Kai and I PDF link for “The Investment Value of Goodwill”, published in 1938. Later in the week, Michael made an exciting discovery at Columbia University’s library:
Incredible!
Now, enjoy my conversation with Michael and Kai, as well as these linked articles on the history of intangible assets!
The Dark Matter of Finance: How Intangible Assets Influence Modern Markets
Intangible Assets and Stock Prices in the Pre-SEC Era
Visualizing History:
The Definition of Goodwill – A Chronological Overview
Missed last week’s article? Catch up here!