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Podcast: Excess Returns
Episode: The One Factor That Explains the Struggles of Value, International and Small-Cap Stocks | Kai Wu
Description: In this episode of Excess Returns, we sit down with Kai Wu, founder of Sparkline Capital, for a fascinating discussion about intangible value investing and its global applications. Kai shares his expertise on using machine learning and natural language processing to identify companies rich in intellectual property, brand equity, human capital, and network effects.
We explore why U.S. firms have historically outperformed many international counterparts, with Kai explaining how the gap in intangible asset investment has been a crucial factor.
We discuss:
How traditional value metrics miss important aspects of modern company value
The four pillars...