Untangling Intangibles

Many companies use intangible assets such as patents, licenses, computer software, branding, and reputation to earn revenues. These intangible assets have always been part of the economic landscape. We study the impact of intangibles on our ability to identify differences in expected stock returns and find no tangible performance benefit from adjusting for intangibles.Q2 2020 hedge fund letters, conferences and moreExternally Acquired Intangibles And Internally Developed IntangiblesIt is important to begin by distinguishing between two types of intangible assets. Under US generally accepted ac…

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HEDGE accordingly