By 2030 Intangible Investment Could Be the Largest Component of Overall Business Investment in the US

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The shifting composition of US business investment is accelerating once again. Out of the three categories of non-residential fixed investment (intangible property products, equipment, and structures), only intangible property products (IPP) is growing on a year-over-year basis. IPP has increased by nearly 6% over the past year while equipment and structures have declined by almost […]

Why Don’t More Investors Question ROE Figures?

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Return on equity (ROE) is one of the foundational measures of profitability in finance. It is taught in many first year finance courses in college, it’s a staple in the CFA curriculum, and is widely used as a “go-to” indicator of how profitable a firm or an industry is in the investment management profession. In many industry groups ROE […]

Knowledge has Outperformed by 6% Over the Past Year

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Over the past year the Gavekal Knowledge Leaders Developed World Index (KNGLX) has gained 5.62% while the MSCI World Index is down -0.46%. Cumulatively on a total return basis, KNLGX has almost quadrupled the performance of the MSCI World Index since 3/31/2000. Since 3/31/2000, KNLGX is up over 200% while the MSCI World Index is up just 55%. A […]