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


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 […]