But not, of course, ineffables or inexorables.
From FT Alphaville:Capitalising intangibles and indeterminate losses
Michael Mauboussin takes a look at one of the most fraught talking points in investing.
Michael Mauboussin is one of the biggest brains in finance. Since this Alphavillain got hold of his book More Than You Know back when we were just beginning to learn the market ropes, we’ve always devoured his academic work, interviews and writing on the occasions it’s appeared in the public domain. So, of course, we were pleased to find Mauboussin’s latest for Morgan Stanley in our inbox this morning: Market-Expected Return on Investment Bridging Accounting and Valuation. (Catchy.)
We won’t go into the meat of the report — which mainly focuses on the tools investors and corporate managers can use to understand market expectations for businesses better — because, to be quite frank, it is extremely technical. To the point even that even us boffins here at FT Alphaville took an hour or so to digest it.
But what we will flag is this chart from the section on intangible assets (page five onwards)....
....MUCH MORE
