Today at the Ben Graham Centre’s 2025 Value Investing Conference, Michael Mauboussin, one of the most respected thinkers in the investing world, delivered a deep and fascinating talk titled “Intangibles and Modern Value Investing.” As Head of Consilient Research at Counterpoint Global (Morgan Stanley IM), a longtime professor at Columbia Business School, and former chair of the Santa Fe Institute, Mauboussin brought his usual blend of data, history, and insight to dissect how intangibles are reshaping the value investing landscape.
Graham Saw This Coming
Mauboussin started by pointing out that Ben Graham himself acknowledged the economic importance of intangibles—way back in the second edition of Security Analysis. Graham...
