At the Value Invest New York conference, a fireside chat between two notable figures in the investment world, Robert Hagstrom and Michael Mauboussin, offered profound insights into the current and future state of investing. This article delves into the key points of their discussion, exploring the evolving landscape of value investing, the increasing importance of intangible assets, the role of artificial intelligence (AI), and the changing dynamics of market demographics.
Total Shareholder Returns and Market Trends
Mauboussin highlighted the importance of understanding total shareholder returns in relation to sales, margins, and net income. He pointed out a notable trend over the last 40 years: the ratio of interest expense and taxes to operating profit has been steadily declining. This shift has...
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