It is well-known that value investors are going through a really hard time. Even Eugene Fama and Ken French admit that the size of the value factor has declined since the publication of their publication in 1991. I have written before about value and its dependence on the market environment
I re-read this today (3 Feb 2023) and have only one very obvious remark: if capitalised R&D and brand value appear on the balance sheet, they should not be subtracted from the company‘s book value, as both these line-items are likely to produce cash flows.
I re-read this today (3 Feb 2023) and have only one very obvious remark: if capitalised R&D and brand value appear on the balance sheet, they should not be subtracted from the company‘s book value, as both these line-items are likely to produce cash flows.