I have written before about the problems value investors face when dealing with companies with lots of intangible assets. There is now more and more evidence from the US that the simple value factor of sorting companies by their book value per share is a much more reliable indicator when the book value is stripped of its intangible assets first.
Just randomnly choosing this one article of yours to tell you how much I enjoy reading your articles blending investing, sociology and psychology.
Is it possible that we in the West just bullshit more?
I have some interest in valuation of marketing services businesses and this resonates.
In advertising conglomerates, for example, there is a very high level of intangibles.
They're also hard to value and often walk out the door.