AI Disruption: Moats and Value Traps

Indeed, the intangible value factor produced significantly higher returns in Disruption Scare Stocks, due to their much greater dispersion.

Today's software selloff offers a live example of a dispersion-rich opportunity set. For investors able to separate AI survivors from value traps, whether using intangible value or another framework, we believe software stocks represent an unusually attractive stockpicking opportunity today.