its demise stems from the diminishing relevance of book value and other accounting metrics in the face of the rising intangible economy
We believe international expansion is a particularly prudent move. Non-U.S. stocks currently trade at a roughly 50% discount relative to their U.S. peers, providing a richer hunting ground for long-only value investors like Berkshire.
Buffett s philosophy can be distilled into a simple, rules-based strategy focused on stocks with high Intangible Value and Quality . As we’ll show, this parsimonious two-factor model can largely replicate Buffett’s returns.