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Redefining Value Investing in a Magnificent Seven Dominated World | Jacob Pozharny

Excess Returns
44.4K subscribers
2.9K views 7 months ago Excess Returns
In this episode of Excess Returns, hosts Jack Forehand and Justin Carbonneau sit down with Jacob Pozharny, partner at Bridgeway Capital Management, to explore the increasingly important role of intangible assets in modern investing. Jacob breaks down what intangible assets are - from intellectual property and proprietary algorithms to brand value and customer relationships - and explains how these harder-to-measure assets are changing traditional investment approaches. He discusses Bridgeway's pioneering research on "intangible intensity" and how it affects their investment strategy, particularly for high vs. low intangible companies. Key topics covered: How intangible assets complicate traditional valuation metrics Why sentiment analysis matters more for high-intangible companies The implications of AI for intangible asset valuation Bridgeway's approach to long-short investing International investing opportunities and market efficiency The i …...more
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Introduction and podcast overview

0:00

What are intangible assets? Basic definitions

3:17

Origins of intangible intensity research

6:04

Price to book as a risk factor rather than alpha factor

14:06

Different approaches for high vs low intangible companies

16:25

Impact of AI on intangible assets valuation

20:36

Overview of absolute return strategy approach

27:52

Examples of when systematic models need human oversight (meme stocks, M&A)

32:01

U.S. vs International markets perspective

42:16

Discussion of unique datasets like short availability data

47:25

Career insights and firm culture at Bridgeway

51:12

Final advice: The importance of staying humble as an investor

53:22

Closing remarks and contact information

54:20
Redefining Value Investing in a Magnificent Seven Dominated World | Jacob Pozharny
80Likes
2,924Views
Dec 272024
In this episode of Excess Returns, hosts Jack Forehand and Justin Carbonneau sit down with Jacob Pozharny, partner at Bridgeway Capital Management, to explore the increasingly important role of intangible assets in modern investing. Jacob breaks down what intangible assets are - from intellectual property and proprietary algorithms to brand value and customer relationships - and explains how these harder-to-measure assets are changing traditional investment approaches. He discusses Bridgeway's pioneering research on "intangible intensity" and how it affects their investment strategy, particularly for high vs. low intangible companies. Key topics covered: How intangible assets complicate traditional valuation metrics Why sentiment analysis matters more for high-intangible companies The implications of AI for intangible asset valuation Bridgeway's approach to long-short investing International investing opportunities and market efficiency The importance of understanding model assumptions and staying humble as an investor Whether you're interested in quantitative investing, understanding modern valuation frameworks, or keeping up with evolving market dynamics, this conversation offers valuable insights into how one of the industry's leading firms approaches these challenges. 00:00:00 Introduction and podcast overview 00:03:17 What are intangible assets? Basic definitions 00:06:04 Origins of intangible intensity research 00:14:06 Price to book as a risk factor rather than alpha factor 00:16:25 Different approaches for high vs low intangible companies 00:20:36 Impact of AI on intangible assets valuation 00:27:52 Overview of absolute return strategy approach 00:32:01 Examples of when systematic models need human oversight (meme stocks, M&A) 00:42:16 U.S. vs International markets perspective 00:47:25 Discussion of unique datasets like short availability data 00:51:12 Career insights and firm culture at Bridgeway 00:53:22 Final advice: The importance of staying humble as an investor 00:54:20 Closing remarks and contact information #investing #quantitative #finance #valueinvesting #intangibleassets SEE LATEST EPISODES https://www.excessreturnspod.com FIND OUT MORE ABOUT VALIDEA https://www.validea.com FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com FOLLOW JACK Twitter:   / practicalquant   LinkedIn:   / jack-forehand-8015094   FOLLOW JUSTIN Twitter:   / jjcarbonneau   LinkedIn:   / jcarbonneau  
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Excess Returns
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Excess Returns

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