Mauboussin: US Corporate Intangible Investments Reached $2 Trillion in 2021
Michael Mauboussin · Michael Mauboussin Master Class — Moats, Skill, Luck, Decision Making and a Whole Lot More · Acquired · Oct 5, 2021 · at 17:09
Michael Mauboussin discusses research tracking the shift from tangible capital expenditures to intangible investments among Russell 3000 companies.
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“Back in 2001. So the year the first book came out capital expenditures and intangible investments. And this is for like called the Russell 3000. So basically us public companies Was about the same amount, 636 hundred and forty billion, something like that. So just think about their, think of a starting line for a race and they're both standing there at the same spot. Fast forward to 20, 21, obviously we don't have all the full numbers, but if the projections sort of hold out, it'll be the case that intangible investments now are two trillion dollars and CapEx is one trillion dollars.”
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