Is Innovation Investable?
If you're a regular reader of The Paper Trail, you know by now that I am Kai Wu's #1 fanboy. Kai is the founder & Chief Investment Officer for Sparkline Capital and his papers are a staple in my monthly research compendium. He is prolific when it comes to applying novel approaches (unique data sets, machine learning) to classic investment frameworks (i.e. value investing) in areas where the old rules may no longer apply. Think intangible assets and crypto/Web3.
His latest published work is titled Investing in Innovation and it was so good I just couldn't wait until the end of the month to highlight it.
The Value Run: Already Done or We've Only Just Begun?
The struggles of value investing from 2008-2020 are well-trodden. That horse is already dead - no need to beat it any further.
The past is past. It's future returns we care about. And there is much debate about whether the reversal in value's fortunes that began in 2020 has legs to it or is merely another head fake.
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