Fifty years ago, the assets held by S&P 500 companies were predominantly physical — factories, equipment, inventory et cetera. But today, it is estimated that around 90 per cent of their assets are intangible, ranging from intellectual property, brand value and networks, to code, content, talent and knowledge.
This week I argue that this transformation helps to explain four prevailing themes in the US stock market: high concentration, exceptionalism, volatility and bubble-like valuations.
In the US, spending on intangible assets surpassed tangible investments as a share of GDP in the late 1990s, and the gap has widened ever since, according to data from the World Intellectual Property Organization.
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