The Knowledge Effect: Excess Returns Of Highly Innovative Companies via Gavekal Capital
By Steven Vannelli, CFA, and Eric Bush, CFA
Executive Summary
In this paper, we identify the Knowledge Effect, the tendency of stocks of highly innovative companies to experience excess returns. It results from investors’ systematic errors in evaluating companies that invest large sums of money in producing knowledge.
Massif Capital’s Top Short Bets In The Real Asset Space [Exclisuve]
Since its founding by Will Thomson and Chip Russell in June 2016, the Massif Capital Real Asset Strategy has outperformed all of its real asset benchmarks. Since its inception, the long/short equity fund has returned 9% per annum net, compared to 6% for the Bloomberg Commodity Index, 3% for the 3 MSCI USA Infrastructure index Read More
The origins of the Knowledge Effect can be traced to two factors