Remove Appraisal Remove Intangible Assets Remove Price to Book
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Data Update 3 for 2025: The times they are a'changin'!

Musings on Markets

In the next section, I look at stock returns for companies in different price to book deciles, in a simplistic assessment of the value premium. In my view, the small cap premium is not coming back, and given that it has been invisible for five decades now, the only explanation for why appraisers and analysts hold on to it is inertia.