The Intangible Asset Value Trap Every Investor Misses

In this milestone 50th episode of The Value Investing Podcast, Lucas and Luna tackle a subtle but dangerous blind spot for value investors: intangible assets. Most Graham-style screens treat R&D, software, and brand as worthless on the balance sheet — but in 2026, companies that generate real returns on those intangibles are systematically undervalued by traditional metrics. Using the current market data — with the S&P 500 at 7,431 and value stocks like Bank of America up 4.5% in five days — the hosts drill into one specific case: how pharmaceutical giant Pfizer, trading at just $26.21, may be an example of intangible value hidden in plain sight. They break down why return on tangible assets is increasingly misleading, how to adjust book value for intangibles, and why Charlie Munger's latticework of mental models applies here better than ever. No fluff, no hot takes — just a concrete framework for updating a century-old discipline. #IntangibleAssets #ValueInvesting #Pfizer #BenjaminGraham #ROIC #Accounting #PharmaStocks #CharlieMunger #Latticework #BookValue #R&D #BrandEquity #Finance #Investing #StockMarket #FexingoBusiness #BusinessPodcast #LongTermInvesting Keep every episode free: buymeacoffee.com/fexingo