Vincent Deluard, Director of Global Macro Strategy at INTL FCStone Financial Inc., thinks the 'faking it economy' has distorted the competitive scene.
, isn't coy about sharing his thoughts about an economy he sees less depictive of reality with each passing day. The genesis of his thinking stems from the very institutions that helped rescue the globe from economic disaster: central banks.
"Businesses whose value is not grounded in physical assets or labor become more desirable: assets that do not show up financial statements, such as brand name, access to customers' data, or a base of captive users are the drivers of value in the age of free capital," he wrote in a recent note to clients.
The intangible portfolio starts to outperform the tangible portfolio in 2016 — a phenomenom that is still continuing today."Owning tangible capital is no longer an advantage when capital is free," Deluard said."The best-performing stocks are immaterial businesses with no tangible capital and few workers."
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