(Re-published with permission)
Value investors aren’t quick to jump on buzzy concepts, but the newly popularized notion of investing in “heavy assets, low obsolescence” – or “HALO” – companies appears to have struck a chord. Such firms are perceived to have physical assets that convey sustainable competitive advantage and to be relatively immune to negative AI disruption. As “old economy” companies, their stocks are less likely to have “new economy” valuations.
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