notices - See details
Notices
building-capital-markets
THEME: CAPITAL MARKETS
24 October 2025 In Practice Brief

In Practice Brief: Intrinsic Value

A Solution to the Declining Performance of Value Strategies

CFA Institute

The authors propose using intrinsic value (defined as equity book value plus the present value of future economic profits) as an alternative for measuring fundamentals. This approach produces significant alpha when applied to historical data.

In Practice Member Companion Brief Read Brief CFA Institute Member Content