Kai Wu on Intangible Value: Expanding Intrinsic Value to Include Intangibles

We had the pleasure of speaking with Kai Wu, Founder and Chief Investment Officer of Sparkline Capital, about defining and assessing intangible value as part of an investment process. The conversation focuses on a Sparkline research paper on intangible value. As Kai writes,

“Value investing has struggled over the past decade. We believe this is due to its failure to incorporate intangible assets, which play an increasingly crucial role in the modern economy. We consolidate our prior research to construct a firm-level measure of intangible value. We find that expanding intrinsic value to include intangibles can help restore value investing to its former glory.”

We are grateful to Dave Sather for the generous introduction to Kai.

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Kai Wu is the founder and Chief Investment Officer of Sparkline Capital, an investment management firm applying state-of-the-art machine learning and computing to uncover alpha in large, unstructured data sets.

Prior to Sparkline, Kai co-founded and co-managed Kaleidoscope Capital, a quantitative hedge fund in Boston. With one other partner, he grew Kaleidoscope to $350 million in assets from institutional investors. Kai jointly managed all aspects of the company, including technology, investments, operations, trading, investor relations, and recruiting.
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Previously, Kai worked at GMO, where he was a member of Jeremy Grantham’s $40 billion asset allocation team. He also worked closely with the firm’s equity and macro investment teams in Boston, San Francisco, London, and Sydney.
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Kai graduated from Harvard College Magna Cum Laude and Phi Beta Kappa.