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“Excessive Valuation of Goodwill and
Other Intangible Assets Makes Earnings
of S&P 500 Portfolios Questionable,”

by Darrol J. Stanley and Michael D. Kinsman,
dated October 22, 2025


This paper studied the S&P 500 for companies that had excess valuation of Goodwill and Other Intangible Assets as a percentage of capitalization.  It questions the appropriateness of the carrying value of such assets and the resulting ex-post earnings of the segmented GWI portfolio. 

Note: Full-text of this paper can be obtained by clicking on the above title.


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