[colossal]

In my completely amateur opinion, that is the one major reason why value investing is so much harder today. When Graham and later Buffett were executing this strategy to enormous success, most of a companies valuation could be traced back to it's assets -- excluding intellectual property. Now that IP is such a large part of valuations, it's much harder to execute this strategy because IP is inherently harder to valuate than tangible assets. And consequently, it's much more difficult to accurately access the difference between price and value.