Letters by Topic

Letters on Intangible Assets

Non-physical sources of value — brands, customer relationships, patents — that often drive a business's true worth.

1983·See's Candies as the textbook case of economic goodwill (1983 letter appendix)

See's last year earned $13 million after taxes on about $20 million of net tangible assets—a performance indicating the existence of economic Goodwill far larger than the total original cost of our accounting Goodwill.

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Intangible Assets is one of the ideas behind the ValueOS tools. See it applied to real companies.

📖 Concept 🎯 ValueOS Score