Now more than ever, intangible capital (such as intellectual property and brands) rather than physical capital separates the winners from the rest.

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As for Tobin's q, it omits intangible capital, which has grown in significance as both brands and intellectual property have increased in value.

ECONOMIST: A survey of global equity markets

Our brains, oriented towards linear thinking, have difficulty adjusting to a world in which innovation and the growth of intangible capital can proceed at exponential rates.

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It is curious to argue, as they seem to, that measuring tangible capital poses some problems, whereas the supposed difficulties over measuring intangible capital are almost entirely in their critics' muddled imagination.

ECONOMIST: Letter of credit | The

It's yielding 4.8% and has a fortresslike tangible equity ratio (capital minus intangible assets) of 13.9%.

FORBES: Money & Investing

The contribution that four important intangible assets--reputation, innovation, management and human capital--make to a company's market value is deemed to be its corporate brand value.

FORBES: Beyond the balance sheet.

Rahim Kanani: Separate from more capital and manpower, or other tangible assets, what are some intangible assets you need in order for Tides to be successful?

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Rahim Kanani: Separate from more capital and manpower, or other tangible assets, what are some intangible assets you need in order for the Coalition to be successful?

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