Intangible Assets


Given the run-up in asset prices over the last two years, maybe this picture will change along the lines of the tech bubble and the lead-up to the global financial crisis. We’ll have to see once the 2016-17 data are released.

In any event, one of the more interesting facts that I stumbled upon is the growth in royalty income, particularly as a share of rent + royalties. (This is a bundle that the IRS uses). Net income from royalties grew from $5 billion in 1995 to $22 billion in 2011 (the last year for which complete data are available; see Exhibit 2).


My key takeaways from the book include:

  1. New frameworks for thinking about value creation; and,
  2. Questions to ask oneself when developing a business model.




Create a website or blog at