May 2011
Intermediate to advanced
320 pages
8h 14m
English
Content preview from What Would Ben Graham Do Now?: A New Value Investing Playbook for a Global AgeBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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7. The Profits and Perils of Reputation
Both reputable capital and political access can create advantages for investors at the deal level, but they are somewhat intangible. And similar to intangible assets at the company level (brand value, goodwill, etc.), they can produce a very high return on equity. Two or three people with laptops, business cards, and connections can structure very lucrative deals—an “asset-light” type of deal-making.
However, this same “intangibility” also makes reputable capital and political access the most vulnerable in difficult environments. If you can compete for deals with no real concrete assets, so can your competitors. Just as brands and intellectual property can be copied much easier than a factory or building, ...
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