24 Lessons From Warren Buffett’s Annual Letters To Shareholders
CB Insights
FEBRUARY 28, 2019
It had a great brand. Companies have both tangible assets (factories, capital, inventory) and intangible assets, which include things like reputation and brand. In the early 70s, See’s was able to produce about $2M a year (after tax) on just $8M in net tangible assets (including all accounts receivable.)
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