Fresh out of the @mjmauboussin oven is a paper titled "The Impact of Intangibles on Base Rates"

Key finding: Companies with higher intangibles asset intensity tend to have higher growth rates. The dispersion in growth rates is also higher for them.

Link: https://t.co/0u1dk0h0UK

"The good news is that intangible-intensive companies can grow faster than their tangible counterparts. The bad news is they can also become irrelevant and shrink fast. As a consequence, we should see two effects in the data: higher growth and more dispersion in the outcomes."