"With [[Berkshire Hathaway|Berkshire]], you have to increase the **value side of the equation beyond earnings and net assets to include the intangible cultural traits**. People value such things differently—just as buyers and sellers value contingent liabilities and patent technology differently. ([Location 420](https://readwise.io/to_kindle?action=open&asin=B00K33E460&location=420))" --- **Tags** -- [[quotes]], [[acquisitions]] , [[intangible-assets]] , [[organisational-culture]] **Source** -- [[202407260951 - B - Berkshire Beyond Buffett]]