Intellectual Capital -- Where Can You Spend It?

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You might have trouble buying a No. 1 Sonic cheeseburger with a unit of intellectual capital. Dollars and cents, debits and credits, assets and liabilities, we have no problem understanding these terms. Intellectual capital is a more difficult concept.

However, whether we fully understand or appreciate the term, our investing behavior says we have embraced it with gusto. The evidence is in the growth of the stock market over the last eight years. What do you think of when you hear or see the term intellectual capital? Some might picture a fuzzy haired, wild-eyed scientist with test tube in hand spouting obscure formulas. Others might think of an engineer with obligatory …