Serious investors should understand the disparate nature of intangible assets: Some truly deplete over time while others never lose value.

from Warren Buffett – Letter To Shareholders 2012 on Rap Genius

Meaning

Even the ones that DO lose value don’t lose it as quickly as they are amortized — for example, many homeowners are still living in their house even though it has been fully amortized (yet the house is still standing!)

Amortization tables demonstrate the disparity between accounting rules and reality

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