Comment by VectorVault

What's really tricky with the legal protections area is this: 90% of the value of the S&P 500 is intangible. Meaning if you suck out the book value (10%), the rest is brand, IP, rights, sources & methods, etc. So if a company can't protect that, it's not particularly valuable anymore. Maybe we will see a shift back to tangible assets and book value (25,000 $8MM Vera Rubin machines) and away from intangibles...