Japanese corporations were using their high market capitalisations to finance acquisitions of foreign trophy assets. Japanese Banks boasted the world's strongest credit ratings.

日本企业凭借它们的高市值，收购了一批值得炫耀的外国资产，日本银行则拥有全球最高的信用评级。

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The company's two strongest intangible assets are its technology and how it manages its alliances.

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Lately, we have been thinking about combining relative strength (buying the one asset out of a basket of assets that has the strongest performance over time) with value, momentum, low beta and small stocks investing.

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But for an industry where most tangible assets are relatively commoditised, the strongest source of competitive advantage in future will be how people behave when no one is looking.

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