Accounting has historically done a poor job dealing with intangible assets, and, as the economy has transitioned away from a manufacturing-dominated 20th century to the technology- and services-focused economy of the 21st century, that failure has become more apparent. The resulting debate among accountants about how to bring intangibles onto the books has spilled over into valuation practice, and many appraisers and analysts are wrong, in my view, letting the accounting debate affect how they value companies. In this session, I return to intrinsic value basics and examine how, if you do intrinsic valuation right, the value of intangibles should be incorporated into your value (with no garnishing for premiums and discounts) as well as how, at least when intangibles are separable, you can value individual intangible assets. I use Birkenstock as an example to value its many intangibles from a great management team to brand name to celebrity endorsements to even the “Barbie buzz.”