Excellent post Dan.
Having an engineering degree, I used to invest mostly off the numbers from a company.
Now I think the unmeasurable factors are just as or more important, intangibles as you call them.
You can’t out spreadsheet the quants, computers, and AI.
Just look at how stock prices are moving now after earnings releases based on the computers finding key words in the releases. (my guess at why they are moving so quickly and reversing in many cases)
Our advantage is the unmeasurable, intangible factors.
Jimbo