They tried to tell me that aliens built the pyramids

…For every inch they cut the nose off the Sphinx

I make my jeweler add a few more links

 –Kanye West   ♦   Chain Heavy

 Takeaway #162:  An assault on your mission statement is an assault on your brand equity.  If you permit the competition to chip away at the core strategy and consumer recognized asset you are effectively allowing them to depreciate your asset without your gaining any of the tax advantages of the competition imposed amortization.  It turns into a goodwill write-off, not a non-cash addition back to your EBITDA multiple.  Accordingly, you will have to find a new way to add to the value and beef up the real cash flows.  Add back the links…