Recent history demonstrates that the intangibles of business—quality of leadership, the ability to make things happen quickly, a clear growth strategy, strong functional competencies, and brand recognition—matter in both bear and bull markets. When the dot-com bubble burst, stories of corporate dishonesty grew, and the economy tumbled into recession, some firms’ market value fell more than that of others in the same industry.We believe that firms that survived the market credibility crisis did so because their leaders had made the intangibles tangible.