A substantial disconnect (one of many to be fair) between advertising people and financial commentators and investors is the degree of (dis)comfort with the old notion that 70% of an agency’s assets go up and down in the lift every day.

Ad people naturally enough believe this to be true. The greatest asset they have is their people, and the reason for that is that they’re convinced, as am I that advertisers buy people. Plus it’s always reassuring to be described as an asset.