How to Assign Value to Certain Intangibles When You Value Companies

Warren Buffett discusses the value of great management and economic moats in company valuation. He explains that he looks for signs of great management and economic moats which allow companies to raise prices and margins. However, he does not assign a dollar value to these intangibles. When it comes to discount rate, Buffett uses the treasury rate for comparability across time and companies, but that doesn't mean it's the right price to pay.