I like this framework. I would term the difference "operating value", the extent to which the entity is valuable because of what it does vs what it owns. Soft

I like this framework. I would term the difference "operating value", the extent to which the entity is valuable because of what it does vs what it owns. Software companies are interesting because they fall in the middle, somewhat like banks. Most banks are more in the middle than you might think. BofA for example, is valuable in large part due to its customer relationships and brand. You're right that a pure holding company with no brand and "operations value" is just the book (accounting) value of its assets.