I've often wondered what happens when a junkie breaks into my house and steals a CD. Since a license is intagible it shouldn't be possible to physically steal

I've often wondered what happens when a junkie breaks into my house and steals a CD. Since a license is intagible it shouldn't be possible to physically steal it - so presumably I end up with a license but no copy of the music to play, and the thief (or whoever they sell it to) ends up with a copy of the music but no license to play it?