Based on a study, U.S. investment has been lackluster despite increasing valuations in recent years. This can be attributed to the rise in rents and intangibles. A proposed framework quantifies the roles of these factors in the gap between valuations and investment. Intangible-related terms play a significant role in the gap, especially in fast-growing sectors. These findings caution against a pure-rent interpretation, highlighting the growing importance of intangibles.