Costco, the Dallas Cowboys, and the art of valuing fan loyalty

[Costco wholesale storefront in Kaohsiung, Taiwan.] BING-JHEN HONG UBS drew a comparison to NFL team valuations when analyzing how investors might consider justifying the premium valuations of Costco (COST [https://seekingalpha.com/symbol/COST]), which has smashed the return of the broad stock market over the last 20 years. [Forbes and S&P] Forbes and S&P Analyst Michael Lasser highlighted that sports franchises are clear examples of how much value investors can assign to what he said were scarce, difficult-to-replicate assets with durable consumer relationships, recurring engagement, bargaining power, and multiple opportunities to monetize the same ecosystem.