The value of "brand" is declining. The value of "customer relationships" is increasing.

That chart above is from here, and here's the methodology behind it:

To find out which school of thought is more accurate, we looked at the value of brands and customer relationships as revealed by M&A data covering over 6,000 mergers and acquisitions worldwide between 2003 and 2013. The beauty of M&A for examining valuation trends is that M&As reveal th…