Which of the following is not considered an intangible asset?

Investment is not considered an intangible asset because it refers to a tangible outcome or asset type that has physical presence or inherent value, such as property or equipment. Investments typically involve resources that are put into a venture with anticipated financial returns, which can be quantified and evaluated in monetary terms.

In contrast, brand recognition, goodwill, and trademarks are classified as intangible assets. Brand recognition is the value associated with a customer's familiarity and recognition of a brand, which does not have a physical form but contributes significantly to a company's market value. Goodwill represents the excess amount that a company pays for another business above its tangible assets, often attributed to the company's reputation, customer relationships, and other intangible factors. Trademarks protect brands and symbols, also classified as intangible since they represent exclusive rights to use distinctive identifiers that distinguish a company’s goods or services without physical substance.

Thus, while investments are tangible in nature with a measurable and straightforward economic impact, the other options signify forms of value that are not physically quantifiable.