Valuable Possession is a term that can refer to a variety of things, from physical objects to intangible qualities. An ASSET is a type of Valuable Possession, and is defined as something of value that can be owned or controlled to produce positive economic value. Assets can include physical items such as cash, real estate, and investments, as well as intangible items such as intellectual property and goodwill. Assets are important for businesses and individuals alike, as they can be used to generate income or increase wealth.