AOL is up big this morning off of the news that they sold about 800 patents to Microsoft for over $1 billion. This is a tremendous monetization of assets for AOL and will likely lead towards a special dividend for shareholders. While you may have missed the opportunity in AOL I think the best investment to take advantage of hidden value in patents is in Research in Motion. It is very possible that the value of the patents and cash is worth more than the current market cap of the stock. At worst you are getting the company for a low single digit earnings multiple. With technology changing so quickly companies must have the resources to protect their franchises, and holding a large number of valuable patents gives you more chips in the game.