{"product_id":"focus-on-value-isbn-9780471216582","title":"Focus on Value","description":"Praise for Focus on Value\u003cbr\u003e \"Focus on Value-with its theoretical and practical focus on economic profit fundamentals-is a modern day 'Graham and Dodd' primer on company and equity securities analysis.\"-Robert S. Hamada, Edward Eagle Brown Distinguished Service Professor of Finance, The University of Chicago Graduate School of Business\u003cbr\u003e \"Now that investors have abandoned momentum and are migrating back to fundamental investing, the market has become a more rational place. This book is a manual for serious investors who believe that identifying growing corporate earning power is the foundation of value creation. Those following its precepts should minimize risk and be rewarded over the long term.\"-Byron R. Wien, Chief U.S. Investment Strategist, Morgan Stanley Dean Witter \u0026amp; Co.\u003cbr\u003e \"Economic profit is one of the most useful managerial tools as well as a key to understanding the valuation of companies. Focus on Value is an outstanding piece of work. It captures the full spectrum of the 'Metric Wars' without ever confusing the reader. The serious student of economic profit will be richly rewarded by reading this excellent book from cover to cover.\"-Mario A. Corti, Chairman and Chief Executive Officer, Swissair Group, Zurich\u003cbr\u003e \"Messrs. Grant and Abate have provided an analytical tool for corporate executives and investment managers which takes the concepts of economic profit and value maximization to the next level.\"-Suresh Thadhani, Chief Financial Officer and Executive Vice President, Alcan, Inc.\u003cbr\u003e \"This book makes a real contribution to the most critical element in helping companies implement efficient capital resource allocation by highlighting the direct linkage between economic profit and stock price.\"-Jack Warner, Chairman, Kerry Inc.\u003cbr\u003e \"The authors have put together an excellent piece of work and finally provide readers seriously interested in applying economic profit with a practical, market-oriented approach to integrate the basic building blocks of economic profit with valuation and market expectations.\"-David King, Director of Research, North America, PricewaterhouseCoopers, Corporate Value Consulting\u003cbr\u003e \"In an era of following the herd toward indexation and price momentum, it is refreshing to see thinking out of the box and substantiating the tenets of an investment process that equates value with real investment opportunity.\"-Eric Colson, Senior Vice President, Callan Associates\u003cbr\u003e www.wileyfinance.com  About the Authors.\u003cbr\u003e \u003cbr\u003e Preface.\u003cbr\u003e \u003cbr\u003e Reenergizing Economic Profit.\u003cbr\u003e \u003cbr\u003e The Tribes of Economic Profit.\u003cbr\u003e \u003cbr\u003e Basic Economic Profit Link to Valuation.\u003cbr\u003e \u003cbr\u003e Economic Profit View of Indexing and Equity Styles.\u003cbr\u003e \u003cbr\u003e Debunking Equity Style Fundamentals.\u003cbr\u003e \u003cbr\u003e Economic Profit Approach to Enterprise Valuation.\u003cbr\u003e \u003cbr\u003e Estimating the Return on Invested Capital.\u003cbr\u003e \u003cbr\u003e Economic Profit and the Cost of Capital.\u003cbr\u003e \u003cbr\u003e External Influence on Economic Profit.\u003cbr\u003e \u003cbr\u003e Strategic Role of Invested Capital Growth.\u003cbr\u003e \u003cbr\u003e Reconciling Market Implied Growth Expectations.\u003cbr\u003e \u003cbr\u003e Index.  \u003cp\u003e\u003cb\u003eJAMES L. GRANT,\u003c\/b\u003e \u003cb\u003eP\u003csmall\u003eH\u003c\/small\u003eD,\u003c\/b\u003e is with JLG Research and an Adjunct Professor of Finance at Baruch College, CUNY. \u003c\/p\u003e\u003cp\u003e\u003cb\u003eJAMES A. ABATE, CPA, CFA,\u003c\/b\u003e is Investment Director with Global Asset Management.   \u003c\/p\u003e\u003cp\u003eTrends come and go, but the shortest path to capital growth is through the fundamental tenets of value. \u003ci\u003eFocus on Value: A Corporate and Investor Guide to Wealth Creation\u003c\/i\u003e follows this principle by applying up-to-date research and recent discoveries in finance to time-tested techniques for estimating return based on: economic profit, invested capital, cost of capital, enterprise valuation, and much more. \u003c\/p\u003e\u003cp\u003eFilled with expert advice and unparalleled insights, this powerful resource provides managers and investors alike with a strategic look at how key economic profit factors determine company stock performance. Grant and Abate explain the pricing role of economic profit determinants, including: \u003c\/p\u003e\u003cul\u003e \u003cli\u003eUnderstanding the importance of, and how to estimate the return on, invested capital\u003c\/li\u003e \u003cli\u003eRecognizing the risk (to value) impact of cost of capital change\u003c\/li\u003e \u003cli\u003eUnderstanding sector and industry influences on company performance\u003c\/li\u003e \u003cli\u003eReconciling market implied versus internal expectations of economic profit growth\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eIn this way, \u003ci\u003eFocus on Value\u003c\/i\u003e provides you with a powerful framework to turn an otherwise average company into a great company—if you're a corporate manager; or gives you a synthesized set of research tools to discover a solid company with an attractive stock—if you're an investor. \u003c\/p\u003e\u003cp\u003eWith an emphasis on economic profit—as opposed to accounting earnings—valuation, \u003ci\u003eFocus on Value\u003c\/i\u003e challenges the conventional wisdom on portfolio construction and equity securities analysis. Moreover, it debunks the popular equity style (e.g., value, growth, or indexing) notions of equity portfolio management by focusing on economic profit valuation. \u003c\/p\u003e\u003cp\u003eFlash-in-the-pan valuation trends appear and disappear on the corporate and investment scene, but the enduring strategies outlined in this comprehensive guide will change your financial life forever. \u003ci\u003eFocus on Value\u003c\/i\u003e provides you with a proven way to determine real company value in a seemingly new-age world of heightened risk and uncertainty—so you can navigate the market with confidence, and capture the wealth you deserve.   Economic profit is one of the most useful managerial tools as well as a key to understanding the valuation of companies. Focus on Value is an outstanding piece of work. It captures the full spectrum of the Metric Wars without ever confusing the reader. The serious student of economic profit will be richly rewarded by reading this excellent book from cover to cover. ( Mario A. Corti, Chairman and Chief Executive Officer, Swissair Group, Zurich)  \u003c\/p\u003e\u003cp\u003eMessrs. Abate, and Grant have provided an analytical tool for corporate executives and investment managers which takes the concepts of economic profit and value maximization to the next level. ( Suresh Thadhani, Chief Financial Officer and Executive Vice President, Alcan, Inc.)\u003c\/p\u003e \u003cp\u003eThis book makes a real contribution to the most critical element in helping companies implement efficient capital resource allocation by highlighting the direct linkage between economic profit and stock price. (Jack Warner, Chairman, Kerry Inc.)\u003c\/p\u003e \u003cp\u003eThe authors have put together an excellent piece of work and finally provide readers seriously interested in applying economic profit with a practical, market-oriented approach to integrate the basic building blocks of economic profit with valuation and market expectations. (David King, Director of Research, North America, PricewaterhouseCoopers, Corporate Value Consulting)\u003c\/p\u003e \u003cp\u003e In an era of following the herd toward indexation and price momentum, it is refreshing to see thinking out of the box and substantiating the tenets of an investment process that equates value with real investment opportunity. (Eric Colson, Senior Vice President, Callan Associates)\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989225095397,"sku":"NP9780471216582","price":65.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780471216582.jpg?v=1761783277","url":"https:\/\/k12savings.com\/es\/products\/focus-on-value-isbn-9780471216582","provider":"K12savings","version":"1.0","type":"link"}