Book Description
Loyalty is by no means dead. In fact the principles of loyalty . . . are alive and well at the heart of every company with an enduring record of high productivity, solid profits, and steady expansion.
From The Loyalty Effect
The business world seems to have given up on loyalty: many major corporations now lose-and have to replace-half their customers in five years, half their employees in four, and half their investors in less than one. Fred Reichheld's national bestseller The Loyalty Effect shows why companies that ignore these skyrocketing defections face a dismal future of low growth, weak profits, and shortened life expectancy. Reichheld demonstrates the power of loyalty-based management as a highly profitable alternative to the economics of perpetual churn. He makes a powerful economic case for loyalty-and takes you through the numbers to prove it. His startling conclusion: Even a small improvement in customer retention can double profits in your company. The Loyalty Effect will change the way you think about loyalty, profits, and the nature of business.
Fred Reichheld is a Director Emeritus of Bain & Company and a Bain Fellow. He is also the author of Loyalty Rules!.
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Reichheld lays out a new "economics of loyalty" that provides a framework where the "soft" elements of business--loyalty and learning--can be effectively linked to the hard science of cash flows and cost/benefit analysis. Because of this connection, Reichheld argues, there is enormous potential for improving a company's performance by increasing customer, investor, and employee loyalty. Reichheld's research demonstrates that loyalty drives profits in direct and quantifiable ways through its impact on growth, learning, and productivity. In addition, loyalty generates a spiritual energy that powers the value creation process that is at the heart of sustained business success. In many industries, loyalty explains the differences in profitability among competitors more effectively than scale, market share, unit costs, or most other factors usually associated with competitive advantage.
Customer Reviews:
Holistic Approach to Management.......2007-07-30
I found this book very useful as I am working on a new start-up business and selecting and keeping personnel is key. In this book you find practical examples of how to do this and you see the enormous benefit it is to have loyal employees.
This is a must for anyone starting and/or working at turning a business around.
Great learning tool.......2007-01-27
This is full of great concepts that are easily put to practice with effective results.
The book that started it all!.......2007-01-14
This book above any other, rekindled my passion to fully understand the concept of 'loyalty'. Although it was written quite some time ago now, having its' genesis back in the 1980's, it remains an outstanding work on this topic.
Clearly, thinking has evolved over time and practical application of this approach has clarified and expanded our understanding of this topic, yet the book presents a strong argument for developing a deep appreciation of loyalty and it's impact on business performance.
The book is well researched. Well written. Easy to read, with a good flow. Full of interesting case studies and supporting data this publication is a must read for anyone interested in the topic.
Much attention is today being focused on Customer Loyalty yet the proposition that this book puts forward is that Customer Loyalty is only one third of the argument. Employee loyalty and shareholder loyalty both play a significant role in delivering benefits back to the corporation. Few books have expounded the proposition as thoroughly and completely as this one.
A way to earn consistently higher profits.......2006-09-02
The Loyalty Effect is an analysis of the effects of loyalty. The author, Frederick F. Reichheld, takes a rigorous looks at a variety of successful companies and finds that those "that earned superior levels of customer loyalty and retention also earned consistently higher profits" and sustainable levels of growth.
The examples and data shown in this book give a clear picture of how loyalty can be earned through strong value creation and why this leads to long-term profitability and growth. Beyond customer loyalty, the author also looks at how the right employees, the right investors and the right partnerships can add to the overall strength of a company. The evidence that Reichheld presents in support of loyalty-based management is thought provoking and compelling.
While the author himself doesn't proclaim this that style of management is a magic "cure all", Reichheld's argument is extremely convincing and the research supporting his claim is clear: loyalty makes good economic sense. People running businesses, big and small, can benefit from the ideas presented in The Loyalty Effect. I highly recommend this book.
Learn how to foster loyalty in customers and within your organization.......2006-02-21
These days it would be easy to believe that loyalty didn't matter anymore. Customers are going to shop around, employees are going to hunt for new jobs before they get downsized, and investors will be fickle about holding onto stock if its price moves even an inch. Loyalty, says a whole cadre of business gurus, is out of date and irrelevant. Not so, says author Frederick Reichheld, a director of Bain & Company. Companies like Leo Burnet and A.G. Edwards consistently pay the highest salaries, offer high value to customers at competitive prices, have the highest employee retention rates, and have the highest profitability rates. Loyal customers, employees and investors fuel a sustained cycle of growth at these companies. If you want to foster loyalty in your customers, employees and investors, Reichheld has the following advice:
· Make customer value, not profit, the goal.
· Loyal customers are more profitable than new customers. Break up the potential customer base into segments and find out which ones are more likely to be loyal. Target these customers.
· Find and keep the right employees. Getting the right customers will bring you a profit. Invest that profit in loyal employees who will continue to increase value to your customers. Companies with the highest employee loyalty consistently have the highest customer loyalty.
· Find investors with long-term perspective.
· Learn from defections. If customers or employees are leaving the company, find out why. Take actions to correct problems. Learn from mistakes.
Average customer rating:
- Superb 'State of the Web' Address !
- Highly Recommended!
- Good for understanding how the Internet affects business
- Good discussion of eBusiness
- Solid Introduction to Creating E-Business Models
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From .Com to .Profit: Inventing Business Models That Deliver Value and Profit
Nick Earle , and
Peter G. W. Keen
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![Freakonomics [Revised and Expanded]: A Rogue Economist Explores the Hidden Side of Everything](http://images-eu.amazon.com/images/P/0061234001.01.THUMBZZZ.jpg)
Freakonomics [Revised and Expanded]: A Rogue Economist Explores the Hidden Side of Everything
ASIN: 0787954152 |
Book Description
It couldn't last forever?and it didn't. Finally, scores of e-businesses that once enjoyed astronomical capitalization in spite of their vague business plans, modest sales, and absence of profits have been called on the carpet. The experimental first era of e-business is over and now its time for the next, when companies will deliver customer value and make a profit or disappear altogether. Nick Earle, Hewlett-Packard's chief strategist for e-services, and Peter Keen, a respected strategy and business consultant, map the future of online business and describe the six key drivers that companies must master in order to survive the next era of e-commerce.
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Praise for Kellogg on Marketing
Customer Reviews:
Superb 'State of the Web' Address !.......2006-03-06
First off, the authors' credentials are amazing. Nick Earl has been profiled by Fortune Magazine as "HPs New E-vangelist." Peter Keen was named by Information Week as one of the top 10 consultants in the world!
That said, this book delivers. If you are looking for small profits, this book is not for you. It cuts straight to the chase and delivers the goods on becoming an intermediary or using one effectively.
They treat this huge subject with practical advice and business philosophy. This is the best book I have found that seems to truly identify the direction the Web is going.
Five Stars
Highly Recommended!.......2002-02-23
This solidly researched and written guide shows you how to move into the next phase of e-business operations: actually making them profitable. The authors call this era .profit (dot profit), and aside from that little gimmick, the book is refreshingly free of space-filling babble. Instead, it concentrates on the elements needed to make a profit on the Internet, and gives plenty of examples from cyberspace so you can learn from those who are already in .profit world. We from getAbstract recommend this book to anyone charged with developing business strategy.
Good for understanding how the Internet affects business.......2001-02-26
"From .com to .profit" is a thought-provoking book for entrepreneurs who want to build major, Internet-based businesses or who want to understand more about the business models of larger, Internet-focused companies.
The authors discuss six "value imperatives," which they feel successful Internet companies must have in their business models. These imperatives are:
1) "Perfect Your Logistics"
2) "Cultivate Your long-term relationships"
3) "Harmonize your channels [of distribution] on behalf of the customer"
4) "Build A Power Brand"
5) "Transform Your Capital And Cost Structures"
6) "Become a value-adding intermediary"
The book devotes a chapter to each topic. One of my favorite chapters was "Perfect Your Logistics," where Earle and Keen give many examples of how companies have used the Internet to save money and significantly reduce their operating costs. The Internet allows companies to be more efficient.
Earle and Keen say that improvements in logistics will be a huge advantage of the Internet. While consumer-based Internet companies have captured the most public awareness, the biggest benefit of the Internet to businesses will be greatly increased efficiency in doing mundane things, such as ordering paper clips. Business-to-business transactions will probably create more savings and opportunities than business-to-consumer transactions.
"From .com to .profit" does an excellent job discussing business-to-business hubs and portals (web sites where businesses can come to broker supplies and services).
The book's discussions of branding, value-added intermediation, partnerships, and relationship building are also excellent.
I took off a star for some silly statements about capital structure. Earle and Keen write that the Internet has created a "capital revolution," and if a company can show a "Price/Vision" premium, investors will continue to bid up the price on the company's Internet stock. Wanna bet? The Internet has not created a "capital revolution." It has created an investment mania.
Earle and Keen go on to glibly write, "There is no correlation over the longer term between market value and any standard accounting measure of profitability. ..." Ah, can we have some evidence, please? This seems an incredibly silly remark to make without supporting evidence! Unprofitable companies over the long-term tend to disappear from the stock market. Some apparel companies do manage to limp along for decades without ever being profitable. But, such companies are hardly a good investment.
The authors observe that once you have highly-valued stock, it can be used as currency to acquire intellectual capital and other assets of real worth. This is true. And, as Earle and Keen point out, not having highly-valued shares to trade for intellectual capital is a disadvantage of privately-held companies. But, let's not legitimize funny money as a way to build a business!
Overall, "From .com to .profit" offers a lot of great insight into business models and into what separates customer-focused, successful business operations from less successful operations, making it worth a read.
Peter Hupalo, author of "Thinking Like An Entrepreneur"
Good discussion of eBusiness.......2001-01-24
Dot-profit provides a good review of the economics and fundamentals of electronic commmerce. This is particularly needed given the state of the market. While the book is good for understanding the sources of value and benefit found in eCommerce.
The book while strong on rational does not provide enough detail to implement. I like Peter's books so I read his other books on eCommerce. I found the eProcess Edge out at about the same time as a good refernece for building what it takes to move from dot-com to dot-profit. Reading both has given me the high level business strategy and the business operations requirements needed to act on the advice.
Solid Introduction to Creating E-Business Models.......2000-09-12
The authors tell us that the purpose of the book is to answer this question: "What can business do -- and do now -- to set priorities and competitive direction for being on the Web so as to provide value to customers and generate profits at the same time?" In answering this question, they have a point of view. "It's not transactions or price that create the value that gets customers coming back to a seller. It's relationships, collaboration, and community."
This book is for people who have not thought about what elements must be present in a an e-business model in order to ensure profitability, sustainability, and success. If you company is starting its first e-business initiative, this book could save you some lost time and money.
If you have done this thinking, chances are that you will not learn much from this book. I found no concepts that I had not read in at least 5 other books about e-business success. The microeconomic analysis of creating a profitable business over time was also incomplete in that it did not pay enough attention to the role of speeding up progress, reducing start-up losses, and creating permanent advantages. I graded the book down one star for these missing elements.
The book focuses on six areas for progress (value drivers, in the parlance of the book), and provides an imperative for each:
1. Relationships (cultivate your long-term customer relationships)
2. Logistics (perfect your logistics)
3. Branding (build a power brand)
4. Channels (harmonize your channels on behalf of the customer)
5. Intermediaries (become a value-adding intermediary or use one)
6. Financial Dynamics (transform your capital and cost situations)
Each value driver and imperative is detailed with check lists to consider and useful, contemporary examples that you can check on on the Web for yourself.
A weakness of the book is that it pushes a bit too hard on the idea of building relationships as the primary way to create profit. Certainly, relationships will always be important, but I suspect that most successes in the future will be built on superior, trustworthy service rather than on relationships per se. The book is also too quick to abandon being the low-cost provider of superior products and services as a valid, broadly-available business model. With specialization, many will be able to achieve that. Further, the book is not imaginative enough in thinking of new ways to add value to customers that cannot be done except on-line.
On the other hand, it is the best book I have read for explaining the importance of having a carefully considered e-business model, and providing a structure for examining the options.
In the final chapter, the authors look at new trends in technology (especially wireless applications) that will affect how you help customers.
The authors have excellent credentials. Nick Earle is the head of HP's E-Services.Solutions group, and Peter Keen has written widely on business and the Internet. The final chapter also draws on the thinking of Rajiv Gupta, general manager of HP's E-Speech operation. The quality of their backgrounds show in the clear articulation of their points of view and the examples they choose.
After you finish this book, ask yourself the question of how you can create advantages for your business that customers feel are very important and can never be overcome by competitors. And don't limit yourself to on-line solutions to get there. When you come up with a solution, you'll be off to a good start in creating a superior business model.
Amazon.com
Should a company's management be most accountable to employees, customers, or management itself? In Creating Shareholder Value, Alfred Rappaport argues that management's primary responsibility is to company shareholders. First published 12 years ago, the ideas put forth by Rappaport have since become commonplace in companies around the world.
Rappaport eschews the most common measures of a company's performance, such as price-to-earnings ratios ("Cash is a fact, profit is an opinion"), return on investment, and equity measures, instead concentrating on developing a shareholder value approach that measures "value drivers" such as sales-growth rates, operating profit margins, and cost of capital. This revised and updated edition addresses the issues of corporate downsizing and the social responsibilities of business. It also includes new sections on the value of mergers and acquisitions and how to implement a shareholder value system. Both managers and investors alike will find this book useful.
Book Description
The ultimate test of corporate strategy, the only reliable measure, is whether it creates economic value for shareholders. Now, in this substantially revised and updated edition of his 1986 business classic, Creating Shareholder Value, Alfred Rappaport provides managers and investors with the practical tools needed to generate superior returns. After a decade of downsizings frequently blamed on shareholder value decision making, this book presents a new and indepth assessment of the rationale for shareholder value. Further, Rappaport presents provocative new insights on shareholder value applications to: (1) business planning, (2) performance evaluation, (3) executive compensation, (4) mergers and acquisitions, (5) interpreting stock market signals, and (6) organizational implementation. Readers will be particularly interested in Rappaport's answers to three management performance evaluation questions: (1) What is the most appropriate measure of performance? (2) What is the most appropriate target level of performance? and (3) How should rewards be linked to performance? The recent acquisition of Duracell International by Gillette is analyzed in detail, enabling the reader to understand the critical information needed when assessing the risks and rewards of a merger from both sides of the negotiating table.
The shareholder value approach presented here has been widely embraced by publicly traded as well as privately held companies worldwide. Brilliant and incisive, this is the one book that should be required reading for managers and investors who want to stay on the cutting edge of success in a highly competitive global economy.
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The ultimate test of corporate strategy, the only reliable measure, is whether it creates economic value for shareholders. Now, in this substantially revised and updated edition of his 1986 business classic, "Creating Shareholder Value", Alfred Rappaport provides managers and investors with the practical tools needed to generate superior returns. After a decade of downsizings frequently blamed on shareholder value decision making, this book presents a new and indepth assessment of the rationale for shareholder value. Further, Rappaport presents provocative new insights on shareholder value applications to: (1) business planning, (2) performance evaluation, (3) executive compensation, (4) mergers and acquisitions, (5) interpreting stock market signals, and (6) organizational implementation. Readers will be particularly interested in Rappaport's answers to three management performance evaluation questions: (1) What is the most appropriate measure of performance? (2) What is the most appropriate target level of performance? and (3) How should rewards be linked to performance? The recent acquisition of Duracell International by Gillette is analyzed in detail, enabling the reader to understand the critical information needed when assessing the risks and rewards of a merger from both sides of the negotiating table. The shareholder value approach presented here has been widely embraced by publicly traded as well as privately held companies worldwide. Brilliant and incisive, this is the one book that should be required reading for managers and investors who want to stay on the cutting edge of success in a highly competitive global economy.
Customer Reviews:
Powerful promotion of shareholders' interests .......2007-08-07
For the past 12 years, `The Wall Street Journal' has published Dr. Alfred Rappaport's brainchild, the `Shareholder Scoreboard.' This special section lists 1,000 of the largest U.S. corporations (representing 90% of all listed equity values) and shows statistically how "shareholder-friendly" each one is. This journalistic feature popularizes Rappaport's "Shareholder Value" (SV) theory among institutional and individual investors. Investors use this theory to make equity commitments that reflect the author's economics-based criteria. Frankly, the lay reader who has not majored in economics, or in corporate accounting and finance, will find Rappaport's book abstruse. But it leads the way for the informed, inquisitive investor who seeks "business enlightenment" and Wall Street success. Do not be thrown off by the original 1986 print date. A classic is just that, a book that can be read and wisely used for decades. The small, silent shareholder revolution that Rappaport started is far from over. By now, shareholder analysis has become part of the mainstream for hundreds of big companies (though they accepted it gradually). SV is far from perfect as a corporate strategy indicator. The true worth of this book for CEOs and other executives resides in its lessons for implementing the SV approach throughout a corporation. We recommend it to all three informed constituencies of every public corporation: executives, employees and shareholders.
Higher Understanding.......2007-01-08
A great guide for those wanting to gain a higher level of understanding of corporate decision making. I found it useful within my own business unit and plan to bring back some of the concepts. Read this book if you have a desire to stand out by analyzing decisions like a corporate officer.
Valuation Fundamentals.......2001-09-28
Given that investors value bonds by discounting future cash flows, it stands to reason that they value stocks in the same fashion. Alfred Rappaport is the founder of the shareholder value mindset which gained importance in the '80 and is widely accepted in this new millenium. Rappaport starts the book explaining that objections to using a discounted Cash Flow model do not hold. Strong arguments and empirical evidence is given to explain the market's valuation mechanism. What follows is a basic but thorough explanation of the 3 elements for valuing a company (cash flows , risk and the competitive advantage period). In the second part of the book, it will become clear for the reader DCF is closely linked to strategic analysis and is not in contradiction with stakeholder analysis, customer value analysis, Activity Based costing or any other tool. On the contrary, Rappaport shows DCF is a communication tool that helps investors understand a company's implied performance and how to (re)act. Together with the Valuation book from Copeland, Koller and Murrin this is the book you need.
Good explanation of creating shareholder value, but..........1999-06-09
Professor Rappaport's revised version of his 1986 book on creating shareholder value provides a good description of the value based management concept that he helped create. However, many of the chapters are stand alone sections that do not flow well together. In some chapters he does not provide enough depth on how this book can actually be used by managers. In addition, the chapters on using his concepts to formulate value-maximizing business strategies was somewhat lacking.
Nevertheless, the book was an easy read and many of his points were right on target. I would also highly recommend interested readers to check out "The Value Imperative" by Marakon Associates and "Valuation" by McKinsey & Co for more information on value based management.
MAKE MANAGING SHAREHOLDER VALUE A CORE COMPETENCY.......1999-04-01
This continues to be a good book for raising awareness that shareholder value can and should be managed. It was not that many years ago when a survey of CEOs found that they thought it was immoral and unethical to try to raise share price! I am also pleased to see that Mr. Rapparport discussed appluications to planning, M&A, compensation and organizational development. I belong to an organization (SHARE PRICE GROWTH 100) that develops new tools and processes to improve stock price, and we have found new ways directily link stock price, finance, investor realtions and capital management. We also found that each company has different investor sensitivities, and few stocks move directly with cash flow. The concepts that we use are described in THE 2,000 PERCENT SOLUTION. One of Mr. Rapparport's questions, "what is the most appropriate measure of performance" is a question that was asked of Peter Drucker in the 1970s. Dr. Drucker responded by saying that companies should use as many measures as possible, because we learn something different from each one. That is what really improves business. Confusion sets in, however, because people think that the measures used to improve business performance are also the ones investors focus on. That thinking has misled many to improve performance while watching the stock price and the multiple do nothing. Managing stock price should become a core competancy. With the right infomation, you will find your 2,000 percent solutions.
Book Description
Sales and distribution are the lifeblood of any business — socially responsible businesses are no different. To make a difference in the world, a business has to make its product or service available and get the public to buy it. But how can one compete with businesses for which the bottom line is the only measure of success? You need to get creative! In this practical and inspiring guide, Nadine Thompson and Angela Soper draw on real-world examples to show how a values-driven business can establish a foundation from which innovative sales and distribution strategies naturally flow. They lay out concrete steps for communicating a powerful, motivating vision for the business, and for designing sales and distribution strategies that fit the needs, interests, and habits of the target customer. Values Sell will help any socially conscious entrepreneur develop competitive sales and distribution strategies while staying true to his or her distinctive mission.
Customer Reviews:
Excellent guide to doing socially responsible business.......2007-04-23
Today, more and more business leaders are beginning to realize that it's not enough to just make a buck, but that their business legacy should be something more -- something that does lasting good for customers and communities. In their book, Values Sell, authors Nadine Thompson and Angela Soper provide numerous real-world examples of companies -- including Tom's of Maine, Seventh Generation, Honest Tea, and many others -- that are living their values, making a good profit, and transforming people all at the same time. If you're a business owner, executive, or manager wondering how to turn your purpose into profit, this is the book for you. And if you're an employee who hopes to influence your own company and move it in a more socially responsible direction, this too is the book for you. Highly recommended.
Book Description
Discover the principles that made Warren Buffett a billionaire! Developed by legendary Wall Street wizard Benjamin Graham, mentor of Warren Buffett, value investing strategies are the most reliable, fail-safe, and successful money-making methods ever invested for investing on Wall Street. Janet Lowe presents these methods in a crisp, readable, and easy-to-understand style, covering, how to: Size up a company's growth prospects; Spot intentionally manipulated and misleading balance sheets and income figures; Create a "margin of safety" for your investments.
Customer Reviews:
Book:Value Investing Made Easy.......2007-08-06
Concise and through treatment for the uninitiated investor interested in investing in the long view.
"Graham Lite".......2006-06-16
This book was a decent introductory work to value investing a la Ben Graham, but it was just that, an introduction. It is quite a bit more readable than Security Analysis or The Intelligent Investor, but it also lacks the depth of these works.
In particular, this book does an excellent job of summarizing Graham's thoughts with respect to ratio analysis, management analysis, and provides a general overview of how to view financial statements. That being said, it does not explain how to "drill down" into financial statements and adjust them for various condictions as Graham sets forth in "Security Analysis."
Another weakness of this book is that it does not delve into anything other than common stock ownership. This might be a particular problem, as Graham, for example, advised that any issue senior to the one being analyzed must be viewed as debt, since it has a prior claim on the company's earnings. Hence, using Graham's analysis, dividends in respect of preferred stock would be deducted from earnings (as a payment on debt), whereas they are generally considered dividends on a par with common by many investors. Similarly, Security Analysis also discusses adjusting financial statements (for purposes of analysis, including ratio analysis) for warrants, etc.
In all, though, this book is a much easier read than any of Graham's works, and it certainly provides a good introduction to his theories of investing. I would recommend that anyone who likes what is said in this book read Warren Buffett's annual reports and any of Graham's books as well.
Key Lesson- Stick to the Proven Performers.......2006-01-04
The author touts the book as a distillation of the key concepts of Benjamin Graham's classic text, Security Analysis, but fails to elaborate on a key point repeatedly mentioned in Graham's book. Graham noted that at times, some bonds make for better investments than stocks as a class of investments, and at other times, some stocks make for better investments than bonds as a class. This readily follows from Graham's definition of an investment, which he stated most succinctly in his book for the novice investor, The Intelligent Investor:
An investment is any activity which provides safety of capital with a reasonable expectation of income. All other activities are speculative.
Lowe's book concentrates solely on stocks, and ignores the potential of bonds as an investment. As a result, the book distills only some of the wisdom of Security Analysis, which, by the way, can be found in a more accessible form in Graham's book, The Intelligent Investor.
By saying this, I do not mean to imply that Value Investing Made Easy is not a worthwhile read. Rather, it is the book the novice should read if and only if he or she does not want to spend the time reading Graham's Security Analysis, a formidable text nearly a thousand pages long (however, in Graham's defense, most of these pages are devoted to graphs, charts and numerous examples of the application of his techniques).
Lowe's book presents most of the important tenets necessary for picking stocks along the lines of Graham and Dodd (and Warren Buffett). A careful reader will notice, however, that the stock universe for which the tenets are applicable limits him or her to solely the proven performers. Among other things, these stocks typically, but not always, pay dividends, or have a history of doing so.
I found the text to be somewhat of a letdown because most of it was devoted to the justification for value investing, and not on the techniques of value investing per se. The book relied heavily on notable anecdotes- star performers of value investing fame such as (yep, you guessed it) Warren Buffett, Irving Kahn and others, and a bit less on the techniques in action as I would have liked.
However, in its defense, the book contains several pearls of wisdom that the novice investor would do well to know like the back of his or her hand. The book lays down an appropriate definition for intrinsic value, provides a satisfactory explanation of the role and importance of assets and dividends, and most important, the use and limitations of long-term trends in earnings and dividends to make assessments of stock investments.
On a personal note, I feel the most important lesson of the book is contained on Page 20 of the text- How Trustworthy Are the Numbers? Here, Graham warns us that, "Deliberate falsification of the data is rare; most of the misrepresentation flows from the use of accounting artifices, which it is the function of the capable analyst to detect. Concealment is more common than misstatement."
I leave the potential reader with one critical admonishment taken from the text (Page 21) which is perhaps the most relevant of all of Graham's tenets for the novice investor:
"When an enterprise pursues questionable accounting policies, all of its securities must be shunned by the investor, no matter how safe or attractive some of them may appear."
Value Investing Demystified?.......2002-09-16
Intended as a more digestible and accessible version of the teachings of the brilliant Benjamin Graham and his associate David Dodd, Ms Lowe expertly cuts a delicate path between writing, on one hand an overly simplistic overview and on the other an unneccessarily rigorous text book.
Although this Book is more theory than practice and certainly more Art than Science it nevertheless affords the Novice to Intermediate Investor an excellent interpretation of the thinking behind/and the implementation of Value Investment in the Stockmarket,a technique that rewarded it's true Practioners handsomely over the years throughout widely differing market conditions.All of Benjamin Graham's Stock Market Investment tenets,such as The Margin Of Safety, Intrinsic Value,the avoidance of speculation,the preservation of Capital,the need to think and act independently of the crowd,to build an extra margin of safety into estimates by using conservative figures etc,etc are clearly and vibrantly related to the Reader.
Janet Lowe adds value through the use of real life Companies as examples and each chapters comes with several very useful "sturdy pillars" or quotations from Ben Graham to elucidate the central thrust of the particular passage concerned.
Although well written and carefully researched I have some small gripes in that some of the mathematical formula are not that clear but that should not deter potential readers from buying this Book.Furthermore if Buyers are expecting the Book to explain how to calculate a useful range of current intrinsic values for a stock or answer questions such as "at the current price what growth rate is the Stock Market discounting for this Company" using simple fundamental analysis then they will be disappointed(for this purpose I would recommend the excellent "The Vest Pocket Guide To Vale Investing by C.Thomas Howard,ISBN 0-7931-1728-3)
More humourously, in these more politically correct times, Ben Graham's advice for Women to buy there Stocks as if they were buying their Groceries rather than their Perfume is admonished as being sexist.I wonder if Ben Graham had advised Men to buy there Stocks as if they were buying Gardening Equipment and not aftershave have received the same treatment?I don't think so!
However ,in conclusion, I feel this Book will serve as an invaluable guide for the ordinary Investor looking for a time tested and proven technique who is willing to exercise both patience and discipline
Perhaps Value Investing "demystified" rather than "made easy" would have been a better title.Nevertheless I feel that Ben Graham would have approved.
Nice Try - A misinterpretation of the concepts.......2002-07-17
I like the idea, but...
Having recently undertaken the wonderful journey of studying Benjamin Graham and Warren Buffett through reading most of their writings, I felt obligated to comment on this book. Many important concepts are nicely explained, and the format is pleasing, however, a disturbingly significant number of facts presented are gross misinterpretations.
The author does a nice job of explaining commonly used Wall Street terminology and concepts, for the novice. However, she fails in the infinitely more important task of consistently explaining the core concepts of investing (and not just stock speculating -- as so many of us all too often do).
Two (among the many) misleading points involve investment diversification and Buffett's used cigar-butt approach. She implies both Graham and Buffett whole-heartedly embrace diversification. Unless I have been reading the wrong Graham and Buffett, they certainly do not do so, unconditionally. The author further misrepresents Buffett when she actually leaves it that he finds the "cigar butt" approach, a wise way to buy businesses. He indeed called that method, "foolish" [Mr. Buffett: if that is no longer the case, please excuse my error.]
If you are searching for enlightenment, the way I was, you will be 1000 times better served to read "The Essays of Warren Buffett", arranged by Cunningham and, of course, Graham's "The Intelligent Investor".
Book Description
Running a business is a risky proposition even in the best of times. In this completely revised, updated, and expanded version of the popular 1991 title, 100 Ways to Prosper in Today's
Economy, the Profit Advisors turn their attention to a myriad of quick, practical proven strategies for bringing in profits whenever a business needs them. Here are a juicy multitude of specific
practical ideas for reducing overhead, attracting new customers, securing financing, improving cash flow, and improving the profitability of any company, large or small.
At the end of each chapter is a mini-action plan with space for readers to jot down their own ideas while they're still fresh, prioritize them, designate an individual in the organization to implement the idea, set a date for action, and project a potential dollar amount that project will generate. At the end of the book is a place to put all these new ideas into the business's "master action plan."
Average customer rating:
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Shareholder Value: Key to Corporate Development (Best of Long Range Planning Series - First Series)
Manufacturer: Pergamon
ProductGroup: Book
Binding: Hardcover
Strategy & Competition
| Management & Leadership
| Business & Investing
| Subjects
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Corporate Finance
| Finance
| Business & Investing
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General
| Business & Investing
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General
| Accounting
| Industries & Professions
| Business & Investing
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Banks & Banking
| Industries & Professions
| Business & Investing
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General
| Accounting
| Accounting & Finance
| Professional & Technical
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ASIN: 0080406688 |
Book Description
The 10th volume in the
Best of Long Range Planning Series focuses on the role of shareholder value as a key tool to evaluating strategic options. Within limits the concept has an essential part to play in strategic management. However, the authors argue that it should not be the only approach used as customer focus and employee development are also crucial. By learning the lessons propounded in this volume, companies can avoid inappropriate predation, generate attractive returns for shareholders and provide a sound platform from which to launch and sustain successful customer driven strategies and lasting competitive advantage.
Product Description
Hochschulen in Deutschland sehen sich zunehmenden Herausforderungen gegenüber gestellt: Internationalisierung, Akkreditierung oder Finanzierungsnot sind nur einige der Schlagworte, die die Debatten bestimmen. Doch wie sollen die Hochschulen auf die Herausforderungen reagieren? Anhand welcher Kriterien sollen sie Strategien entwickeln, Projekte auswählen, Veränderung vorantreiben? Wie bei vielen anderen Non-Profit-Organisationen fehlt es auch bei den Hochschulen an Konzepten für das strategische Management, mit denen sie ihre Wertschöpfung messen und ihre Aktivitäten steuern können. Die vorliegende Studie befasst sich mit dieser Problematik. Am Beispiel einer privaten deutschen Business School wird ein Konzept zum strategischen Wertmanagement von Hochschulen entwickelt, das Aspekte des Shareholder-Value-Ansatzes und des Stakeholder-Value-Ansatzes verbindet.
Average customer rating:
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Value and Profits in Business Strategy
Kaspar Tobias Winther
Manufacturer: Agityne Corp
ProductGroup: Book
Binding: Paperback
Management Science
| Management & Leadership
| Business & Investing
| Subjects
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Planning & Forecasting
| Management & Leadership
| Business & Investing
| Subjects
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Systems & Planning
| Management & Leadership
| Business & Investing
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ASIN: 0974172731 |
Book Description
K.T. Winther presents a new and simple approach for evaluating the overall impact of strategic decisions on company profits. This book is written in a straight forward manner with business practitioners, scholars and students in mind.
Average customer rating:
- Global research delivered in straightforward style
- The Value Growers:
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The Value Growers: Achieving Competitive Advantage Through Long-Term Growth and Profits
Fritz Kroeger ,
Michael Traem , and
Joerg Rockenhaeuser
Manufacturer: Mcgraw-Hill
ProductGroup: Book
Binding: Hardcover
Strategy & Competition
| Management & Leadership
| Business & Investing
| Subjects
| Books
Decision-Making & Problem Solving
| Management & Leadership
| Business & Investing
| Subjects
| Books
Management
| Management & Leadership
| Business & Investing
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General
| Business & Investing
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General
| Industries & Professions
| Business & Investing
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Production, Operation & Management
| Industrial, Manufacturing & Operational Systems
| Engineering
| Professional & Technical
| Subjects
| Books
ASIN: 0071364404 |
Book Description
Based on a study of more than 1,100 companies worldwide and conducted by the experts at one of the world's largest and most dynamic consulting firms, A.T. Kearney, this book focuses on one of the hottest issues in business today--growth. The authors explain the pivotal role of growth in corporate success and the various forms it takes, and they outline proven strategies for achieving value-building growth, the strategically most advantageous form of growth. With the help of fascinating and instructive growth success (and failure) stories--including Intel, Microsoft, 3Com, Bayer, BASF, Hyundai, Nissan, and other top global companies--The Value Growers: *Identifies the 5 fundamentals of value-building growth that companies in every industry sector can use for increased shareholder value *Provides managers with diagnostic tools identifying their organizations' growth categories *Describes proven strategies and techniques for achieving sustained, value-building growth James McGrath (Chicago, IL), Fritz Kroeger (Chicago, IL), Michael Traem (Chicago, IL), and Joerg Rockenhaeuser (Chicago, IL) are senior consultants and specialists in growth and strategic development at A.T. Kearney, the management consulting subsidiary of EDS.
Customer Reviews:
Global research delivered in straightforward style.......2001-01-30
The Value Growers addresses many important issues executives face when planning for strategic growth. The authors do a good job of translating a international study into a readible book that provides excellent case studies from around the world.
The authors rely on an interesting nautical metaphor throughtout the book as they demonstrate how to "navigate" your company to high growth and high profits. While there were parts of the book that would have benefitted from more hard data extracted from the A.T. Kearney study, I found the book well worth the read and would recommend it to any current or aspiring "C-level" executive.
The Value Growers:.......2000-11-28
The authors present some potentially useful research findings from a multi-year study undertaken by A.T. Kearney, the consulting firm. Unfortunately, they present too little of the details from the research project for the book to be as useful as it could be. The book becomes quite repetitive after several chapters and seems to have little new to say after a point. It is worth reading for the limited number of researching findings presented--just don't expect too much.
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