Value: The Four Cornerstones of Corporate Finance

Si estás en el medio de finanzas o te quieres empezar a involucrar este es el libro #1 con el cual empezar tu colección. Compré the Intelligent investor, Value: the four cornerstones y Makers and takers. Llegaron en tiempo y forma y los tres son increíbles.

Yes it is not easy to read and understand if you are new to the topic. Equally, it is very rewarding! Buy it if you want to know the basics of the corporate finance theory (or at least certain aspects around value).

In summary, a lot of good insights in a small read. Really worth the time. The Four Cornerstones of Corporate Finance - VALUE by McKinsey & Company was written by three McKinsey consultants, Tom Koller, Richard Dobbs and Bill Huyett and focuses on four factors that drive the value of a company: * The Core of Value: growth, return on capital and the resulting cash flows. * The Conservation of Value: the desire for high cash flows over accounting gimmicks that simply rearrange existing cash flows. * The Expectations Treadmill: how market expectations, as reflected in the stock price, can become the tail wagging a dog's performance. * The Best Owner: how the value of a business is tied to who is managing it, and how management requirements change as the business ages. Traditional capitalist theory holds that above-costs-of-capital returns should be competed away, but the McKinsey team uses their experience and access to the extensive data at the McKinsey Global Institute to show that theory and the real world can be made to part ways. While their explanations of how to optimize value are well detailed, the reader need not be a CPA to come away with key insights. For my part I believe this text is an ideal tool for aligning the strategic thinking of Outside Board members, Executive Management and employees, who actually manufacture the “value” on the same page in terms of how to think about and measure value. I recommend this book to any new clients where I find a lack of symmetry between where the leadership is trying to direct the firm and where the employees are actually taking it. Of all the management books at Amazon, this is the one Shareholders should want on the desks of employees creating value for them. Like most good management books, this one rewards the reader early with insights, and keeps them coming without the drone of a McKinsey sales pitch. Ever since college, I’ve made a point of highlighting and notating almost any book I read. In reviewing my highlighting of this text I note that the examples are, once again, the type which almost anyone can follow. They communicate nuance without losing the lay reader and for this reason I find the text is not only helpful for those working in a large corporate environment, but also helpful for employees building a startup business. In term of getting value for what you paid, this text is a real bargain.

Value - The Four Cornerstones of Corporate Finance is one the best books I have read. The authors are senior consultants with McKinsey & Company. They have covered the subject of value creation in great details from practitioners point of view. The different aspects of value creation by businesses are discussed in great details. The live examples of companies who succeeded or did not succeed in creating long term value are explained throughout the book. The topics such as the best owner and business portfolio are excellent. The book is a must read for investors, business leaders and management consultants. No other book has covered the subject of long term value creation better than this book.

前著Valuationと言っていることは基本的に 同じ。 ROIC・GROWTHをドライバーにする........ そろそろ業界別にROICおよびGROWTHを向上 させるノウハウや知見について披歴するとか すれば面白いのだが..そういう披歴は皆無。 ただ、データソーサーとして大いに参考になる チャートが散見された。