The Dark Side of Valuation: Valuing Old Tech, New Tech, and New Economy Companies

Amazon.com Review If the tech-stock swoon merely whets your appetite for this roller coaster of a market sector, and your eyes don't glaze over at the very sight of formulas like "Return on Capital = EBIT (1 - t) / Capital Invested," then The Dark Side of Valuation is the investment guide you've been waiting for. Whether considering New Economy firms at their peak or their valley, writes Aswath Damodaran, the problem has always been determining their true value with equitable dispassion. A leading expert on the topic, Damodaran begins by noting that standard corporate valuations are determined by four factors: cash flow from existing investments, growth expected from this cash flow, length of time this growth is sustained, and cost of capital to sustain it. In what he admits is not always an easy read, Damodaran then details various ways to adapt conventional valuation methods for companies that lack key traditional variables (such as profits, track records, and even competitors with which they can be compared) in order to arrive at realistic valuations. Those not scared off by charts comparing the historical risk for T-bills and T-bonds since 1928 will find this book worth a look. --Howard Rothman From the Inside Flap Preface Do the old rules still apply? Do we need new valuation metrics, or are the old metrics flexible enough to deal with the companies that constitute the new economy? Can you value a company that has no earnings, no history, and no comparable firms? These are the questions that I have heard repeatedly over the last few years. I have always believed the fundamentals that determine value are the same, no matter what company you value and what market it is in. Increasingly, though, I have faced skeptical audiences who are unwilling to take this belief at face value and have demanded proof that America Online, Amazon, or Priceline can be valued with traditional models. The genesis for this book was a paper I did on valuing Amazon in March 2000, where a discounted cash flow model yielded a value of $34 per share. Since the stock was trading at $80 at that time, there were many who viewed the valuation as either excessively pessimistic or as missing something. The interest in the paper led me to think about writing a book, but I expanded it to cover both new technology and old technology firms. While there are differences in estimation that arise across these firms, I believe that they have far more in common. Why technology firms? I believe that traditional valuation books and models (and I count my book on investment valuation among the culprits) have tended to concentrate on valuing manufacturing or traditional service firms. Technology firms are different. They expand by investing in research and through acquisitions and not by building plant and equipment. Many of them have astronomical growth rates in revenues and often, very little in current earnings. Their assets are often patents, technology, and skilled employees. I look at how the notions of capital expenditures, operating income, and working capital have to be redefined for these firms. I begin this book by laying out the facts on the growth of technology and, in particular, new technology stocks in the equity market and argue that although the principles of valuation might not shift, the focus can change as firms move through their life cycles. This discussion is followed by an extended section (Chapters 2-7) on applying traditional discounted cash flow models to value technology stocks, with an emphasis on the estimation of cash flows, growth, and discount rates for these firms. In the next three chapters, I look at the use of relative valuation to value technology companies, both in terms of adapting existing multiples (such as price-earnings and price-to-sales ratios) and developing new ones (value per Web site visitor, for instance). In Chapter 11, "Real Options in Valuation," I consider an argument made by many for the large premiums paid on technology stocks (i.e., they represent real options to expand into a potentially huge e-commerce market), and consider some questions that a skeptic should ask before accepting this argument. In Chapter 12, "Value Enhancement," I consider how managers of technology firms can enhance the value of their firms through better investment and financing decisions. The book is structured around the valuations of five technology firms-Motorola, Cisco, Amazon, Ariba, and Rediff. The first three are household names but represent three different points in the technology spectrum. Motorola is an old technology firm with substantial investments in existing assets. It is also a firm that has fallen on hard times in the last few years, largely as a consequence of poor investments and strategic choices. Cisco is one of the great success stories of the 1990s, but a great deal of the market value of the firm reflects expectations about the future. It is also a firm that has chosen to grow through acquisitions and has done it very well. Amazon is the poster child (for better or worse) for the new economy stocks that have entered the market in recent years, and the popular press has documented its ups and downs in extensive detail. Ariba and Rediff are more recent entrants into the new economy, with Ariba representing the promise (and peril) of the Business-to-Business (B2B) Internet model, and Rediff the potential of an Internet portal serving a market (India) that could be a huge market in the future. One of the limitations of valuing real companies is that your mistakes are there on the printed page for all to see over time, but that prospect does not bother me. At the risk of giving away the punch line, I do find discounted cash flow values for all five companies: Motorola ($32.39), Cisco ($44.92), Amazon ($34.37), Ariba ($72.13), and Rediff ($19.05). For what it is worth, at the time that I did the valuations in June 2000, I found Amazon to be overvalued at $48 per share and Cisco to be overvalued at $64.88. Motorola at $34.25 per share and Ariba at $75 per share were fairly valued, and Rediff was significantly undervalued at $10 per share. By the time I finished the book, Amazon had dropped in value to $30 per share, and Cisco was trading at $51. Motorola had gone from being fairly valued to undervalued, Ariba saw its stock price double, and Rediff remained undervalued. I have no doubt that you will disagree with me on some of the inputs I have used, and the values that you assign these firms will be different from mine. What I would emphasize, therefore, is not the values that I arrive at for these firms, but the process by which I got there. Finally, I want this book to be useful to a wide audience: individual investors who hold technology stocks in their portfolios, equity research analysts, venture capitalists, and managers at technology firms. There are portions of the book that I must confess are not easy reading, but I have tried as much as I can to provide an intuitive rationale for everything that I do. Technology firms, notwithstanding the back and forth of markets, are here to stay, and valuing them is something we all need to grapple with. I hope you find this book useful in that endeavor. From the Back Cover The comprehensive guide to valuing technology companies The comprehensive guide to valuing technology companies Projections for future revenues, earnings, cash flows, the impact of stock options, and more Projections for future revenues, earnings, cash flows, the impact of stock options, and more 5 detailed case studies cover the entire tech lifecycle: Amazon.com, Ariba, Cisco, Motorola, and a new IPO 5 detailed case studies cover the entire tech lifecycle: Amazon.com, Ariba, Cisco, Motorola, and a new IPO Presented by one of the world's leading experts in valuation Presented by one of the world's leading experts in valuation State-of-the-art tools for assessing the value of any technology company State-of-the-art tools for assessing the value of any technology company Technology companies have exploded in importance, yet investors and analysts face unprecedented challenges in valuing them. In The Dark Side of Valuation, one of the world's leading valuation experts reviews every approach, demonstrating exactly how to adapt traditional techniques to minimize risks and maximize returns. Aswath Damodaran begins with an overview of the markets' dramatic shift towards technology stocks ? specifically new technology stocks. He then identifies key valuation principles and techniques, demonstrating them through five case studies that encompass the entire technology company lifecycle: Amazon.com, Ariba, Cisco, Motorola, and a new IPO-ready startup. Coverage includes: Adaptation of discounted cash flow models for tech companies with limited histories, shifting business mixes, and volatile stock prices Adaptation of discounted cash flow models for tech companies with limited histories, shifting business mixes, and volatile stock prices The limitations of traditional accounting definitions in measuring technology company cash flows The limitations of traditional accounting definitions in measuring technology company cash flows Superior processes for estimating future revenues, earnings, and cash flows Superior processes for estimating future revenues, earnings, and cash flows Evaluation of the impact of management and employee stock options on share value and earnings multiples Evaluation of the impact of management and employee stock options on share value and earnings multiples An in-depth assessment of PEG and price-to sale ratios An in-depth assessment of PEG and price-to sale ratios Relative valuation: fundamentals, earnings multiples, and revenue multiples Relative valuation: fundamentals, earnings multiples, and revenue multiples "What a refreshing book to read! Damodaran's book is essential if capital markets are going to accurately gauge the contributions of emerging companies...His insights are illuminating and his mastery of financial analysis is unmatched." ?Louis Columbus Director of Marketing, Linksys About the Author Aswath Damodaran is Professor of Finance at the Stern School of Business at New York University, where he teaches corporate finance and equity valuation. Damodaran has written two books on equity valuation ( Damodaran on Valuation and Investment Valuation ), as well as two books on corporate finance ( Corporate Finance: Theory and Practice and Applied Corporate Finance: A User's Manual ). He also published widely in leading journals of finance, including The Journal of Financial and Quantitative Analysis , The Journal of Finance , The Journal of Financial Economics , and the Review of Financial Studies . Damodaran received the Stern School of Business Excellence in Teaching Award in 1988, 1991, 1992, and 1999. In 1194, he was profiled in Business Week as one of the top 12 U.S. business school professors. Damodaran holds M.B.A. and Ph.D. degrees from the University of California at Los Angeles. Prior to joining NYU, he served as visiting lecturer at the University of California, Berkley from 1984 to 1986, where he received the Earl Cheit Outstanding Teaching Award in 1985. Excerpt. © Reprinted by permission. All rights reserved. Preface Do the old rules still apply? Do we need new valuation metrics, or are the old metrics flexible enough to deal with the companies that constitute the new economy? Can you value a company that has no earnings, no history, and no comparable firms? These are the questions that I have heard repeatedly over the last few years. I have always believed the fundamentals that determine value are the same, no matter what company you value and what market it is in. Increasingly, though, I have faced skeptical audiences who are unwilling to take this belief at face value and have demanded proof that America Online, Amazon.com, or Priceline.com can be valued with traditional models. The genesis for this book was a paper I did on valuing Amazon.com in March 2000, where a discounted cash flow model yielded a value of $34 per share. Since the stock was trading at $80 at that time, there were many who viewed the valuation as either excessively pessimistic or as missing something. The interest in the paper led me to think about writing a book, but I expanded it to cover both new technology and old technology firms. While there are differences in estimation that arise across these firms, I believe that they have far more in common. Why technology firms? I believe that traditional valuation books and models (and I count my book on investment valuation among the culprits) have tended to concentrate on valuing manufacturing or traditional service firms. Technology firms are different. They expand by investing in research and through acquisitions and not by building plant and equipment. Many of them have astronomical growth rates in revenues and often, very little in current earnings. Their assets are often patents, technology, and skilled employees. I look at how the notions of capital expenditures, operating income, and working capital have to be redefined for these firms. I begin this book by laying out the facts on the growth of technology and, in particular, new technology stocks in the equity market and argue that although the principles of valuation might not shift, the focus can change as firms move through their life cycles. This discussion is followed by an extended section (Chapters 2-7) on applying traditional discounted cash flow models to value technology stocks, with an emphasis on the estimation of cash flows, growth, and discount rates for these firms. In the next three chapters, I look at the use of relative valuation to value technology companies, both in terms of adapting existing multiples (such as price-earnings and price-to-sales ratios) and developing new ones (value per Web site visitor, for instance). In Chapter 11, "Real Options in Valuation," I consider an argument made by many for the large premiums paid on technology stocks (i.e., they represent real options to expand into a potentially huge e-commerce market), and consider some questions that a skeptic should ask before accepting this argument. In Chapter 12, "Value Enhancement," I consider how managers of technology firms can enhance the value of their firms through better investment and financing decisions. The book is structured around the valuations of five technology firms-Motorola, Cisco, Amazon.com, Ariba, and Rediff.com. The first three are household names but represent three different points in the technology spectrum. Motorola is an old technology firm with substantial investments in existing assets. It is also a firm that has fallen on hard times in the last few years, largely as a consequence of poor investments and strategic choices. Cisco is one of the great success stories of the 1990s, but a great deal of the market value of the firm reflects expectations about the future. It is also a firm that has chosen to grow through acquisitions and has done it very well. Amazon.com is the poster child (for better or worse) for the new economy stocks that have entered the market in recent years, and the popular press has documented its ups and downs in extensive detail. Ariba and Rediff.com are more recent entrants into the new economy, with Ariba representing the promise (and peril) of the Business-to-Business (B2B) Internet model, and Rediff the potential of an Internet portal serving a market (India) that could be a huge market in the future. One of the limitations of valuing real companies is that your mistakes are there on the printed page for all to see over time, but that prospect does not bother me. At the risk of giving away the punch line, I do find discounted cash flow values for all five companies: Motorola ($32.39), Cisco ($44.92), Amazon.com ($34.37), Ariba ($72.13), and Rediff.com ($19.05). For what it is worth, at the time that I did the valuations in June 2000, I found Amazon to be overvalued at $48 per share and Cisco to be overvalued at $64.88. Motorola at $34.25 per share and Ariba at $75 per share were fairly valued, and Rediff.com was significantly undervalued at $10 per share. By the time I finished the book, Amazon had dropped in value to $30 per share, and Cisco was trading at $51. Motorola had gone from being fairly valued to undervalued, Ariba saw its stock price double, and Rediff remained undervalued. I have no doubt that you will disagree with me on some of the inputs I have used, and the values that you assign these firms will be different from mine. What I would emphasize, therefore, is not the values that I arrive at for these firms, but the process by which I got there. Finally, I want this book to be useful to a wide audience: individual investors who hold technology stocks in their portfolios, equity research analysts, venture capitalists, and managers at technology firms. There are portions of the book that I must confess are not easy reading, but I have tried as much as I can to provide an intuitive rationale for everything that I do. Technology firms, notwithstanding the back and forth of markets, are here to stay, and valuing them is something we all need to grapple with. I hope you find this book useful in that endeavor. Read more

The Homesick Texan Cookbook

Review "Finally, the voice and the down-home Texas cooking I love on the Homesick Texan blog is now between hard covers! Lisa Fain has an original voice, and I love her food-completely accessible, honest and delicious."-- Michael Ruhlman, author of Ratio and The Elements of Cooking "The sometimes funny and sometimes poignant memories of this seventh-generation Texan pining for the cooking of her homeland bring The Homesick Texan Cookbook to life. Lisa Fain's move to Manhattan has given Texans everywhere a great new resource for surefire recipes and Lone Star lore."-- Robb Walsh, author of Legends of Texas Barbecue Cookbook and The Tex-Mex Cookbook "Written with equal parts humor and tenderness, Lisa Fain's book makes it easy to imagine your kitchen lies deep in the heart of Texas. Her enticing recipes for a wealth of toothsome Texas favorites prove once and for all that nothing soothes the homesick soul like good old Texas cooking."-- Rebecca Rather, author of Pastry Queen Parties "You don't have to be a homesick Texan to appreciate Lisa Fain's evocative, unpretentious prose and her accompanying seriously delicious (and easy to make) recipes."-- Ed Levine, founder, SeriousEats.com About the Author Lisa Fain is a seventh-generation Texan her formative years were spent on the outskirts of Houston, with crude-oil tanks and barbecue stands nearby her summers were spent outside Dallas, driving a tractor, picking black-eyed peas, and shucking corn at her grandparents' farm. At the age of 25, she moved to Manhattan for work. In 2005, she began the Homesick Texan website, which has won many awards and has grown to 175,000 unique visitors per month. This is her first book.

All Grown Up

Amazon.com Review An Amazon Best Book of March 2017: A friend came to my apartment for the first time recently, frowning at the futon in the living room. “A futon?! You’re not in your 20s anymore!” Evidently a couch, an actual couch, is an indicator of adulthood—as is marriage, and the requisite 2.5 kids. By those standards, thirty-nine-year-old Andrea Bern, the unapologetically single and childless protagonist of Jami Attenberg’s bitingly funny and heartrending All Grown Up doesn’t fit the bill, and she’s fine with that (if her mother and much of society is not). But while living a life according to one’s own playbook has its perks, it also has pitfalls, and Andrea isn’t immune to a little existential crisis. Cue the passive aggressive trips to her therapist, a revolving door of unsuitable suitors, and the near-abandonment of one of the true loves of her life: her art. So steeped in ennui is she that Andrea (almost) fails to register when life tries to yank her from it; Her best friend’s seemingly perfect marriage is imploding, as well as her brother and sister-in-law’s—the result of trying to cope with their child’s precarious, and incurable illness. And they need Andrea, something that takes a little while to sink in, but once it does, she realizes that the road to adulthood is not paved with “real” furniture. It’s an epiphany that will punch you in the heart, and Attenberg has perfect aim. --Erin Kodicek, The Amazon Book Review Review A National Bestseller An LA Times Bestseller A New Atlantic Independent Booksellers Association Bestseller A Southern California Independent Booksellers Association Bestseller A Northern California Independent Booksellers Association Bestseller An IndieNext List Pick An Amazon Top 100 Best Book of 2017 A Kirkus Best Fiction of 2017 Pick “Deeply enjoyable.”— Marisa Meltzer, Elle “Bravo to Attenberg, who, with hilarity and honesty, tells the story of an adult woman who wants what she wants, not what she’s supposed to want.”— Marie Claire “ All Grown Up [is] a smart, funny/sad and unflinchingly honest novel about a single New Yorker. . . . In sparkling prose, [Attenberg] brings this wonderful character so fully to life that after the book ended, I found myself wishing Andrea well as if she were a good friend and wondering what she would do next.” — Milwaukee Journal Sentinel “I read it twice, laughing, cringing, and even tearing up.” —Judy Blume, New York Times “Addicting and incredibly refreshing…. Attenberg brings the often upsetting, often comedic realities of life across in poignant, astute vignettes that will live in the reader’s heart for a long, long time.” — Travel and Leisure “Thank you, Jami Attenberg, for pushing back against society’s assumptions about what is allowed to matter in our lives. For giving us a different kind of narrative. All Grown Up is not all fluffy and lovely. It turns out that we have other stories — we single people. We human beings.” — Bustle “Revolutionary…. [A] perceptive study of love, sacrifice, and what it really means to be an adult.” — Tablet “Jami Attenberg deftly travels inside the head of a 39-year-old woman who has no interest in doing what she’s supposed to do and follows her heart instead of her mind—a story that’s sexy, charming, and impossible to put down.” — Newsweek “Powerful… All Grown Up is so intimately [and] sharply observed.” — Vogue “Attenberg is one of our finest contemporary storytellers, and here, with her trademark clever, witty voice, she tackles the age-old question plaguing people of all ages: When do we know if we’re actually all grown up?” —Nylon, “50 Books We Can’t Wait to Read in 2017” “Smart, heartfelt, and really freakin’ funny.” —Sara Nović, Elle.com, “25 Most Anticipated Books by Women for 2017” “Attenberg knows how to make a reader laugh and feel . This novel takes a hard look at what it means to be a woman living on her own terms.” —Lisa Lucas, Martha Stewart Living , “Page Turners for 2017” “I read it start to finish in one go, I can’t think of another book I’ve done that about recently.” —Mary Louise Kelly, NPR’s Weekend Edition Sunday "Attenberg’s fifth novel is her best yet. It’s a super-smart, often extremely funny, sometimes heartbreaking portrait of a 39-year-old, single, child-free heroine in New York City who’s taking her very best shot at living life on her own terms. . . . As angry, sad and raw as it is astute, hilarious and hopeful, All Grown Up puts other novels in this vein to shame.” — The Observer “There’s something fresh and enquiring in Attenberg's writing; a gloriously technicolor quality to the voice of her anti-heroine. As is often the hallmark of these projects, much of the humour comes from a wicked brew of truth-telling, honesty and bravery. Of saying the unsayable. In this respect, Attenberg writes with a scalpel, and has presented one of the finest, and most unexpected, character studies you're likely to read all year.” — The Irish Independent “Jami Attenberg will have you laughing, cursing, and ranting right along with her book's vibrant main character, Andrea — a 39-year-old single New Yorker trying to figure out how hold her life together. (And trying to figure out what 'having your life together' even means.) This book has got serious spunk.” —Bustle, “The 9 Best Fiction Books Coming Out in March” “Amidst the gems of mordant wit, All Grown Up plumbs deeper, darker veins, the ready ease with which sex (and drugs and alcohol) can become coping mechanisms, the specter of being stuck forever as everyone else moves on, “architecting new lives.” Do yourself a favor and buy this book.” —Tomi Obaro, Buzzfeed Books “Told in smart and funny vignettes, All Grown Up is an examination of what it means to be a woman and a grown-up in today's times. This deceptively short novel will stay with you long after finishing the last page.” —Popsugar, “26 Hot New Books You'll Want to Get Your Hands On This Spring” “With a flair for understatement and crack timing, she makes Andrea Bern immensely flawed but highly resilient and self-aware, capable of reflecting on the lack of ballast in her life without drowning in clichés or Issues. It’s essential to the story that Andrea is unreservedly single; what makes it so good is that she’s absolutely singular .”— Vulture , "8 Books You Need to Read This March" “With a satirical voice and astounding pathos, Attenberg’s latest protagonist draws readers into the enthralling and thought-provoking world she inhabits, against the backdrop of an important social conversation about contemporary gender roles.” — Harpers Bazaar “Fantastic–and wholly unlike anything else she’s written.” — Vol.1 Brooklyn “Attenberg’s latest takes on the ridiculous standards we set for ourselves, all with humor and aching relatability.” — PureWow “Funny, insightful.” — Dallas Morning News “This is a novel about how to step up when your smug married friend suddenly gets divorced, or when your annoying mum really needs you; about ‘being there’ for people when you don’t even know where ‘there’ is. It has hope, in spades.” — The Guardian “ All Grown Up is a smart, addictive, hilarious and relevant novel.” —Meredith Maran, Washington Post “Andrea, 39, is totally single. No kids, no men, nothing keeping her from living her life to its full potential, which she does. Until her niece is born with a tragic illness, and Andrea's whole family is forced to confront their values, their lifestyles, and their choices. Told in vignettes, All Grown Up asks what happens after you've got the whole "adult" thing under control.” —Glamour, “Best Books to Read in 2017” "This is where Attenberg’s brilliance lies: in her ability to mix tenderness with tragicomedy; to find what’s funny in the funereal; to render the dignity of those who fear they’ve lost it. . . . Outstanding.” — Haaretz “Funny, tragic and delightful.” — Chicago Tribune “Attenberg captures the kaleidoscopic flow of Andrea’s life in spare and witty vignettes that build to a surprising and moving conclusion.” —Jane Ciabattari, “Ten Books You Should Read in March,” BBC.com “Hilarious, courageous and mesmerizing from page one, ALL GROWN UP is a little gem that packs a devastating wallop.  It’s that rare book I’m dying to give all my friends so we can discuss it deep into the night.  I’m in awe of Jami Attenberg.” —Maria Semple, author of Where’d You Go, Bernadette? “Jami Attenberg's sharply drawn protagonist, Andrea, has such a riveting, propulsive voice that ALL GROWN UP is hard to put down, but I urge you to resist reading it in one sitting. Both the prose and the author’s knowing excavation of one woman’s desires, compromises, strengths and fears deserve closer attention. Like Andrea herself, this novel is beautiful and brutal, intelligent and funny, frank and sexy.” —Cynthia D’Aprix Sweeney, New York Times bestselling author of The Nest "Jami Attenberg's Andrea is the most addicting female protagonist voice I have read in years, with her cutting observations on human relationships. This witty journey through a mess of men, female friendships, family and boozy urban existence positions the single girl not as object to be fixed but as contemporary sage and seer: the ultimate witness of truth in love today." —Melissa Broder, author of So Sad Today “Jami Attenberg has written her frankest, funniest, and most riveting and heartbreaking book yet. In Andrea, she has created a character women will be talking about for years; she has opened the door for us to see ourselves in literature in a new way, writing with skill and fearlessness few others can match.” —Emily Gould, author of Friendship “What a voice. Honest and hilarious, unflinching and unapologetic, Jami Attenberg writes what it is to be single, sexual, and childfree by choice. I read the first page of ALL GROWN UP and knew the novelist was going to outdo herself. I am happy to report that she most certainly did.” —Helen Ellis, author of American Housewife “Jami Attenberg’s ALL GROWN UP is one part Denis Johnson, one part Grace Paley, but all her. Every sentence pulls taut and glows--electric, gossipy, searing fun that is also a map to how to be more human.” —Alexander Chee, author of The Queen of the Night “Is all life junk - sparkly and seductive and devastating - just waiting to be told correctly by someone who will hold our hand and walk with us a while confirming that what we’re living is true. This is a good proud urban book, a sad and specific blast for the fearless to read. Thank you Jami.” —Eileen Myles, author of Chelsea Girls “All Grown Up is one of those rare books –even the greatest writers often only get one or two in their careers— in which an author’s unique sensibility meets with the story she was born to tell. This fractured, soulful portrait of a determinedly independent woman –a woman whose radical independence often puts her at odds with a misunderstanding society— is vital reading for women and men alike.” —Stefan Merrill Block, author of The Story of Forgetting and The Storm at the Door About the Author JAMI ATTENBERG is the New York Times best-selling author of seven books of fiction, including The Middlesteins and All Grown Up. She has contributed essays to the New York Times Magazine, the Wall Street Journal, the Sunday Times, and Longreads, among other publications. She lives in New Orleans. Read more

Investment Fables: Exposing the Myths of "Can't Miss" Investments Strategies

From the Back Cover The truth about 13 of today's most widely touted investment strategies. 10 powerful lessons for every investor 10 powerful lessons for every investor Overcoming the enduring myths about markets Overcoming the enduring myths about markets High dividend stocks: better and safer than bonds--or not? High dividend stocks: better and safer than bonds--or not? Cheap stocks: cheap for a reason? Cheap stocks: cheap for a reason? Should you invest in quality? Momentum? The next big thing? Or what? Should you invest in quality? Momentum? The next big thing? Or what? You've heard 'em. (Maybe even from your broker!) They're the "can't lose" investment stories that promise you a no-risk path to profits … "Buy companies trading below book value." "Buy companies trading below book value." "Follow the momentum." "Follow the momentum." "Buy stocks with low P/Es." "Buy stocks with low P/Es." "Stick with quality." "Stick with quality." "Buy after bad news." "Buy after bad news." "Buy after good news." "Buy after good news." "Follow the insiders." "Follow the insiders." "Do whatever Warren Buffett's doing." "Do whatever Warren Buffett's doing." And on, and on, and on … They sound good. But do they really work? You're about to find out. In Investment Fables, one of the world's leading investment researchers runs the numbers on 13 of today's most widely touted strategies, objectively answering the questions your broker can't answer. Has it worked over the long term? Over the short term? If it made sense once, does it still make sense? Are the promised benefits a statistical mirage? Could it work, as one part of your investment strategy? What are the downsides—and how can you mitigate them? If you want to make smarter investment decisions, you'll find this book utterly indispensable. About the Author Aswath Damodaran is Professor of Finance at the Stern School of Business at New York University, where he teaches corporate finance and equity valuation in the MBA program. He has published widely in the field, for leading journals such as The Journal of Financial and Quantitative Analysis, The Journal of Finance, The Journal of Financial Economics, and The Review of Financial Studies. He has also authored several books, including The Dark Side of Valuation (Financial Times Prentice Hall) and two books on corporate finance. With Peter Bernstein, he co-authored Investment Management. He received the Stern School of Business Excellence in Teaching Award in 1988, 1991, 1992, 1999, and 2001. In 1994, he was profiled in Business Week as one of the top 12 U.S. business school professors. Excerpt. © Reprinted by permission. All rights reserved. As investors, you have all been on the receiving end of sales pitches from brokers, friends and investment advisors about stocks that they claim will deliver spectacular returns. These stories not only sound persuasive and reasonable but are also backed up by evidence-anecdotal, in some cases, and statistical, in others-that the strategies work. When you try to implement them for your investments, though, you seldom can match their success on paper. All too often, you end up with buyer’s remorse, poorer for the experience and promising yourselves that you will not fall for the allure of these stories again. All too often, you forget the lessons of past mistakes and are easy prey for the next big stock story. While there are literally hundreds of schemes to beat the market in circulation, they are all variants of about a dozen basic themes that have been around for as long as there have been stocks to buy and sell. These broad themes are modified, given new names and marketed as new and different investment strategies by salespeople to a new generation of investors. There must be something in these stories that appeals to investor instincts and to human weaknesses- greed, fear and hubris, to name but three-to give them the staying power that they do. This book is an exploration of the appeal of these stories, why so many investors fall for them and fail with them, and what it may take to win with each of them. As you will see, with each story, there is a kernel of truth that makes it believable and a base in financial theory that allows proponents to claim to have a solid rationale. Each chapter begins with an examination of the basis for each investment story and the theory that would justify its adoption. Why bother with the theory? Not only will it give you perspective on what makes each story work, but it will also allow you to identify potential weaknesses with the story. If you have been on the receiving end of one of these investment stories, you probably have also been told of studies that back them up and you are offered evidence of their potency. It should come as no surprise, given the source, that most of these studies give you only a portion of the truth. As you will see in this book, every investment strategy ever devised has succeeded for some periods and with some stocks, but the complete picture requires an assessment of whether it works over long periods and with a wide cross section of stocks. That is why you will see a review of the existing empirical evidence, drawn from both believers and skeptics, on each strategy and some of the potential problems with each. With every investment strategy, investors also grapple with the question of what adopting that strategy will mean in terms of investment choices. If you adopt a strategy of buying "low" PE stocks, you have to judge what represents a low PE ratio and what types of stocks have low PE ratios. If you believe that your best investments are in small companies, you have to decide how to measure the size of companies -sales, market capitalization, etc.-and what level would represent a small company. You will be presented with rules of thumb, that a PE of 8 is cheap or that a company with a market capitalization less than $100 million is small, but these rules of thumb can be dangerous as markets themselves change over time. To provide a frame of reference, this book examines the distribution of various measures- PE, price-to-book ratio and market capitalization, to name a few- across the entire market. This should then allow you to get a sense of differences across the market and to develop portfolio standards. The best test of any strategy is to apply it to the market and to peruse the portfolio that you would have ended up with as a result of following it. This book attempts to do this with each of the broad strategies examined, and you can ask yourself whether you would be comfortable investing in the stocks that make up this portfolio. If you are not, it is a warning sign that this strategy may not be appropriate for you. If you are a careful investor, putting this portfolio under a microscope will allow you to study the strategy for weaknesses and examine what you can do to minimize the damage. It is worth emphasizing what this book is about and what it does not try to do. It is not about promoting or debunking investment strategies, since there are plenty of analysts and brokers who do the former and lots of cynics, many from academia, who do the latter. But it is about providing a full picture of each investment strategy so that you can make your own judgments about what works and what does not. It is not about answering every investment question that has ever been asked; no one can have the foresight to do this. But it is about providing you with the ammunition to ask the right questions when confronted with promoters of these strategies. It is not a book for pessimists who are convinced that picking stocks is an exercise in futility, but it is a book for optimists who want to figure out how to make active strategies pay off and how to use them prudently. It is not about things you cannot and should not do while investing, but it is about things you can and should do as an investor to improve your odds for success. As long as there have been financial markets, there have been mountebanks and frauds luring investors into get-rich schemes that ultimately fail. In the aftermath of these failings, you are often tempted to turn to the courts and to governments to protect you from yourself. The best antidote, though, to an unscrupulous sales pitch about "stocks that cannot lose" or to a "get rich quickly" scheme is a skeptical and informed investor. I hope this book helps you become one. Read more

The Dhandho Investor: The Low-Risk Value Method to High Returns

Review "Today's greatest rising investor"--Motley Fool "How to invest the way an Indian migrant with little money would do - by looking for companies with little downside…" ( Financial Times , Tues 26th February) From the Inside Flap All investors are told that if you want to earn high rates of returns, you must take on greater risk. Of course, the groundbreaking value investing strategies of Benjamin Graham, Warren Buffett, and Charlie Munger have shown that it is indeed possible to keep risk to a minimum while still making a reasonable profit. The Dhandho method takes their successful approach to investing one step further and shows how you can actually maximize rewards while minimizing risk. Dhandho (pronounced dhun-doe), literally translated, means "endeavors that create wealth." In The Dhandho Investor, Mohnish Pabrai demonstrates how the powerful Dhandho capital allocation framework of India's business-savvy Patels can be successfully applied and replicated by individual value investors in the stock market. The Patels, a small ethnic group from India, first began arriving in the United States in the 1970s as refugees with little education or capital. Today, they own over $40 billion in motel assets in the United States, pay over $725 million a year in taxes, and employ nearly a million people. How did this small, impoverished group come out of nowhere and end up accumulating such vast resources? The answer lies in their low-risk, high-return approach to business: Dhandho. This book will show you how to use that same technique to generate high returns in the stock market. Pabrai's hedge funds, Pabrai Investment Funds, have outperformed all of the major indices and over 99% of other managed funds. $100,000 invested with Pabrai in 1999 was worth over $659,000 by 2006an annualized return of over 28% after all fees and expenses. In this book, Pabrai distills the methods of Buffett, Graham, and Munger into a user-friendly approach applicable to individual investors. Combining their legendary investing wisdom with the business acumen of the Patels, Pabrai lays out the Dhandho framework in an easy-to-use format that will help any investor significantly improve on their results and soundly beat the marketsas well as most professionals. Pabrai also details each deceptively simple Dhandho concept in a straightforward, entertaining fashion, with individual chapters that explain why you should: Invest in Simple Businesses, Fixate on Arbitrage, Invest in the Copy Cats Rather than the Innovators, and other simple but proven concepts for low-risk, high-reward Dhandho investing. From the Back Cover Praise for The Dhandho Investor "Mohnish Pabrai is a relentlessly insightful thinker who delights in decoding the esoteric world of finance and also knows how to tell a good yarn. Whether you're mystified by what drives stock prices up and down on Wall Street or you're sure you know, you'll understand better when you read this book. Pabrai's tales of high finance and his clever examination of the core principles of deep value are packed with handy ideas you should use in your own investing." ―Stephane Fitch, European Bureau Chief, Forbes "I read The Dhandho Investor from start to finish in one sitting―I couldn't put it down. Mohnish shares the 'secrets' of his extraordinary success and has made a significant contribution to the literature on value investing." ―Whitney Tilson, General Partner and founder of T2 Partners LLC Managing Editor and founder of Value Investor Insight Chairman of Value Investing Congress "All of the techniques you need to attain high returns on your investments are here, explained through the examples of successful entrepreneurs and of Pabrai, himself an accomplished prodigy of Buffett's methods. Everyone must understand this methodology if they are to do well in the stock market." ―Timothy Vick, Senior Portfolio Manager, The Sanibel Captiva Trust Co., author of How to Pick Stocks Like Warren Buffett "The Dhandho Investor has nailed it! Pabrai has simplified the strategy for successful investing. 'Heads, I win; tails, I don't lose much!' I don't have to buy a whole business, just purchase the publicly traded stocks of a few 'right' businesses. I suggest this book to anyone looking to hone their investment skills." ―Patrick Fitzgerald, President, Fitzgerald Management About the Author Mohnish Pabrai is the Managing Partner of Pabrai Investment Funds, an investment group modeled after the original 1950s Buffett Partnerships. Since its inception in 1999, Pabrai Funds have delivered annualized returns of over 28% (net to investors). He has been favorably profiled by Forbes and Barron's and has made guest appearances on CNBC and Bloomberg TV and Radio. Read more

Amazon.com Review Guest Review of The Alpha Masters by Ben Mezrich "Maneet Ahuja's The Alpha Masters is a must-read for anyone working on Wall Street--or anyone planning to work on Wall Street. Getting even one of these titans of the industry to talk on record would be an impressive feat (and I know this because I've tried unsuccessfully to interview at least two of the people featured in here!), but getting all of them together in one place is simply herculean. Maneet quite clearly has the magic touch, and The Alpha Masters kept me busy on a round trip to Vegas, with a few extra hours on the tarmac. Great work, fun read, and a unique, fresh voice." --Ben Mezrich is the author of twelve books including the New York Times best sellers Bringing Down the House , which was adapted into the movie 21 , and The Accidental Billionaires , which was adapted into the Oscar-winning movie The Social Network . Ben Mezrich Q & A with Maneet Ahuja, author of The Alpha Masters: Unlocking the Genius of the World's Top Hedge Funds Maneet Ahuja What is The Alpha Masters about? The Alpha Masters lifts the curtain on the notoriously private hedge fund industry and reveals valuable stories, secrets and lessons directly from the world's top investors. I wrote the book during one of the most volatile years in the U.S. markets. Through firsthand interviews and unprecedented access, each chapter profiles one of the biggest and most successful names in the industry, specifically including Ray Dalio, John Paulson, David Tepper, Bill Ackman, Marc Lasry and Sonia Gardner, Dan Loeb, Jim Chanos, Boaz Weinstein, Pierre LaGrange and Tim Wong. You had unprecedented access to these managers through the course of writing The Alpha Masters . Why do you think you were able to "go behind the curtain"? As any good journalist will tell you, when you focus on the facts and developing your story, the rest will follow. My objective in writing The Alpha Masters was to dig deep into the backgrounds and investment philosophies of some of the world's greatest investors in order to really tell their stories for the first time. As a producer at CNBC for over four years, I have slowly built strong relationships and trust with these investors which I have now taken several steps further with the publishing of The Alpha Masters . I believe I was able to "go behind the curtain," so to speak, because all of my subjects believed there were extremely valuable lessons to be learned from their extensive experiences and insights. Hopefully readers of the book will agree and be able to put some of the philosophies shared in the book into practice in their own lives and portfolios! Why are hedge funds such a mystery? There are a few key reasons, but foremost, the general public doesn't have the ability to invest in hedge funds because they are restricted to "accredited investors" under Regulation D of the Securities and Exchange Commission. This usually means an individual with net worth of at least $1 million or annual income over $200,000. Also, hedge funds have only been around for less than a century. While there are a lot of mixed opinions--even among the investors profiled in the book--about what actually constitutes a hedge fund, the investment strategies are complex and believed by many to contain marks of genius. Thus, hedge fund managers have historically shied away from publicly explaining their methods, not only because they are difficult to understand, but from fear of giving away the secret sauce. Who should read this book? This book is for investors, market participants, business students, and anyone curious about the markets and interested in a "hedge- ucation." You interviewed some of the top hedge fund managers in the world. What defining characteristic do you think stands out among them? In one word? Drive. --This text refers to an out of print or unavailable edition of this title. Review “This is one of the very few books I know of that crawls inside the minds of today’s most brilliant investors to get the play-by-play of their best (and sometimes worst) investments. You feel as though you are sitting across from the likes of John Paulson and David Tepper as they share their most sought-after techniques and analysis. This book will pay for itself and then some for those who are smart enough to pick it up.” —Nouriel Roubini, Cofounder and Chairman, Roubini Global Economics, Professor of Economics, NYU Stern School of Business “Maneet Ahuja knows well the stars of the hedge fund universe. She has written a really very interesting book that provides insights into the industry, its rapid evolution, and its adaptability to a constantly shifting investment landscape. But, most of all, she introduces us to its fascinating leaders, in depth. From their backgrounds, values, and modes of thought, she gives us insight into what it takes to be successful in this most demanding profession.” —Michael Spence, 2001 Nobel Laureate in Economics, former Dean of Stanford Business School “Hedge funds carry a range of connotations for investors, both good and bad. Maneet’s demystification of this increasingly important sector of the financial world provides a valuable service for investors, as they look for alternatives to the financial institutions—and investing tenets—that failed them during the financial crisis.” —Sallie Krawcheck, former CEO of Merrill Lynch Wealth Management and U.S. Trust “No one has the type of access to this elite class of hedge fund managers as Maneet Ahuja does. The Alpha Masters provides the type of in-depth insight and advice that only comes from countless conversations and time spent one-on-one with these managers. The Alpha Masters is bound to be a classic.” —Leon G. Cooperman, Chairman and CEO, Omega Advisors, Inc. “The Alpha Masters has captured the background, the ideas, and the money-making cutting-edge strategy of today’s drivers of financial thought, analysis, and action. It is a great read for those who track the capital market and the tug-of-war between creativity, ideas, and capital market stress.” —Mario J. Gabelli, Chief Investment Officer, GAMCO Investors, Inc. “The great cultural divide in journalism has always been between access and accountability reporting. But, in the end, it’s really just a division of labor; readers need both. Ahuja works the access side of the street, and gets people to talk as few others can. The result is a surprisingly absorbing book about people who you can’t help but be curious about.” —Dean Starkman, Pulitzer Prize–winning journalist and Editor of the Columbia Journalism Review ’s “The Audit” “Maneet presents clear and thoughtful studies of some of the most successful investors of recent years. The Alpha Masters is highly recommended as an excellent guide to what has worked best recently in the rapidly changing and sometimes secretive world of hedge funds.” —Jim McCaughan, Chief Executive, Principal Global Investors “With great insight and clarity, Maneet Ahuja distills the essence of what makes hedge fund managers successful.  The leading – and legendary – figures in the business provide her with their recipes for the “secret sauce” that puts them ahead of the rest.  This book is a must read for anyone considering investing in, working in, or just plain interested in the hedge fund industry.” —Randall S. Kroszner, Norman R. Bobins Professor of Economics, Booth School of Business, University of Chicago and former Governor of the Federal Reserve --This text refers to the paperback edition. From the Back Cover Praise for THE ALPHA MASTERS " The Alpha Masters is a must-read for those who want to grasp the interaction of hedge fund investment strategies and overall market performance. Maneet Ahuja brings her unique perspective from her perch as a major player in daily market reporting." —Alan Greenspan, Former U.S. Federal Reserve Chairman "This is one of the very few books I know of that crawls inside the minds of today's most brilliant investors to get the play-by-play of their best (and sometimes worst) investments. You feel as though you are sitting across from the likes of John Paulson and David Tepper as they share their most sought-after techniques and analysis. This book will pay for itself and then some for those who are smart enough to pick it up." —Nouriel Roubini, cofounder and Chairman, Roubini Global Economics; Professor of Economics, NYU Stern School of Business "Maneet Ahuja knows well the stars of the hedge fund universe. She has written a very interesting book that provides insights into the industry, its rapid evolution, and its adaptability to a constantly shifting investment landscape. But, most of all, she introduces us to its fascinating leaders, in depth. From their backgrounds, values, and modes of thought, she gives us insight into what it takes to be successful in this most demanding profession." —Michael Spence, 2001 Nobel Laureate in Economics, former dean of Stanford Business School "Hedge funds carry a range of connotations for investors, both good and bad. Maneet's demystification of this increasingly important sector of the financial world provides a valuable service for investors as they look for alternatives to the financial institutions—and investing tenets—that failed them during the financial crisis." —Sallie Krawcheck, former CEO of Merrill Lynch Wealth Management and U.S. Trust "No one has the type of access to this elite class of hedge fund managers that Maneet Ahuja does. The Alpha Masters provides the type of in-depth insight and advice that only comes from countless conversations and time spent one-on-one with these managers. The Alpha Masters is bound to be a classic." —Leon G. Cooperman, Chairman and CEO, Omega Advisors, Inc. " The Alpha Masters has captured the background, the ideas, and the money-making strategy of today's cutting-edge drivers of financial thought, analysis, and action. It is a great read for those who track the capital market and the tug-of-war between creativity, ideas, and capital market stress." —Mario J. Gabelli, Chief Investment Officer, GAMCO Investors, Inc. "The great cultural divide in journalism has always been between access and accountability reporting. But, in the end, it's really just a division of labor; readers need both. Ahuja works the access side of the street and gets people to talk as few others can. The result is a surprisingly absorbing book about people who you can't help but be curious about." —Dean Starkman, Pulitzer Prize–winning journalist and Editor of the Columbia Journalism Review's "The Audit" --This text refers to the paperback edition. About the Author Maneet Ahuja (New York, NY) is a producer on "Squawk Box," specializing in hedge funds and alternative investments. She was awarded CNBC's prestigious Enterprise Award in 2009 for her groundbreaking coverage of the ultra-secretive hedge fund industry for the network. Prior to joining CNBC in 2008, she was a part of the Wall Street Journal 's Money & Investing team. She began her career on Wall Street in 2002 at age 17 in Citigroup's Corporate & Investment Banking division as a credit risk analyst.?In 2010, she was nominated for Crain's NY Business Forty Under 40 Rising Stars. --This text refers to the paperback edition. From the Inside Flap Praise for THE ALPHA MASTERS " The Alpha Masters is a must-read for those who want to grasp the interaction of hedge fund investment strategies and overall market performance. Maneet Ahuja brings her unique perspective from her perch as a major player in daily market reporting." —Alan Greenspan, Former U.S. Federal Reserve Chairman "This is one of the very few books I know of that crawls inside the minds of today's most brilliant investors to get the play-by-play of their best (and sometimes worst) investments. You feel as though you are sitting across from the likes of John Paulson and David Tepper as they share their most sought-after techniques and analysis. This book will pay for itself and then some for those who are smart enough to pick it up." —Nouriel Roubini, cofounder and Chairman, Roubini Global Economics; Professor of Economics, NYU Stern School of Business "Maneet Ahuja knows well the stars of the hedge fund universe. She has written a very interesting book that provides insights into the industry, its rapid evolution, and its adaptability to a constantly shifting investment landscape. But, most of all, she introduces us to its fascinating leaders, in depth. From their backgrounds, values, and modes of thought, she gives us insight into what it takes to be successful in this most demanding profession." —Michael Spence, 2001 Nobel Laureate in Economics, former dean of Stanford Business School "Hedge funds carry a range of connotations for investors, both good and bad. Maneet's demystification of this increasingly important sector of the financial world provides a valuable service for investors as they look for alternatives to the financial institutions—and investing tenets—that failed them during the financial crisis." —Sallie Krawcheck, former CEO of Merrill Lynch Wealth Management and U.S. Trust "No one has the type of access to this elite class of hedge fund managers that Maneet Ahuja does. The Alpha Masters provides the type of in-depth insight and advice that only comes from countless conversations and time spent one-on-one with these managers. The Alpha Masters is bound to be a classic." —Leon G. Cooperman, Chairman and CEO, Omega Advisors, Inc. " The Alpha Masters has captured the background, the ideas, and the money-making strategy of today's cutting-edge drivers of financial thought, analysis, and action. It is a great read for those who track the capital market and the tug-of-war between creativity, ideas, and capital market stress." —Mario J. Gabelli, Chief Investment Officer, GAMCO Investors, Inc. "The great cultural divide in journalism has always been between access and accountability reporting. But, in the end, it's really just a division of labor; readers need both. Ahuja works the access side of the street and gets people to talk as few others can. The result is a surprisingly absorbing book about people who you can't help but be curious about." —Dean Starkman, Pulitzer Prize–winning journalist and Editor of the Columbia Journalism Review's "The Audit" --This text refers to the paperback edition. Review ?This is one of the very few books I know of that crawls inside the minds of today?s most brilliant investors to get the play-by-play of their best (and sometimes worst) investments. You feel as though you are sitting across from the likes of John Paulson and David Tepper as they share their most sought-after techniques and analysis. This book will pay for itself and then some for those who are smart enough to pick it up.? ?Nouriel Roubini, Cofounder and Chairman, Roubini Global Economics, Professor of Economics, NYU Stern School of Business ?Maneet Ahuja knows well the stars of the hedge fund universe. She has written a really very interesting book that provides insights into the industry, its rapid evolution, and its adaptability to a constantly shifting investment landscape. But, most of all, she introduces us to its fascinating leaders, in depth. From their backgrounds, values, and modes of thought, she gives us insight into what it takes to be successful in this most demanding profession.? ?Michael Spence, 2001 Nobel Laureate in Economics, former Dean of Stanford Business School ?Hedge funds carry a range of connotations for investors, both good and bad. Maneet?s demystification of this increasingly important sector of the financial world provides a valuable service for investors, as they look for alternatives to the financial institutions?and investing tenets?that failed them during the financial crisis.? ?Sallie Krawcheck, former CEO of Merrill Lynch Wealth Management and U.S. Trust ?No one has the type of access to this elite class of hedge fund managers as Maneet Ahuja does. The Alpha Masters provides the type of in-depth insight and advice that only comes from countless conversations and time spent one-on-one with these managers. The Alpha Masters is bound to be a classic.? ?Leon G. Cooperman, Chairman and CEO, Omega Advisors, Inc. ?The Alpha Masters has captured the background, the ideas, and the money-making cutting-edge strategy of today?s drivers of financial thought, analysis, and action. It is a great read for those who track the capital market and the tug-of-war between creativity, ideas, and capital market stress.? ?Mario J. Gabelli, Chief Investment Officer, GAMCO Investors, Inc. ?The great cultural divide in journalism has always been between access and accountability reporting. But, in the end, it?s really just a division of labor; readers need both. Ahuja works the access side of the street, and gets people to talk as few others can. The result is a surprisingly absorbing book about people who you can?t help but be curious about.? ?Dean Starkman, Pulitzer Prize?winning journalist and Editor of the Columbia Journalism Review ?s ?The Audit? ?Maneet presents clear and thoughtful studies of some of the most successful investors of recent years. The Alpha Masters is highly recommended as an excellent guide to what has worked best recently in the rapidly changing and sometimes secretive world of hedge funds.? ?Jim McCaughan, Chief Executive, Principal Global Investors ?With great insight and clarity, Maneet Ahuja distills the essence of what makes hedge fund managers successful. The leading ? and legendary ? figures in the business provide her with their recipes for the ?secret sauce? that puts them ahead of the rest. This book is a must read for anyone considering investing in, working in, or just plain interested in the hedge fund industry.? ?Randall S. Kroszner, Norman R. Bobins Professor of Economics, Booth School of Business, University of Chicago and former Governor of the Federal Reserve --This text refers to an alternate kindle_edition edition. Read more

Investment Valuation: Tools and Techniques for Determining the Value of Any Asset

From the Back Cover INVESTMENT VALUATION Tools and techniques for determining the value of any asset BusinessWeek named him one of the top business school professors in the United States. MBA students pack his lectures and savvy investors eagerly read his enlightening articles on the valuation process. Now, with the publication of this book, Aswath Damodaran provides a practical, comprehensive guide to valuing almost any asset. Investment Valuation offers expert instruction on determining the value of companies as well as equities, bonds, options, futures, real estate, and more. Using real-world examples of companies and securities, this user-friendly book clarifies the entire process of valuation, describing the underlying principles of valuation as well as the unique information required for different types of assets. It guides the reader through the theory and application of difficult valuation models and highlights the strengths and weaknesses of each. An invaluable resource for authoritative information, analysis, and insight, Investment Valuation covers all the key topics in asset valuation, including: Choosing the right valuation model for any situation Choosing the right valuation model for any situation Risk and return—theory and models Risk and return—theory and models Estimation of discount rates, cash flow, and growth rates Estimation of discount rates, cash flow, and growth rates Definition and tests of market efficiency Definition and tests of market efficiency Price/earnings multiples, price/book value multiples, and price/sales multiples Price/earnings multiples, price/book value multiples, and price/sales multiples A book that offers the insight and advice of one of today's keenest business minds, Investment Valuation is an indispensable guide for investors, analysts, researchers, and others who must undertake the challenging task of valuing assets. From a recognized authority on the valuation process—a powerful guide to valuing private companies, equities, bonds, options, futures, and more INVESTMENT VALUATION Tools and techniques for determining the value of any asset In this indispensable book, noted valuation authority and acclaimed NYU finance professor Aswath Damodaran gives you expert instruction on how to value virtually any type of asset—private companies, bonds, stocks, real estate, and derivatives. Using real-world examples, he guides you through the theory and application of valuation models and highlights their strengths and weaknesses. He examines cases where the direct application of typical models often breaks down, including high growth, distressed, and private firms. A perfect guide for those who need to know more about the tricky business of valuation, Investment Valuation will be a valuable asset to everyone learning about this important investment process. About the Author ASWATH DAMODARAN is Associate Professor of Finance at New York University's Leonard N. Stern School of Business. He has been the recipient of numerous awards for outstanding teaching, including the NYU university-wide Distinguished Teaching Award, and was recently named one of the nation's top business school teachers by BusinessWeek. In addition, Mr. Damodaran teaches training courses in corporate finance and valuation at Deutsche Bank, Swiss Bank, Credit Suisse, J.P. Morgan, and Smith Barney. His publications include Damodaran on Valuation: Security Analysis for Investment and Corporate Finance, also published by Wiley.

Photographic Atlas for Anatomy & Physiology, A

About the Author Nora Hebert, Ph.D. teaches undergraduate courses in Anatomy and Physiology at Red Rocks Community College near Denver, Colorado. Although most of her students are undergraduates, primarily interested in the allied health professions, Nora has also taught graduate-level Human Physiology for the College’s Physician Assistant Program. Nora is an active faculty member at Red Rocks, serving on the faculty senate, the honors program committee, and the admissions and executive committees for the Physician Assistant Program. She is also part of the College’s Campus Green Initiative. Among her many academic projects, Nora has consulted in the development of an interactive virtual knee, known as the Explorable Virtual Human, with the Center for Human Simulation at the University of Colorado Health Sciences Center. She has also been involved with the Visible Human Dissector program, advising K-12 teachers and postsecondary instructors on how best to implement the Dissector in their classrooms. Nora has been deeply involved in the development of Practice Anatomy Lab , as coauthor of versions 2.0 and 3.0. She is also the author of over 60 A&P Flix animations covering muscle physiology, neurophysiology, and muscle origins, actions, insertions, and innervations. Nora received a Ph.D. in Endocrinology from the University of California at Berkeley. Ruth E. Heisler is a senior instructor in the Department of Integrative Physiology at the University of Colorado at Boulder where she teaches and coordinates several courses, including Human Anatomy, Comparative Vertebrate Anatomy, and Forensic Biology. She has been an instructor at the University of Colorado for more than 15 years. At the University of Colorado, Ruth has worked extensively with the Science Education Initiative to improve both the teaching and understanding of scientific material at the undergraduate level. In addition, she has been involved in academic outreach through workshops with the American Academy of Forensic Sciences and the Biological Sciences Initiative. She has been a consultant on projects with the Center for Human Simulation, working with data generated through the Visible Human Project. Ruth has been deeply involved in the development of Practice Anatomy Lab , as coauthor of versions 2.0 and 3.0. She is also author of a custom laboratory manual developed for a large, cadaver-based human anatomy lab. Ruth received her B.S. in Biology from the University of Minnesota, and her M.A. in Biology from the University of Colorado. Jett Chinn is an instructor of Human Anatomy in the Science and Technology Division of Cañada College (Redwood City, CA) and also the Life and Earth Sciences Department at the College of Marin (Kentfield, CA). Jett has more than 20 years of experience teaching Human Anatomy at institutions including San Francisco State University, California College of Podiatric Medicine, and Touro University College of Osteopathic Medicine. He has also taught first-year dental students at the UC San Francisco School of Medicine. Jett received a B.A. in general biology from San Francisco State University. Karen M. Krabbenhoft, Ph.D. is a senior lecturer in the Department of Neuroscience at the University of Wisconsin in Madison. During her 20-year career, Karen’s focus has been on teach

Executive Order (Reeder and Rogers Thriller)

About the Author Max Allan Collins received the Mystery Writers of America Grand Master Award in 2017, considered the pinnacle of achievement in mystery writing. He has earned an unprecedented twenty-threePrivate Eye Writers of America (PWA) Shamus Award Nominations, winning three times, twice for his Nathan Heller novels True Detective and Stolen Away . Collins is also the recipient of a PWA lifetime achievement award. His graphic novel Road to Perdition was the basis for the 2002 Academy Award–winning film. His suspense series include Nolan, Mallory, Jack and Maggie Starr, Eliot Ness, and Quarry, the latter now a Cinemax TV series. A cofounder of the International Association of Media Tie-in Writers, Collins has written numerous film and TV tie-in novels for series including CSI , Dark Angel , and Criminal Minds . Comics credits include the syndicated Dick Tracy strip, Batman , and his own Ms. Tree and Wild Dog . Collins lives in Muscatine, Iowa, with his wife, writer Barbara Collins. They have collaborated on twelve novels, including the popular Trash 'n' Treasures Mystery series.

Little House 4-Book Box Set: Little House in the Big Woods, Farmer Boy, Little House on the Prairie, On the Banks of Plum Creek

About the Author Laura Ingalls Wilder (1867–1957) was born in a log cabin in the Wisconsin woods. With her family, she pioneered throughout America’s heartland during the 1870s and 1880s, finally settling in Dakota Territory. She married Almanzo Wilder in 1885; their only daughter, Rose, was born the following year. The Wilders moved to Rocky Ridge Farm at Mansfield, Missouri, in 1894, where they established a permanent home. After years of farming, Laura wrote the first of her beloved Little House books in 1932. The nine Little House books are international classics. Her writings live on into the twenty-first century as America’s quintessential pioneer story. Garth Williams is the renowned illustrator of almost one hundred books for children, including the beloved Stuart Little by E. B. White, Bedtime for Frances by Russell Hoban, and the Little House series by Laura Ingalls Wilder. He was born in 1912 in New York City but raised in England. He founded an art school near London and served with the British Red Cross Civilian Defense during World War II. Williams worked as a portrait sculptor, art director, and magazine artist before doing his first book Stuart Little , thus beginning a long and lustrous career illustrating some of the best known children's books. In addition to illustrating works by White and Wilder, he also illustrated George Selden’s The Cricket in Times Square and its sequels (Farrar Straus Giroux). He created the character and pictures for the first book in the Frances series by Russell Hoban (HarperCollins) and the first books in the Miss Bianca series by Margery Sharp (Little, Brown). He collaborated with Margaret Wise Brown on her Little Golden Books titles Home for a Bunny and Little Fur Family, among others, and with Jack Prelutsky on two poetry collections published by Greenwillow: Ride a Purple Pelican and Beneath a Blue Umbrella . He also wrote and illustrated seven books on his own, including Baby Farm Animals (Little Golden Books) and The Rabbits’ Wedding (HarperCollins).