Focus on Value: A Corporate
and Investor Guide to Wealth Creation
James L. Grant, James A. Abate
Praise for Focus on Value
"Focus on Value with
its theoretical and practical focus on economic profit fundamentals is a modern day
Graham and Dodd primer on company and equity securities analysis." Robert
S. Hamada, Edward Eagle Brown Distinguished Service Professor of Finance, The University
of Chicago Graduate School of Business
"Now that investors
have abandoned momentum and are migrating back to fundamental investing, the market has
become a more rational place. This book is a manual for serious investors who believe that
identifying growing corporate earning power is the foundation of value creation. Those
following its precepts should minimize risk and be rewarded over the long term."
Byron R. Wien, Chief U.S. Investment Strategist, Morgan Stanley Dean Witter & Co.
"Economic profit is
one of the most useful managerial tools as well as a key to understanding the valuation of
companies. Focus on Value is an outstanding piece of work. It captures the full spectrum
of the 'Metric Wars' without ever confusing the reader. The serious student of
economic profit will be richly rewarded by reading this excellent book from cover to
cover." Mario A. Corti, Chairman and Chief Executive Officer, Swissair Group,
Zurich
"Messrs. Grant and
Abate have provided an analytical tool for corporate executives and investment managers
which takes the concepts of economic profit and value maximization to the next
level." Suresh Thadhani, Chief Financial Officer and Executive Vice President,
Alcan, Inc.
"This book makes a
real contribution to the most critical element in helping companies implement efficient
capital resource allocation by highlighting the direct linkage between economic profit and
stock price." Jack Warner, Chairman, Kerry Inc.
"The authors have
put together an excellent piece of work and finally provide readers seriously interested
in applying economic profit with a practical, market-oriented approach to integrate the
basic building blocks of economic profit with valuation and market expectations."
David King, Director of Research, North America, PricewaterhouseCoopers, Corporate Value
Consulting
"In an era of
following the herd toward indexation and price momentum, it is refreshing to see thinking
out of the box and substantiating the tenets of an investment process that equates value
with real investment opportunity." Eric Colson, Senior Vice President, Callan
Associates
192 pages