An accessible guide to the essential issues of corporate finance.
While you can find numerous books focused on the topic of corporate finance, few offer the type of information managers need to help them make important decisions day in and day out. Value explores the core of corporate finance without getting bogged down in numbers and is intended to give managers an accessible guide to both the foundations and applications of corporate finance. Filled with in-depth insights from experts at McKinsey & Company, this reliable resource takes a much more qualitative approach to what the authors consider a lost art. This book:
A perfect companion to the Fifth Edition of Valuation, this book will put the various issues associated with corporate finance in perspective.
©2011 McKinsey & Company (P)2012 Audible, Inc.
If you have a finance background you will really enjoy the theory discussion.
If you are not a finance person, you will want to familiarize yourself with key terms during each chapter, or even before if you can skim ahead. Otherwise the jargon may go over your head as with me initially. Going through it once to find terms, dig in, and understand, then a second time to enjoy and soak in the context.
No key terms are provided unfortunately.
Engineer in St Louis, Missouri, United States
This is a quality book, great content and very smart. They need to write a second book to go deeper.
In Value, some career McKinsey management consultants share the cornerstones they see that business use to build value for their stock holders. They include Core of Value, Conservation of Value, Expectations Treadmill, and Best Owner. The authors do this by spending time describing how the markets work by discussion the different classes of investors and how they influence the markets. They then spend the rest of the book describing how the leaders of the company drive value by building on the cornerstones.
Although it is hard to follow without the pdf accompaniment (I listen while walking) I still found this to be a very clear and concise explanation on the fundamentals. The narrator was great to listen to.
The book provides a good overall review of basic value factors: the metrics such as P/E ratios, the role of the CEO, the types of investors and investing strategies, and how to assess the importance of these factors.
Audible is my #1 source for learning since my MBA!
This is by far the best audiobook I've listened to about how to create value and what factors affect value in different strategic contexts.
Why anyone at any level would pay McKinsey for anything baffles me. They are the masters of bullshit and saying nothing or the obvious, masking their nonsense with "our studies have shown" or some other academic sounding preamble to somehow convey that what they say has any value. Literally the biggest con going in corporate America. You are much better off buying a basic accounting and finance 101 book. I know of executives would engage McKinsey to write a reports recommending the actions the executive wanted taken, needed to show were "independently" prescribed by outside impartial third parties. Literally the firm is a scam and contributes nothing to management or finance but reducing shareholder earnings by parasitically draining precious cash flow into their coffers with their consulting fees.
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