Wiley_Finance_Franchise_Value__A_Modern_Approach_to_Security_Analysis

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1、ffirs6/2/0410:37AMPageiPraiseforFranchiseValue“ThearrivalofFranchiseValuecouldnotbemoretimelyforthepracticeofsecurityanalysis.WhobettertoprepareusthanMartinLeibowitzwithhisnearlytwodecadesofsagewritingsonthesubjectinformedbyhiscom-binedexperiencesasaseriousquantitativeresearc

2、herandamajor-leaguepractitioner?Whethernovicestudentorseasonedprofessional,thereaderisinforatreat.Bonappetit!”—RobertC.Merton,1997NobelPrizeLaureateinEconomics“Thefranchisevaluemodelisamajoradvancebeyondthetraditionaldivi-denddiscountmodelintheanalysisofpresentandfuturecompan

3、yvalue.InthisvolumeMartinLeibowitz,oneofitscreators,presentsthemodelandmanyofitsapplications.”—HarryM.Markowitz,1990NobelPrizeLaureateinEconomics“Aboldinvestigationintothebasisforcommon-stockvaluationthatwillchallengeconventionalthinkingaboutsuchbasicideasasearningsandgrowth.

4、”—JackTreynor,TreynorCapitalManagement,Inc.“GiveMartinLeibowitzaproblemandyoumaybesurethesolutionheprovideswillbecreative,profound,provocative,anddurable.Thislucidsolutiontothepuzzleofcorporatevaluationisnoexception.Everyin-vestor,economist,accountant,andbankerwillgainfromLei

5、bowitz’spow-erfulinsight,keenanalysis,andprofoundunderstandingoftheeconomicprocess.”—PeterL.Bernstein,authorofAgainsttheGods“FranchiseValueuntanglestheknottyissuessurroundingequityvaluationandgrowth.Inmovingbeyondconventionalapproachestosecurityvalua-tion,MartyLeibowitzbrings

6、exceptionalclaritytodriversofcompanyvalue.TheimportantinsightsinFranchiseValueprovideenormouspracti-calbenefittoallseriousstudentsofequitymarkets.”—DavidF.Swensen,ChiefInvestmentOfficer,YaleUniversityffirs6/2/0410:37AMPageii“Overtheyears,MartyLeibowitzhasmademanyseminalcontribu

7、tionstoourunderstandingofcapitalmarketsandthemanagementofrisksinthequestforreturn.Intheworldofequities,nonerivalshisdevelopmentoftheconceptoffranchisevalue,andthelegacyofthebubble,‘anti-franchisevalue’!Thisvolumeassemblesthisbodyofliteratureintoasinglevolume,whichisessentialr

8、eadingandanessentialreferencevolumeforanyonewhocaresaboutequityvalua