The Definitive Guide to Valuing Hard-to-Value Companies: Now Fully Revised for Today’s Financial Markets Financial professionals have long faced the challenge of accurately valuing companies that are difficult to value using conventional methodologies. Years ago, this challenge was most keenly felt in the “dot-com” industries, and many professionals fell victim to the “dark side,” creating values that were simply unsustainable. Now, amidst today’s global financial crisis, the same challenge applies to a far wider spectrum of enterprises and assets, ranging from Asian equities to mortgage-backed securities and financial services firms. Aswath Damodaran has thoroughly revised this book, broadening its perspective to consider all companies that resist easy valuation. He covers the entire corporate lifecycle, from “idea” and “nascent growth” companies to those in decline and distress, and offers specific guidance for valuing technology, human capital, commodity, and cyclical firms. Damodaran places special emphasis on the financial sector, illuminating the implications of today’s radically changed credit markets for valuation. Along the way, he addresses valuation questions that have suddenly gained urgency, ranging from “Are U.S. treasuries risk free?” to “How do you value assets in highly illiquid markets?” Vanquishing the “dark side”
Overcoming the temptation to use unrealistic or simplistic valuation methods Revisiting the macro inputs that go into valuation
What you must know about risk-free rates, risk premiums, and other macroeconomic assumptions Valuing idea and nascent companies: the first stages of entrepreneurial valuation
Intelligent analysis for angel and early venture capital investing Special challenges associated with valuing financial services firms
Includes new insights into projecting the impact of regulatory changes Best practices and proven solutions from the world’s #1 expert in valuation, Aswath Damodaran Now covers all industries and all stages of the corporate lifecycle Includes extensive new coverage of valuing financial services and commodities companies What’s that company or asset really worth? The question is more urgent than ever: We’ve all discovered the havoc that can be caused by misvaluing assets and companies. But some assets are extremely difficult to price with traditional methods. To accurately value them, start with the techniques and best practices in this book. Renowned valuation expert Aswath Damodaran reviews the core tools of valuation, examines today’s most difficult estimation questions and issues, and then systematically addresses the valuation challenges that arise throughout a firm’s lifecycle. Next, he turns to specific types of hard-to-value firms, including commodity firms, cyclical companies, financial services firms, organizations dependent on intangible assets, and global firms operating diverse businesses. Damodaran’s insights will be indispensable to everyone involved in valuation: financial professionals, investors, M&A specialists, and entrepreneurs alike.

This is the guide for investors who want a better understanding of investment strategies that have stood the test of time. This thoroughly revised and updated edition of "Investment Philosophies" covers different investment philosophies and reveal the beliefs that underlie each one, the evidence on whether the strategies that arise from the philosophy actually produce results, and what an investor needs to bring to the table to make the philosophy work. The book covers a wealth of strategies including indexing, passive and activist value investing, growth investing, chart/technical analysis, market timing, arbitrage, and many more investment philosophies. It presents the tools needed to understand portfolio management and the variety of strategies available to achieve investment success. It explores the process of creating and managing a portfolio. It shows readers how to profit like successful value growth index investors. Aswath Damodaran is a well-known academic and practitioner in finance who is an expert on different approaches to valuation and investment. This vital resource examines various investing philosophies and provides you with helpful online resources and tools to fully investigate each investment philosophy and assess whether it is a philosophy that is appropriate for you.

The physiologist Benjamin Libet famously demonstrated that activity in the brain's motor regions can be detected some 300 milliseconds before a person feels that he has decided to move. Another lab recently used fMRI data to show that some "conscious" decisions can be predicted up to 10 seconds before they enter awareness (long before the preparatory motor activity detected by Libet). Clearly, findings of this kind are difficult to reconcile with the sense that one is the conscious source of one's actions. The question of free will is no mere curio of philosophy seminars. A belief in free will underwrites both the religious notion of "sin" and our enduring commitment to retributive justice. The Supreme Court has called free will a "universal and persistent" foundation for our system of law. Any scientific developments that threatened our notion of free will would seem to put the ethics of punishing people for their bad behaviour in question.In Free Will Harris debates these ideas and asks whether or not, given what brain science is telling us, we actually have free will?

The nationally bestselling author of Race and Culture and Inside America presents a devastating examination of the mind-set behind the failed social policies of the past 30 years, whose defects have led to crises on education, crime, and family dynamics, "An important and incisive book."--New York Times Book Review.

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The Worldly Philosophers is a bestselling classic that not only enables us to see more deeply into our history but helps us better understand our own times. In this seventh edition, Robert L. Heilbroner provides a new theme that connects thinkers as diverse as Adam Smith and Karl Marx. The theme is the common focus of their highly varied ideas -- namely, the search to understand how a capitalist society works. It is a focus never more needed than in this age of confusing economic headlines. In a bold new concluding chapter entitled "The End of the Worldly Philosophy?" Heilbroner reminds us that the word "end" refers to both the purpose and limits of economics. This chapter conveys a concern that today's increasingly "scientific" economics may overlook fundamental social and political issues that are central to economics. Thus, unlike its predecessors, this new edition provides not just an indispensable illumination of our past but a call to action for our future.

Influence, the classic book on persuasion, explains the psychology of why people say "yes"—and how to apply these understandings. Dr. Robert Cialdini is the seminal expert in the rapidly expanding field of influence and persuasion. His thirty-five years of rigorous, evidence-based research along with a three-year program of study on what moves people to change behavior has resulted in this highly acclaimed book.
You'll learn the six universal principles, how to use them to become a skilled persuader—and how to defend yourself against them. Perfect for people in all walks of life, the principles of Influence will move you toward profound personal change and act as a driving force for your success.

From the Publisher: Twenty years ago Natalie Goldberg's classic, Writing Down the Bones, broke new ground in its approach to writing as a practice. Now, Old Friend from Far Away-her first book since Writing Down the Bones to focus solely on writing-reaffirms Goldberg's status as a foremost teacher of writing, and completely transforms the practice of writing memoir. To write memoir, we must first know how to remember. Through timed, associative, and meditative exercises, Old Friend from Far Away guides you to the attentive state of thought in which you discover and open forgotten doors of memory. At once a beautifully written celebration of the memoir form, an innovative course full of practical teachings, and a deeply affecting meditation on consciousness, love, life, and death, Old Friend welcomes aspiring writers of all levels and encourages them to find their unique voice to tell their stories. Goldberg's enormously popular workshops have given countless students the ability to heed the call to write. Old Friend from Far Away recreates her trademark workshop style with its terse, demanding writing "sprints" that train the hand and mind to quicken their pace and give up conscious control. These exercises divert the eye from the obvious and redirect it to the tactile details we miss, the embarrassments we pass over, and the complications we overlook in the blur of everyday living. Goldberg writes, "No one says it, but writing induces the state of love." Old Friend from Far Away guides us into that state of love, where heightened attention and a rhythm of focus allow the patterns and details of the past to emerge on the page. Millions of Americans want to write about their lives. With Old Friend as the road map for getting started and following through, writers and readers will gain a deeper understanding of their own minds, learn to connect with their senses in order to find the detail and truth that give their written words power and authenticity, and unfold the natural structure of the stories they carry within. An absolute joy to read, it is a profound affirmation of the capacity of the written word to remember the past, free us from it, and forever transform the way we think about ourselves and our lives. Like Writing Down the Bones, it will become an old friend to which readers return again and again.

This comprehensive guide helps developers and architects understand current cloud-native technologies, with recommendations that explain when you need to use each one. Authors Boris Scholl, Trent Swanson, and Peter Jausovec describe the patterns you need for building cloud-native applications, and provide best practices for the most common tasks such as messaging, eventing, and DevOps.
This practical book also delivers an architectural blueprint for a modern cloud-native application. You’ll learn about microservices, containers, serverless computing, storage types, data considerations, portability, and the use of functions.
Differentiate between containers and functions, and understand when to use which technology
Leverage Service Meshes to move complexity, such as distributed tracing and mutual TLS handshakes, away from the developer
Use messaging and eventing as the glue for the cloud-native composite applications
Handle state-in distributed applications
Understand what makes your application portable

This instructive and entertaining social history of American newspapers shows that the very idea of impartial, objective news” was the social product of the democratization of political, economic, and social life in the nineteenth century. Professor Schudson analyzes the shifts in reportorial style over the years and explains why the belief among journalists and readers alike that newspapers must be objective still lives on.

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"Adam Smith continues to dazzle and sparkle! With the passage of time, Supermoney has, if anything, added to its power to inspire, arouse, provoke, motivate, inform, illuminate, entertain, and guide a whole new generation of readers, while marvelously reprising the global money show for earlier fans." David M. Darst, author of The Art of Asset Allocation Managing Director and Chief Investment Strategist, Morgan Stanley Individual Investor Group
"Nobody has written about the craft of money management with more insight, humor, and understanding than Adam Smith. Over the years, he has consistently separated wisdom from whimsy, brilliance from bluster, and character from chicanery." Byron R. Wien, coauthor of Soros on Soros Chief Investment Strategist, Pequot Capital Management
Supermoney may be even more relevant today than when it was first published nearly twenty-five years ago. Written in the bright and funny style that became Adam Smith's trademark, this book gives a view inside institutions, professionals, and the nature of markets that has rarely been shown before or since. "Adam Smith" was the first to introduce an obscure fund manager in Omaha, Nebraska, named Warren Buffett. In this new edition, Smith provides a fresh perspective in an updated Preface that contextualizes the applicability of the markets of the 1960s and 1970s to today's markets. Things change, but sometimes the more they change, the more they stay the same.

"[An] executive summary of modern political history studded with sweeping assertions and telling anecdotes." -- The New York Times Book Review
"Thought-provoking." -- Kirkus Reviews
"The Wake-Up Call argues that Covid-19 has exposed not just one president's shortcomings but a much more profound degeneration of governance dating back long before 2016...You will read no more interesting book on the political consequences of the pandemic than this." -- Niall Ferguson, author of Civilization: The West and the Rest
An urgent and informed look at the challenges America and world governments will face in a post Covid-19 world.
The Covid-19 pandemic has revealed that governments matter again, that competent leadership is the difference between living and dying. A few governments proved adept at handling the crisis while many others failed. Are Western governments healthy and strong enough to keep their citizens safe from another virulent virus—and protect their economies from collapse? Is global leadership passing from the United States to Asia—and particularly China?
The Wake-Up Call addresses these urgent questions. Journalists and longtime collaborators John Micklethwait and Adrian Wooldridge identify the problems Western leaders face, and outline a detailed plan to help them become more vigilant, better prepared, and responsive to disruptive future events.
The problems that face us are enormous; as The Wake-Up Call makes clear, governments around the world must re-engineer the way they operate to successfully meet the challenges ahead.

This study focuses on the role of institutions and organizations in the development of corporate finance from the Italian merchant banks of the Renaissance through the formation of conglomerates and leveraged-buy-out partnerships in contemporary Wall Street. It also puts forth a compelling argument for the closer integration of historical and quantitative research methodologies in financial theory. The epilogue contains an original algorithm that explains the relationship between the short-term, firm-specific factors and longer-term environmental elements that have shaped the historical development of finance.

Those inquiring into the nature of mind have long been interested in the foundations of mathematics and vice versa. A better understanding of mathematical thought should clarify the conceptual foundations of mathematics, and a deeper grasp of the latter should in turn illuminate the powers of mind through which mathematics is made available to us. This volume's contributors have taken the link between conceptions of mind and mathematics as their topic, exploring and probing it from different perspectives.

A former international hostage negotiator for the FBI offers a new, field-tested approach to high-stakes negotiations—whether in the boardroom or at home.
After a stint policing the rough streets of Kansas City, Missouri, Chris Voss joined the FBI, where his career as a hostage negotiator brought him face-to-face with a range of criminals, including bank robbers and terrorists. Reaching the pinnacle of his profession, he became the FBI’s lead international kidnapping negotiator. Never Split the Difference takes you inside the world of high-stakes negotiations and into Voss’s head, revealing the skills that helped him and his colleagues succeed where it mattered most: saving lives. In this practical guide, he shares the nine effective principles—counterintuitive tactics and strategies—you too can use to become more persuasive in both your professional and personal life.
Life is a series of negotiations you should be prepared for: buying a car, negotiating a salary, buying a home, renegotiating rent, deliberating with your partner. Taking emotional intelligence and intuition to the next level, Never Split the Difference gives you the competitive edge in any discussion.

The importance of the international monetary system is clearly evident in daily news stories about fluctuating currencies and in dramatic events such as the recent reversals in the Mexican economy. It has become increasingly apparent that one cannot understand the international economy without knowing how its monetary system operates. Now Barry Eichengreen presents a brief, lucid book that tells the story of the international financial system over the past 150 years. Globalizing Capital is intended not only for economists but also for a general audience of historians, political scientists, professionals in government and business, and anyone with a broad interest in international economic and political relations. Eichengreen's work demonstrates that insights into the international monetary system and effective principles for governing it can result only if it is seen a historical phenomenon extending from the gold standard period to interwar instability, then to Bretton Woods, and finally to the post-1973 period of fluctuating currencies.
Eichengreen analyzes the shift from pegged to floating exchange rates in the 1970s and ascribes that change to the growing capital mobility that has made pegged rates difficult to maintain. However, he shows that capital mobility was also high prior to World War I, yet this did not prevent the maintenance of fixed exchange rates. What was critical for the successful maintenance of fixed exchange rates during that period was the fact that governments were relatively insulated from democratic politics and thus from pressure to trade off exchange rate stability for other goals, such as the reduction of unemployment. Today pegging exchange rates would require very radical reforms of a sort that governments are understandably reluctant to embrace. The implication seems undeniable: floating rates are here to stay.

The essentials of communication for professionals, educators, students, and entrepreneurs, from organizing your thoughts to inspiring your audience.
Do you give presentations at meetings? Do you ever have to explain a complicated subject to audiences unfamiliar with your field? Do you make pitches for ideas or products? Do you want to interest a lecture hall of restless students in subjects that you find fascinating? Then you need this book. Make It Clear explains how to communicate—how to speak and write to get your ideas across. Written by an MIT professor who taught his students these techniques for more than forty years, the book starts with the basics—finding your voice, organizing your ideas, making sure what you say is remembered, and receiving critiques (“do not ask for brutal honesty”)—and goes on to cover such specifics as preparing slides, writing and rewriting, and even choosing a type family.
The book explains why you should start with an empowerment promise and conclude by noting you delivered on that promise. It describes how a well-crafted, explicitly identified slogan, symbol, salient idea, surprise, and story combine to make you and your work memorable. The book lays out the VSN-C (Vision, Steps, News–Contributions) framework as an organizing structure and then describes how to create organize your ideas with a “broken–glass” outline, how to write to be understood, how to inspire, how to defeat writer's block—and much more. Learning how to speak and write well will empower you and make you smarter. Effective communication can be life-changing—making use of just one principle in this book can get you the job, make the sale, convince your boss, inspire a student, or even start a revolution.

Accelerate your organization to win in the marketplace.
How can we apply technology to drive business value? For years, we’ve been told that the performance of software delivery teams doesn’t matter―that it can’t provide a competitive advantage to our companies. Through four years of groundbreaking research to include data collected from the State of DevOps reports conducted with Puppet, Dr. Nicole Forsgren, Jez Humble, and Gene Kim set out to find a way to measure software delivery performance―and what drives it―using rigorous statistical methods. This book presents both the findings and the science behind that research, making the information accessible for readers to apply in their own organizations.
Readers will discover how to measure the performance of their teams, and what capabilities they should invest in to drive higher performance. This book is ideal for management at every level.

Reminiscences of a Stock Operator "… I learned early that there is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again. I’ve never forgotten that.… The fact that I remember that way is my way of capitalizing experience." —from Reminiscences of a Stock Operator First published in 1923, Reminiscences of a Stock Operator is the fictionalized biography of Jesse Livermore, one of the greatest speculators who ever lived. Now, more than 70 years later, Reminiscences remains the most widely read, highly recommended investment book ever written. Generations of investors have found that it has more to teach them about themselves and other investors than years of experience in the market. They have also discovered that its trading advice and keen analyses of market price movements ring as true today as in 1923. Jesse Livermore won and lost tens of millions of dollars playing the stock and commodities markets during the early 1900s—at one point making the thenastronomical amount of ten million dollars in just one month of trading. So potent a market force was he in his day that, in 1929, he was widely believed to be the man responsible for causing the Crash. He was forced into seclusion and had to hire a bodyguard. Originally reviewed in The New York Times as a nonfiction book, Reminiscences of a Stock Operator vividly recounts Livermore’s mastery of the markets from the age cf 14. Always good at figures, he learns, early on, that he can predict which way the numbers will go. Starting out with an investment of five dollars, he amasses a fortune by his early twenties and establishes himself as a major player on the Street. He makes his first killing in 1906, selling short on Union Pacific. He goes on to corner the cotton market, and has a million-dollar day Bullish in bear markets and bearish among bulls, he claims that only suckers gamble on the market. The trick, he advises, is to protect yourself by balancing your investments, and selling big on the way down. Livermore goes broke three times, but he comes back each time feeling richer for the learning experience. Offering profound insights into the motivations, attitudes, and feelings shared by every investor, Reminiscences of a Stock Operator is a timeless instructional tale that will enrich the lives—and portfolios—of today’s traders as it has those of generations past. --This text refers to the Hardcover edition.