PRAISE FOR VALUE CREATION PRINCIPLES "In Value Creation Principles, Madden introduces the Pragmatic Theory of the Firm that positions the firm as a system fueled by human capital, innovation, and, at a deeper level, imagination. He challenges us to understand how we know what we think we know in order to better discover faulty assumptions that often are camouflaged by language. His knowledge building loop offers guideposts to design experiments and organize feedback to facilitate early adaptation to a changed environment and to avoid being mired in ways of thinking rooted in 'knowledge' of what worked well in the past—a context far different from the context of today. His book explains a way of being that enables those who work for, or invest in, business firms to see beyond accounting silos and short-term quarterly earnings and to focus on capabilities instrumental for creating long-term future and sustainable value for the firm's stakeholders. I can't recommend this astounding book enough especially given its deep and timely insights for our world today." —John Seely Brown, former Chief Scientist for Xerox Corp and Director of its Palo Alto Research Center (PARC); co-author with Ann Pendleton-Jullian of Design Unbound: Designing for Emergence in a White Water World "In contrast to existing abstract theories of the firm, Madden's pragmatic theory of the firm connects management's decisions in a practical way to a firm's life cycle and market valuation. The book promotes a firm's knowledge building proficiency, relative to competitors, as the fundamental driver of a firm's long-term performance, which leads to insights about organizational capabilities, intangible assets, and excess shareholder returns. Value Creation Principles is ideally suited to facilitate progress in the New Economy by opening up the process by which firms build knowledge and create value, which is a needed step in revising how neoclassical economics treats the firm." —Tyler Cowen, Professor of Economics, George Mason University; co-author of the popular economics blog Marginal Revolution "Bartley Madden rightfully points out that both textbook and more advanced economic theories of the firm fail to address the concerns of top management and boards of directors. He offers a tantalizing pragmatic alternative that directly connects to quantitative changes in the firm's market value. His framework gives recognition to the importance of intangible assets, and his pragmatic approach is quite complementary to the Dynamic Capabilities framework that strategic managers implicitly and sometimes explicitly employ." —David J. Teece, Thomas W. Tusher Professor in Global Business, Faculty Director, Tusher Center for the Management of Intellectual Capital, Haas School of Business, University of California, Berkeley
Wealth creation insights by the creator of the company life-cycle framework known as the CFROI valuation model. Investors searching for companies whose future profitability will far exceed that implied in current stock prices, those in business making decisions to improve company performance, and politicians crafting legislation-all use some form of a wealth creation framework. In this book, author Bartley Madden addresses how to think about the complex dynamics in generating wealth and the practical benefits to be gained from upgrading one's wealth creation framework. Throughout these pages, Madden shares six critical insights: A systems mindset focuses not so much on the individual pieces of a system, but on how all the pieces work together to achieve the goal envisioned for the system. The systems way of thinking described in Wealth Creation helps to avoid unintended, bad consequences, and to generate insights for leveraging change that produces big gains in wealth Economic systems -- the rules and relationships that exist to create wealth by delivering value to customers -- are devilishly complex and therefore solving economic problems requires extensive knowledge. Seen in this light, knowledge growth and wealth creation are two sides of the same coin. A prerequisite to making better buy/hold/sell investment decisions and business judgments is an improved understanding of how wealth is created. An especially useful approach described in this book is to connect business firms' financial performance to stock prices via the firms' competitive life-cycle framework A deeper understanding of business firms makes it plain that customers, employees, and shareholders have mutual, long-term interests. In other words, a free-market system geared to serving customers through competition is a system in which participants share the wealth that is jointly created There is a huge opportunity for sustained, higher economic growth through voluntary initiatives by the private sector. One initiative involves an accelerated implementation of lean management, which was pioneered by Toyota. This is a systems approach that continually purges waste and optimizes the use of resources in delivering value to customers The other initiative concerns improved corporate governance. The wealth creation principles discussed in this book offer a blueprint for boards of directors to vastly improve how they fulfill their responsibility to shareholders, and in so doing, improve the performance of corporate America These ideas have taken shape as a natural outgrowth of a commercial research program that began in 1969 at Callard, Madden & Associates focused on how to value business firms. It produced the CFROI (cash-flow-return-on-investment) metric and its related life-cycle valuation model. This work was further advanced at HOLT Value Associates, which was later acquired by Credit Suisse in 2002. Credit Suisse HOLT continues the research to improve the valuation tools and related global database that analyzes 20,000 companies in over 60 countries. This system is used by a large number of institutional money management firms worldwide in order to make better investment decisions.
In a world where short-term thinking has taken hold for too many managers and investors, Value Creation Thinking provides a much needed perspective on the key drivers of long-term value. Madden unites the fundamentals of financial valuation with a unique emphasis on corporate purpose, culture, and knowledge. Based on decades of research and practice, Value Creation Thinking sheds light on enduring sources of competitive advantage and exposes how traditional business thinking and accounting practices often distract managers and investors from sustained performance. By speaking the language of both shareholders and stakeholders, Madden provides an important contribution to our understanding of capitalism at a critical moment, and an illuminating roadmap for the future of business." -- Dominic Barton, Global Managing Director, McKinsey & Co.
This fine book is a down-to-earth primer on what every businessperson in a dynamic economy needs to know about modern knowledge in economics, psychology, and philosophy." - Edmund Phelps, Columbia University Nobel Laureate in Economics Learning how to see through the complexity of business problems is of great consequence. The four core beliefs introduced in this book have been distilled from economics, neuroscience, psychology, and philosophy. They have proven to facilitate breakthrough thinking, guide continuous improvement, and shape wealth-creating strategies. Used together, they will transform your worldview-a distinct competitive advantage.
Free To Choose Medicine offers a compelling argument for the freedom of every patient, guided by the advice of his or her doctor, to make informed decisions about the use of not-yet-FDA-approved therapeutic drugs that are in late stages of clinical testing. After discussing the FDA's current drug approval process, the author presents an easy-to-read, yet comprehensive case for the Free To Choose Medicine Acta policy that would bring enormous benefits to patients in serious need of newly developed drugs, and that would reverse today's trend toward increased governmental regulations. The book also deconstructs the false arguments of those who want to maintain the status quo of the FDA, or worse--those who demand ever-more-stringent FDA testing, which sometimes results in deadly over-caution. The passage of a Free To Choose Medicine Act would be a defining moment for Americansa stake in the ground reminding us that control of medical decisions belongs, first and foremost, with individual patients and their doctors.
PRAISE FOR VALUE CREATION PRINCIPLES "In Value Creation Principles, Madden introduces the Pragmatic Theory of the Firm that positions the firm as a system fueled by human capital, innovation, and, at a deeper level, imagination. He challenges us to understand how we know what we think we know in order to better discover faulty assumptions that often are camouflaged by language. His knowledge building loop offers guideposts to design experiments and organize feedback to facilitate early adaptation to a changed environment and to avoid being mired in ways of thinking rooted in 'knowledge' of what worked well in the past—a context far different from the context of today. His book explains a way of being that enables those who work for, or invest in, business firms to see beyond accounting silos and short-term quarterly earnings and to focus on capabilities instrumental for creating long-term future and sustainable value for the firm's stakeholders. I can't recommend this astounding book enough especially given its deep and timely insights for our world today." —John Seely Brown, former Chief Scientist for Xerox Corp and Director of its Palo Alto Research Center (PARC); co-author with Ann Pendleton-Jullian of Design Unbound: Designing for Emergence in a White Water World "In contrast to existing abstract theories of the firm, Madden's pragmatic theory of the firm connects management's decisions in a practical way to a firm's life cycle and market valuation. The book promotes a firm's knowledge building proficiency, relative to competitors, as the fundamental driver of a firm's long-term performance, which leads to insights about organizational capabilities, intangible assets, and excess shareholder returns. Value Creation Principles is ideally suited to facilitate progress in the New Economy by opening up the process by which firms build knowledge and create value, which is a needed step in revising how neoclassical economics treats the firm." —Tyler Cowen, Professor of Economics, George Mason University; co-author of the popular economics blog Marginal Revolution "Bartley Madden rightfully points out that both textbook and more advanced economic theories of the firm fail to address the concerns of top management and boards of directors. He offers a tantalizing pragmatic alternative that directly connects to quantitative changes in the firm's market value. His framework gives recognition to the importance of intangible assets, and his pragmatic approach is quite complementary to the Dynamic Capabilities framework that strategic managers implicitly and sometimes explicitly employ." —David J. Teece, Thomas W. Tusher Professor in Global Business, Faculty Director, Tusher Center for the Management of Intellectual Capital, Haas School of Business, University of California, Berkeley
What generates shareholder value? How can it be evaluated? How can it influence investment decisions and corporate strategy? Cash Flow Return On Investment answers all these questions by detailing the pioneering financial research carried out by HOLT Value Associates, the leading consultancy in the field. Read this book if you want to find out what really drives the wealth generation in any business, allowing you to pick which equities will succeed and which strategic initiatives are destined for high returns. The CFROI model is an essential tool for professionals working in finance and corporate strategy. It clarifies how economic value is created in a firm and acts as a reliable guide to: * making investment decisions * taking key strategic decisions * understanding economic value Shows how to judge and compare individual equities across markets and company sectors Cutting edge theory and practice The leading book about shareholder value authored by one of the world's leading consultancies in the field
This work is the third of a four-volume treatise. In seven sections, it covers: The General Welfare Clause: Mutation of Restraint into Plenary Power-Federal Commerce Power: Leviathan's Dragnet-Necessary And Proper: Any Expedient Will Do-Delegation Run Riot: Exorcism Of Separation Of Powers And Ordination Of Presidential Lawmaking-Rambo Power Rampant-The 14th Amendment Amended: Voodoo Jurisdiction-R.I.P. FederalismThe volume is styled, The Kiss of Judice: The Constitution Betrayed-A Coroner's Inquest and Report. 'Judice', Latin, a pun, means 'pertaining to judges'; thus denoting the judicial, Judas-like betrayal of the Constitution. 'Coroner's Inquest' denotes that the work is a study into the death of the Constitution. Your author is the Coroner. He proceeds in the Inquest with the aid of his Coroner's Jury: Jefferson, Madison, Hamilton, Story, Locke, and Blackstone. The work in this volume is a dialogue between the Coroner and his jury on the various parts of the Constitution covered. The jury members answer the Coroner's questions, for the most part in their own words, drawn from a variety of their written works. Occasionally the Coroner puts words in their mouths; those 'inventions' are shown in brackets in the jurors' answers. The work is novel, because, to the author's knowledge, it is the only 'Constitutional Law' textbook that collects the wisdom of the framers as the Constitution's only authoritative sources; it does not, as most Constitutional Law texts do, emphasize court cases as constitutional authority, for more often than not, the courts have only warped the Constitution. In a broader sense, though, the work is not novel, for it's only an arrangement of the work already done by the jurors. The author is pleased to say that the work, by and large, is not original thought. Its beauty is that it only revives long-forgotten constitutional 'discoveries' as set in the words of the main jurors and some others within 'interviewed'. Note to purchasers: For updates to the manuscript, check "Pastoral Republican" @ http://douglassbartley.wordpress.com/
This study is not written from the narrow perspective of “Who gets the oil?” It is a thoughtful probing of an issue—the ownership and control of the submerged soils of the marginal sea—the outcome of which may go far to determine the division of powers between states and nation under the American federal system. American constitutional law, international law, theory of federalism, American politics, the machinations of pressure groups, use of propaganda techniques, and issues of social and economic policy—all these features of American government and many more are inherent in the controversy. In 1947, in a precedent-making decision, the Supreme Court enunciated the principle that the federal government, not the states, has “paramount rights in and power over” the marginal seas which border the coastal states, and has “full dominion over the resources under that water area, including oil.” For more than 150 years the littoral states had exercised uncontested jurisdiction and ownership over the marginal-sea area, subject only to the powers specifically granted to the national government by the Constitution. The states had regulated the fisheries within the three-mile limit, applying state laws to vessels licensed under federal statutes. Long before oil possibilities were thought of, they had granted or leased areas in the marginal seas to private persons and corporations for purposes of land reclamation and harbor development, dredging for sand and gravel, development of oyster beds, and similar projects. These property rights can far exceed in value the wealth to be derived from petroleum. A just settlement of the issue, says the author, calls for restoration to the states of control of the marginal sea out to their historical boundaries—three miles in most cases; three leagues, or ten and one-half miles, in the case of Texas and the west coast of Florida. This study is based upon thorough investigation of all literature on the subject and personal interviews and correspondence with leaders on both sides of the controversy.
This work is the fourth of a four-volume treatise. In twelve sections, it covers: Death of Contract, Full Faith & Credit, 9th Amendment: Only an ‘Inkblot’?, Other Jurisdictional Usurpations by The Court for Itself, Ashcroft Hearings: ‘Pyrrhus Testifies’, Field Test № 1: The Government and Major League Baseball vs. The Taxpayers—Into the Judicial Bull-Pen, Field Test № 2: Joan of Arc vs. IRS—Of Hamster Nostrils, Hexing Studies, and the Government's Official Renunciation of The Federalist, Field Test №3: Anatomy of a Judicial Murder: Of Beanbags, Unnatural Acts with Sheep, and a Judicial Pardon for a Governor, Ex-Cathedra: Perpetuity of Infallible Error, Two Constitutions: The Court's vs. The Founders', Judici Officium Suum Excedenti Non Paretur: Constitutional Convention Anyone? The volume is styled, The Kiss of Judice: The Constitution Betrayed-A Coroner's Inquest and Report. 'Judice', Latin, a pun, means 'pertaining to judges'; thus denoting the judicial, Judas-like betrayal of the Constitution. 'Coroner's Inquest' denotes that the work is a study into the death of the Constitution. Your author is the Coroner. He proceeds in the Inquest with the aid of his Coroner's Jury: Jefferson, Madison, Hamilton, Story, Locke, and Blackstone. The work in the first two volumes of the treatise is a dialogue between the Coroner and his jury on the various parts of the Constitution covered. The jury members answer the Coroner's questions, for the most part in their own words, drawn from a variety of their written works. Occasionally the Coroner puts words in their mouths; those 'inventions' are shown in brackets in the jurors' answers. In the third and fourth volumes, the lessons of the Founders in Volumes 1 and 2 are applied to cases decided by the U.S. Supreme Court. Most readers will be astonished at how often the supreme court has gotten it wrong either in result, reasoning, or both. The work is novel, because, to the author's knowledge, it is the only 'Constitutional Law' textbook that collects the wisdom of the framers as the Constitution's only authoritative sources; it does not, as most Constitutional Law texts do, emphasize court cases as constitutional authority, for more often than not, the court has only warped the Constitution. In a broader sense, though, the work is not novel, for it's only an arrangement of the work already done by the jurors. The author is pleased to say that the work, by and large, is not original thought. Its beauty is that it only revives long-forgotten constitutional 'discoveries' as set in the words of the main jurors and some others within 'interviewed'. Note to purchasers: For updates to the manuscript, check "Pastoral Republican" @ http://douglassbartley.wordpress.com/
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