In Value Leadership, renowned management and investmentexpert Peter Cohan — whose 2002 stock picks gained 81percentwhen the S&P 500 plunged 24 percent— provides a new andpowerful concept of sustainable corporate value. Using hisexpertise in understanding shareholder value, Cohan offersexecutives seven management principles that were tested in periodsof economic expansion and contraction. These principles are:valuing human relationships, fostering teamwork, experimentingfrugally, fulfilling your commitments, fighting complacency,winning through multiple means, and giving to your community. Cohanillustrates these principles by drawing on examples from eightValue Leaders— Synopsys, WalMart, Goldman Sachs, MBNA,Johnson & Johnson, J. M. Smucker, Southwest Airlines, andMicrosoft. Through two recessions, these companies grew 35 percentfaster, were 109 percent more profitable, and generated five timesmore shareholder wealth than their peers.