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  • El Campo - Great reference

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  • Aaron C. Brown - The best got better

    I have to begin with a gripe. The first four reviews are implausibly quick, given the length of this book, and are all five-star. Three are from people who reviewed only one product, one is completely devioid of content. The fifth reviewer has reviewed one other product, a razor. I understand the temptation to stuff the ballot-box early by having friends review, but I think you should find real reviewers and insist on some content.

    There are several great valuation books out there. Damodaran on Valuation concentrates on security valuation and is the most academic. Business Valuation is the best for small, private companies. Business Valuation on Wall Street tells you how Wall Street approaches the question. Theory of Valuation is the best on theory. Corporate Finance has the best treatment of valuation among corporate finance texts.

    Earlier editions of this book were the clear leaders in big and complex public company valuation. There is extensive and detailed instruction for a big team analyzing for a big project, whether it is capital budgeting, capital structure, merger, acquisition, restructuring, bankruptcy or any other valuation topic. It is comprehensive and clear. If you work on this kind of project, you need this book. If you don't work on this kind of project, it can still give you a tremendous amount of insight into the factors that contribute to shareholder value.

    The most important improvement in the fifth edition is to go beyond the developed-markets/US-style financial statement presentation to cover emerging market companies in detail. I can't say whether the section is good as I have zero experience in that area, but it sounds right and I trust the authors. The treatment of capital structure and investor relations is considerably improved based on events of the last three years. They also stuck in some useless fluff about the necessity to maximize shareholder value and behavioral finance (I don't mean those aren't interesting areas, just that there's no depth to the presentation in this book, and clearly no real interest by the authors).

    One minor gripe is the examples are usually placed around the beginning of 2008, for a book published in 2010. That's a big difference considering what happened in 2008 and 2009. I understand why you don't want to rework every example of a book this big, but some of the projections are downright comical to someone knowing what actually happened. I suppose that might help readers develop humility, at the end of the day, valuation is a matter of opinion based on highly uncertain information about totally unknowable future events. The weight and slick production values of tihs book might cause some to forget that.

  • meihamza - Wow... I'm surprised!

    I'll be honest... I'm not a huge Rick Steves fan. I'm a huge believer in experiencing local culture and getting lost in a city, which is what I did when I lived in Paris, instead of carrying a book around, hitting top sites, and eating at tour-book-approved restaurants where the demographic has shifted from French to American. (That started to sound like a rant!) However, the 2013 Paris guide is actually pretty good.

    Like any tour book, it provides historical information about Paris sights, but this book offers a HUGE synthesis of history and culture, and it's extremely well written. I know the city (and French history) well, but it was still fun to read. It includes tips for buying and using the Paris Museum Pass, which is a GOD-SEND that many visitors miss out on. Rick Steves has also written "get lost walks" for tourists who want to feel like they are getting lost in the city (but might be too nervous to actually get lost). If you want to visit Paris and have no idea where to start your research, this book is definitely a good jumping-off point. Just leave it in your home country / hostel / apartment / hotel... okay?

    (In case you're wondering, I bought the book against my better judgment for my husband to read... and I ended up being impressed.)