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  • Format: ePub

This is the eBook version of the printed book.

An objective framework for assessing management's effectiveness in deploying capital to increase shareholder value.
Shareholders' lack of direct control over cash flow represents a blind spot in traditional cash flow-based valuation. Management might deploy a company's free cash flow in many ways that don't add shareholder value. Management controls the balance sheet, retaining discretion over assets and power to borrow against future cash flows. This document will help investors evaluate management's critical role as capital allocator.

Produktbeschreibung
This is the eBook version of the printed book.



An objective framework for assessing management's effectiveness in deploying capital to increase shareholder value.

Shareholders' lack of direct control over cash flow represents a blind spot in traditional cash flow-based valuation. Management might deploy a company's free cash flow in many ways that don't add shareholder value. Management controls the balance sheet, retaining discretion over assets and power to borrow against future cash flows. This document will help investors evaluate management's critical role as capital allocator.


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Autorenporträt
Phil McCauley is Senior Portfolio Management Director for the Madison Group at Morgan Stanley Smith Barney. Phil was named Portfolio Manager of the Year by the Portfolio Management Institute in 2010. For the past 3 years, he has been recognized by Barron's as one of the nation's top financial advisers. Prior to joining Morgan Stanley Smith Barney in 2000, Phil was a Senior Vice President with Hilliard Lyons. Phil graduated from DePauw University with a BA in Economics and is a CFA charterholder.

Brett Neubert has served as Director of Investments for Robertson Opportunity Capital, a Dallas-based hedge fund, since 2001. Prior to joining Robertson, Brett spent 12 years at First Chicago (now part of JP Morgan Chase) and its successors in Corporate Banking and Capital Markets. Brett graduated from DePauw University with a BA in Economics and holds an MBA in Finance from the Fuqua School of Business at Duke University. He is a CFA charterholder.