Wealth Creation: A Systems Mindset for Building and Investing in Businesses for the Long Term

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9780470488683: Wealth Creation: A Systems Mindset for Building and Investing in Businesses for the Long Term
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Wealth creation insights by the creator of the company life-cycleframework known as the CFROI valuation model.

Investors searching for companies whose future profitabilitywill far exceed that implied in current stock prices, those inbusiness making decisions to improve company performance, andpoliticians crafting legislation-all use some form of a wealthcreation framework.

In this book, author Bartley Madden addresses how to think aboutthe complex dynamics in generating wealth and the practicalbenefits to be gained from upgrading one's wealth creationframework. Throughout these pages, Madden shares six criticalinsights:

  • A systems mindset focuses not so much on the individualpieces of a system, but on how all the pieces work together toachieve the goal envisioned for the system. The systems way ofthinking described in Wealth Creation helps to avoidunintended, bad consequences, and to generate insights forleveraging change that produces big gains in wealth
  • Economic systems -- the rules and relationships that exist tocreate wealth by delivering value to customers -- are devilishlycomplex and therefore solving economic problems requires extensiveknowledge. Seen in this light, knowledge growth and wealthcreation are two sides of the same coin.

  • A prerequisite to making better buy/hold/sell investmentdecisions and business judgments is an improved understanding ofhow wealth is created. An especially useful approach described inthis book is to connect business firms' financial performance tostock prices via the firms' competitive life-cycleframework
  • A deeper understanding of business firms makes it plain thatcustomers, employees, and shareholders havemutual, long-term interests. In other words, a free-marketsystem geared to serving customers through competition is a systemin which participants share the wealth that is jointly created
  • There is a huge opportunity for sustained, higher economicgrowth through voluntary initiatives by the private sector. Oneinitiative involves an accelerated implementation of leanmanagement, which was pioneered by Toyota. This is a systemsapproach that continually purges waste and optimizes the use ofresources in delivering value to customers
  • The other initiative concerns improved corporategovernance. The wealth creation principles discussed in thisbook offer a blueprint for boards of directors to vastly improvehow they fulfill their responsibility to shareholders, and in sodoing, improve the performance of corporate America

These ideas have taken shape as a natural outgrowth of acommercial research program that began in 1969 at Callard, Madden& Associates focused on how to value business firms. Itproduced the CFROI (cash-flow-return-on-investment) metric and itsrelated life-cycle valuation model. This work was further advancedat HOLT Value Associates, which was later acquired by Credit Suissein 2002. Credit Suisse HOLT continues the research to improve thevaluation tools and related global database that analyzes 20,000companies in over 60 countries. This system is used by a largenumber of institutional money management firms worldwide in orderto make better investment decisions.

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From the Back Cover:

Praise for Wealth Creation

"Bart effectively illustrates that neither unprincipledopportunism nor endless regulation can lead to business success andsocietal well-being. Instead, such universal benefits can onlyderive from a relentless focus on creating real, long-termvalue."
—Charles G. Koch, Chairman of the Board and CEO, KochIndustries, Inc.

"This book is for investors, but public policymakers take note.Its message for both is that wealth is created from within, not topdown or outside in. For investors there are practical guidelines toidentify firms early in their life cycle that demonstrate a highcapacity for innovation and integrity, and that listen to and servetheir customers. Policymakers must nurture this businessenvironment for all to prosper."
—Vernon L. Smith, Economic Science Institute, ChapmanUniversity, Nobel Laureate in Economics, 2002

"We use the life-cycle framework explained in Bart Madden's bookas the linchpin for analyzing companies and diversifying clients'portfolios. Before voting for leaders in Washington, we should quizthem on how well they understand the principles laid out in WealthCreation."
—Christopher C. Faber, founder, IronBridge CapitalManagement, LP

"An imaginative [book] that integrates a dynamic approach tobusiness systems with the fundamentals of wealth creation."
—Douglass C. North, Nobel Laureate in Economics,1993

"This enlightening book helps the reader understand what isneeded to get a free market economy to function ideally, andidentifies significant shortcomings in current arrangements.Particularly illuminating is the emphasis on an absence ofincentives for management to focus on long-term performance of thefirm, and the failure of directors to provide effectiveoversight."
—William J. Baumol, author of The Free-Market InnovationMachine: Analyzing the Growth Miracle of Capitalism

"Madden's competitive life-cycle framework will provide insightsthat help forecast life-cycle patterns of economic returns that thefirm will generate for its investors. I recommend this book toevery long-term value investor."
—Ravi Jagannathan, Chicago Mercantile Exchange/John F.Sander Professor of Finance, Kellogg School of Management,Northwestern University

From the Inside Flap:

The competitive life-cycle framework—and its relationto stock valuation—is based on the premise that competitionand capital flows operate over the longer term to force a firm'seconomic returns toward the cost of capital. In short, the patternof a firm's economic returns and reinvestment rates reflects anunending struggle between managerial skill and competition overtime. The life-cycle framework, as explained in this book, providesan insightful and intuitive way to understand levels and changes instock prices over time. It is widely used by institutional moneymanagers in order to make better investment decisions.

Throughout the book, the common thread is a systemsmindset for understanding societal attitudes and institutionsthat hinder or promote wealth creation and the complex activitiesof business firms in efficiently meeting customer needs. Such amindset focuses attention on the underlying processes and relatedincentives that drive the overall system results, and especially onthe importance of continual firm-wide learning to improve thoseprocesses.

The life-cycle framework provides a unique lens for seeingthrough a firm's short-term financial results to better gaugelikely long-term wealth creation or destruction. Company examplesshowcase the analytical usefulness of life-cycle track records andpresent a bottom-up view of how—in a free-marketeconomy—customers, employees, and shareholders have mutual,long-term interests.

Madden details opportunities for higher, sustainable economicgrowth through voluntary, private sector initiatives. As toimproved management, he analyzes both the difficulty in duplicatinglean principles pioneered by Toyota and the relatedpotential for sustained competitive advantage. As to improvedcorporate governance, he describes a novel approach forboards of directors to ensure that management follows a wealthcreation path.

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Book Description John Wiley and Sons Ltd, United Kingdom, 2010. Hardback. Condition: New. 1. Auflage. Language: English. Brand new Book. Wealth creation insights by the creator of the company life-cycleframework known as the CFROI valuation model. Investors searching for companies whose future profitabilitywill far exceed that implied in current stock prices, those inbusiness making decisions to improve company performance, andpoliticians crafting legislation-all use some form of a wealthcreation framework. In this book, author Bartley Madden addresses how to think aboutthe complex dynamics in generating wealth and the practicalbenefits to be gained from upgrading one's wealth creationframework. Throughout these pages, Madden shares six criticalinsights: * A systems mindset focuses not so much on the individualpieces of a system, but on how all the pieces work together toachieve the goal envisioned for the system. The systems way ofthinking described in Wealth Creation helps to avoidunintended, bad consequences, and to generate insights forleveraging change that produces big gains in wealth * Economic systems -- the rules and relationships that exist tocreate wealth by delivering value to customers -- are devilishlycomplex and therefore solving economic problems requires extensiveknowledge.Seen in this light, knowledge growth and wealthcreation are two sides of the same coin. * A prerequisite to making better buy/hold/sell investmentdecisions and business judgments is an improved understanding ofhow wealth is created. An especially useful approach described inthis book is to connect business firms' financial performance tostock prices via the firms' competitive life-cycleframework * A deeper understanding of business firms makes it plain thatcustomers, employees, and shareholders havemutual, long-term interests. In other words, a free-marketsystem geared to serving customers through competition is a systemin which participants share the wealth that is jointly created * There is a huge opportunity for sustained, higher economicgrowth through voluntary initiatives by the private sector. Oneinitiative involves an accelerated implementation of leanmanagement, which was pioneered by Toyota. This is a systemsapproach that continually purges waste and optimizes the use ofresources in delivering value to customers * The other initiative concerns improved corporategovernance.The wealth creation principles discussed in thisbook offer a blueprint for boards of directors to vastly improvehow they fulfill their responsibility to shareholders, and in sodoing, improve the performance of corporate America These ideas have taken shape as a natural outgrowth of acommercial research program that began in 1969 at Callard, Madden& Associates focused on how to value business firms. Itproduced the CFROI (cash-flow-return-on-investment) metric and itsrelated life-cycle valuation model. This work was further advancedat HOLT Value Associates, which was later acquired by Credit Suissein 2002. Credit Suisse HOLT continues the research to improve thevaluation tools and related global database that analyzes 20,000companies in over 60 countries. This system is used by a largenumber of institutional money management firms worldwide in orderto make better investment decisions. Seller Inventory # BTE9780470488683

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Book Description John Wiley and Sons Ltd, United Kingdom, 2010. Hardback. Condition: New. 1. Auflage. Language: English. Brand new Book. Wealth creation insights by the creator of the company life-cycleframework known as the CFROI valuation model. Investors searching for companies whose future profitabilitywill far exceed that implied in current stock prices, those inbusiness making decisions to improve company performance, andpoliticians crafting legislation-all use some form of a wealthcreation framework. In this book, author Bartley Madden addresses how to think aboutthe complex dynamics in generating wealth and the practicalbenefits to be gained from upgrading one's wealth creationframework. Throughout these pages, Madden shares six criticalinsights: * A systems mindset focuses not so much on the individualpieces of a system, but on how all the pieces work together toachieve the goal envisioned for the system. The systems way ofthinking described in Wealth Creation helps to avoidunintended, bad consequences, and to generate insights forleveraging change that produces big gains in wealth * Economic systems -- the rules and relationships that exist tocreate wealth by delivering value to customers -- are devilishlycomplex and therefore solving economic problems requires extensiveknowledge.Seen in this light, knowledge growth and wealthcreation are two sides of the same coin. * A prerequisite to making better buy/hold/sell investmentdecisions and business judgments is an improved understanding ofhow wealth is created. An especially useful approach described inthis book is to connect business firms' financial performance tostock prices via the firms' competitive life-cycleframework * A deeper understanding of business firms makes it plain thatcustomers, employees, and shareholders havemutual, long-term interests. In other words, a free-marketsystem geared to serving customers through competition is a systemin which participants share the wealth that is jointly created * There is a huge opportunity for sustained, higher economicgrowth through voluntary initiatives by the private sector. Oneinitiative involves an accelerated implementation of leanmanagement, which was pioneered by Toyota. This is a systemsapproach that continually purges waste and optimizes the use ofresources in delivering value to customers * The other initiative concerns improved corporategovernance.The wealth creation principles discussed in thisbook offer a blueprint for boards of directors to vastly improvehow they fulfill their responsibility to shareholders, and in sodoing, improve the performance of corporate America These ideas have taken shape as a natural outgrowth of acommercial research program that began in 1969 at Callard, Madden& Associates focused on how to value business firms. Itproduced the CFROI (cash-flow-return-on-investment) metric and itsrelated life-cycle valuation model. This work was further advancedat HOLT Value Associates, which was later acquired by Credit Suissein 2002. Credit Suisse HOLT continues the research to improve thevaluation tools and related global database that analyzes 20,000companies in over 60 countries. This system is used by a largenumber of institutional money management firms worldwide in orderto make better investment decisions. Seller Inventory # BZV9780470488683

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