Author: Jr, Joseph Calandro

Source: Strategy and Leadership, Volume 37, Number 2, 2009 , pp. 45-49(5)

Publisher: Emerald Group Publishing Limited

Abstract:

<B>Purpose</B> - <IT>This paper aims to consider how top corporate executives in a variety of industries can find important lessons in the recently published sixth edition of Benjamin Graham and David Dodd's <IT>Security Analysis</IT> (New York: McGraw-Hill, 2008).</IT> <B>Design/methodology/approach</B> - <IT>This paper includes an interview with the lead editor of the book, value investor Seth Klarman. He explains key strategic lessons that non-financial executives can learn from the value investing concepts and methodology.</IT> <B>Findings</B> - <IT>The insights contained within <IT>Security Analysis</IT> can and should be leveraged by business leaders and strategists to create value for their firms.</IT> <B>Practical implications</B> - <IT>Graham and Dodd-based valuation and investment is a viable method with which to assess corporate strategic initiatives (such as mergers and acquisitions, share buy-backs, etc.).</IT> <B>Originality/value</B> - <IT>This paper, the first in a business strategy journal, explains how business leaders can become adept at using modern applications of Graham and Dodd-based valuation insights and technology to inform their strategic decision-making.</IT>

Keywords: Acquistions and mergers; Asset valuation; Buying behaviour; Management strategy; Market economy; Safety

Document Type: Research article

DOI: http://dx.doi.org/10.1108/10878570910941226

Publication date: 2009-03-06

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• Previously published as The Antidote

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