Rating: 
Summary: Comments from a former consultant and investment banker
Review: A comprehensive overview of the emerging school of thought on valuation theory and financial analysis. A very useful and enlightening book to read for corporate finance practitioners and for undergrads aspiring for careers in strategic consulting and/or investment banking. Anecdotal passages clearly illustrate the arguments presented in the book. Although quite opinionated, Mssr. Stern and Stewart convey a compelling argument that dispells traditional and current analyticals. Although the subject matter is corporate finance, Mssr. Stern and Steward display noteworthy talent in writing/narration style, surprisingly transforming a mundane subject into an enjoyable and even humorous book.
Rating:
Summary: Maybe it is the key of the ?value? and ?investment?.
Review: After getting my MBA 1995, I have read so many books discussing about value and investment, I recommend, however, that The Quest For Value is the one you must read. The reasons: First, few books put the two topics (value, investment) in one theoretical system. Even the books or articles about "value investment" can be separated into two categories: these about "investment art", talking about, or written by investment experts (who's names on the Money Master and New Money Master); the other about the "valuation scientific methods". People talked about value investment ideas by totally separated way, the art, or the science. Second, too many books discuss value investment by this way: "it is the one... (maybe earning, or cash flow, or working capital,) but..., or, if....,". So the investor become a boxer, who need professional speed and energy to quickly switch his positions and punch among the keep coming "but", "if" from either accounting or reality. Contrary to my boxer's inspiration, my best friend in business school told me: "Warren Buffett must have one secret point he never told anybody". I think the secret he means is what is "one dollar", and what is "forty cents", if buy low sell high is the plan. Haven't our two foolish business school students told you everything about the "modern" market efficiency and inefficiency theories?! I know value investment masters will feel sad for this kind of coming value investment young villagers. Anyway, besides the "professional strong" and the "superstition power" from the point of ours, is there a rational point to support the leverage of investment art. The third, value investment is always about two aspects: the business and the management. From Fillip Fish's buy and hold sticky strategy to Peter Lnych's traveling and talking around the world, to Warren Buffet's appreciation: "he (the CEO) is this kind of person, you can marry your daughter to him", investment is about to invest, or to marry with, the management team. But, we need the handsome's picture. The Fourth, what kind of morality standards fits Wall Street's social position. Probably, people don't have time to talk about good or bad, when the regulation of a game is win or loss. However, if you are playing NBA, your morality, personality, even image are kind of money at least, aren't they? Even you just doing exercise in your backyard, at least don't forget another possibility: win-win. If you have this kind of questions, you must read this book. The author's capital efficiency view and five categories of business accordingly put the "value" and the "investment" two topics into one system to discuss. And, The Economic Value Added (EVA) investment method is independent from the any accounting system. The accounting system as a standard record of business activities is only an object of study, criticize or judgment for investment decision but not a constriction of decision mine field. Contrary to "but" "if" talking, this book puts everything on this way: it is the one (EVA), so you should.... Additionally, to look for a good management maybe, for investor, can become to create of good management teams. This topic you can read EVA and Value-Based Management by Mr. Young and O'Byrne for further study. Finally, the meaning of investment probably is not just NBA's win or loss. It is about to add or to damage (or even worse, to steal maybe) the social wealth according to EVA theory. Interesting? Plus the author's good logic and good case study! The only lack of this book to me is that the Capitan Case only has one. After finishing the Capitan Case at the end of the book, I wish there were other four cases for the other four categories of business accordingly (If you know where I can read that, please let me know...). There already been so many, so different opinions about this book on this site. While, if investment is art, according to Peter Lynch, or is a project, according to Charles Ellis, then any theory or method is just a kind of tool or weapon. So it will depend on the person, so it will depend on everything. I myself start the second reading after the first. I am going back to Main China pretty soon to do Investment Banking business, probably focus on LBO, and I will keep reading this book, talking about this book, and trying to imply this book. I think that I owe amzon.com a customer's view since I have got so much helps from others' views, so I recommend this book to you: If you have been so patient to read my view to here, you need read that book. Good Luck :)
Rating:
Summary: Maybe it is the key of the ¿value¿ and ¿investment¿.
Review: After getting my MBA 1995, I have read so many books discussing about value and investment, I recommend, however, that The Quest For Value is the one you must read. The reasons: First, few books put the two topics (value, investment) in one theoretical system. Even the books or articles about "value investment" can be separated into two categories: these about "investment art", talking about, or written by investment experts (who's names on the Money Master and New Money Master); the other about the "valuation scientific methods". People talked about value investment ideas by totally separated way, the art, or the science. Second, too many books discuss value investment by this way: "it is the one... (maybe earning, or cash flow, or working capital,) but..., or, if....,". So the investor become a boxer, who need professional speed and energy to quickly switch his positions and punch among the keep coming "but", "if" from either accounting or reality. Contrary to my boxer's inspiration, my best friend in business school told me: "Warren Buffett must have one secret point he never told anybody". I think the secret he means is what is "one dollar", and what is "forty cents", if buy low sell high is the plan. Haven't our two foolish business school students told you everything about the "modern" market efficiency and inefficiency theories?! I know value investment masters will feel sad for this kind of coming value investment young villagers. Anyway, besides the "professional strong" and the "superstition power" from the point of ours, is there a rational point to support the leverage of investment art. The third, value investment is always about two aspects: the business and the management. From Fillip Fish's buy and hold sticky strategy to Peter Lnych's traveling and talking around the world, to Warren Buffet's appreciation: "he (the CEO) is this kind of person, you can marry your daughter to him", investment is about to invest, or to marry with, the management team. But, we need the handsome's picture. The Fourth, what kind of morality standards fits Wall Street's social position. Probably, people don't have time to talk about good or bad, when the regulation of a game is win or loss. However, if you are playing NBA, your morality, personality, even image are kind of money at least, aren't they? Even you just doing exercise in your backyard, at least don't forget another possibility: win-win. If you have this kind of questions, you must read this book. The author's capital efficiency view and five categories of business accordingly put the "value" and the "investment" two topics into one system to discuss. And, The Economic Value Added (EVA) investment method is independent from the any accounting system. The accounting system as a standard record of business activities is only an object of study, criticize or judgment for investment decision but not a constriction of decision mine field. Contrary to "but" "if" talking, this book puts everything on this way: it is the one (EVA), so you should.... Additionally, to look for a good management maybe, for investor, can become to create of good management teams. This topic you can read EVA and Value-Based Management by Mr. Young and O'Byrne for further study. Finally, the meaning of investment probably is not just NBA's win or loss. It is about to add or to damage (or even worse, to steal maybe) the social wealth according to EVA theory. Interesting? Plus the author's good logic and good case study! The only lack of this book to me is that the Capitan Case only has one. After finishing the Capitan Case at the end of the book, I wish there were other four cases for the other four categories of business accordingly (If you know where I can read that, please let me know...). There already been so many, so different opinions about this book on this site. While, if investment is art, according to Peter Lynch, or is a project, according to Charles Ellis, then any theory or method is just a kind of tool or weapon. So it will depend on the person, so it will depend on everything. I myself start the second reading after the first. I am going back to Main China pretty soon to do Investment Banking business, probably focus on LBO, and I will keep reading this book, talking about this book, and trying to imply this book. I think that I owe amzon.com a customer's view since I have got so much helps from others' views, so I recommend this book to you: If you have been so patient to read my view to here, you need read that book. Good Luck :)
Rating: 
Summary: interesting but not perfect at all
Review: EVA has little relation with actual stock price. (Do not believe all what this book says.) Its concept is great because it explicitly includes cost of capital. Now there are some other more refined concepts than EVA, which are worth studying and applying more.
Rating: 
Summary: A Practical Reference
Review: I found this book to be a great reference book for the EVA system. I would caution readers that this book is probably better as a reference for those who have taken the Stern Stewart seminars on EVA than as a stand-alone volume. Nevertheless, Stewart does a good job, in my opinion, of laying out the EVA framework and provides some good real-world examples of how EVA is used by companies to manage their financial affairs.
Rating:
Summary: A Practical Reference
Review: I found this book to be a great reference book for the EVA system. I would caution readers that this book is probably better as a reference for those who have taken the Stern Stewart seminars on EVA than as a stand-alone volume. Nevertheless, Stewart does a good job, in my opinion, of laying out the EVA framework and provides some good real-world examples of how EVA is used by companies to manage their financial affairs.
Rating:
Summary: A great book!
Review: I like this book very much, and it is helping me at work. I would like to know if you'll have a Spanish version soon. If so, where can I get it here in Mexico.
Rating:
Summary: Great Book...Although EVA is NPV with a Marketing Label
Review: I really enjoyed this book because it is a fairly easy read and explains the realities of what drives value within firms. Most of the material is not new, however, especially the mathmatical computation of EVA (fundamentally the same as NPV). The beauty of this book is that it explains the concept of firm value in an easy to read way. In summary, this a great book and a must read for anyone interested in investing.
Rating:
Summary: Outstanding work on Corporate Finance
Review: I was introduced to The Quest for Value during my MBA program. The material covered in the book was the basis for my Finance course, and I purchased the book to examine the source material. Finance is a branch of Economics, not Accounting, and many of the assertions made by Stewart reflect that fact. Familiarity with the basics of Microeconomics will greatly facilitate an understanding of the concepts described in the book. The fact that Stewart's work builds on sound economic concepts should be considered a strength, and not a weakness. The fact that other investment valuation tools do not conform to standard economic theory (Asset-Based, Excess Earnings, etc.) is the primary weakness of those theories. Investors are generally concerned only with prospective cash flows and the risks associated with those cash flows. The EVA Model captures the essential factors determining return and risk, removing Accounting distortions, and allows managers, owners, and other stakeholders to make informed decisions. Portions of the EVA Model have been integrated into other valuation tools, but usually in a piecemeal fashion. The genius of the EVA Model is the consolidation of many useful theories into a single model. A word of caution. If you are planning to use the EVA Model to "beat the market", please read the book. Stewart, Merton Miller, Damodaran and others are strong believers in the efficient-market theory, which essentially refutes the notion that tools like the EVA Model can be used for such purposes. As far as the general acceptance of Stewart's theories, it has been my experience that most corporate Finance departments are run by Tax Accountants with a limited/non-existent knowledge of the economic principles espoused by Stewart. They remain (much like my Investment Management Professor [1998], who had little knowledge of Stewart) enamored of EPS and ROE, long after numerous studies have indicated a loose correlation between EPS/ROE and stock value. While the book won't help you "beat the market", it is an outstanding tool for performing valuations on Closely Held Companies. The Quest for Value, in combination with the works of Damodaran (Investment) and Shannon Pratt (The Valuation of Closely Held Companies, The Valuation of Small Businesses and Professional Practices), will greatly assist any efforts in the valuation of such businesses.
Rating:
Summary: A Valuable Investment
Review: In not possessing a Finance or Accounting background, I have found it extrememly difficult to find a book that can guide me from the very basics of corporate valuation through to the complexities inevitable in any such subject. However I would urge any potential customer (either financially astute or a beginner like myself) who is genuinely interested in Value, to look no further than "The Quest for Value". The key resides in the style (fully informative yet at times conversational / humuorous), the content (rich in depth and explanation) and finally the extensive case studies and "war stories" that bring Valuation fully to life. You dont have to be an accountant or corporate finance practioner to understand and apply the fundamental principles of EVA - in fact as the author sometimes alludes to, not possessing this background is perhaps a distinct advantage. Investing in this Quest with Stern Stewart as my guide has helped me enormously.
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