Creating Strategic Value

Applying Value Investing Principles to Corporate Management

Joseph Calandro Jr.

Columbia Business School Publishing

Creating Strategic Value

Pub Date: September 2020

ISBN: 9780231194143

232 Pages

Format: Hardcover

List Price: $30.00£25.00

Pub Date: September 2020

ISBN: 9780231550673

232 Pages

Format: E-book

List Price: $29.99£25.00

Creating Strategic Value

Applying Value Investing Principles to Corporate Management

Joseph Calandro Jr.

Columbia Business School Publishing

The principles of value investing have resonated with savvy practitioners in the world of finance for a long time. In Creating Strategic Value, Joseph Calandro Jr. explores how the core ideas and methods of value investing can be profitably applied to corporate strategy and management.

Calandro builds from an analysis of traditional value investing concepts to their strategic applications. He surveys value investing’s past, present, and future, drawing on influential texts, from Graham and Dodd’s time-tested works to more recent studies, to reveal potent managerial lessons. He explains the theoretical aspects of value-investing-consistent approaches to corporate strategy and management and details how they can be successfully employed through practical case studies that demonstrate value realization in action. Calandro analyzes the applicability of key ideas such as the margin of safety principle to corporate strategy in a wide range of areas beyond stocks and bonds. He highlights the importance of an “information advantage”—knowing something that your competitors either do not know or choose to ignore—and explains how corporate managers can apply this key value investing differentiator. Offering expert insight into the use of time-tested value investing principles in new fields, Creating Strategic Value is an important book for corporate strategy and management practitioners at all levels as well as for students and researchers.
Understanding values is the key to corporate success, and Graham and Dodd is the Rosetta Stone of unlocking values. In this book, Joseph Calandro Jr. continues his application of core value investing principles into both strategy and management. A must read for corporate managers and investors alike. Mario J. Gabelli, founder, chairman, and CEO of GAMCO Investors, Inc.
I loved this book. Joseph Calandro has written a highly engaging work on an incredibly important, often-overlooked topic: how corporate managers should allocate capital according to the principles of value investment. He draws on theory and practice to deliver a resoundingly persuasive argument. The book is fantastically well written, and a pleasure to read. Every director, officer, and general manager should read it. Tobias Carlisle, Principal, Acquirers Funds, LLC; Author of The Acquirer's Multiple and Deep Value; Founder, acquirersmultiple.com
A riveting blend of skill-sets on strategy and management in the corporate world. Information sharing and analysis at the speed of the internet, animated by the experience of an author whose findings and recommendations are both thoughtfully and practically displayed. Lenny DePaul, Chief Inspector/Commander, U. S. Marshals Service (Ret.)
Joseph Calandro’s book about value investing and corporate management is timely: for more than ten years ‘value’ stocks have underperformed ‘growth’ stocks. If we assume that we will find value stocks among depressed and neglected sectors of the market, it follows that there is now ‘double value’ in the stock market; double value arises from unpopular shares and from a completely neglected investment strategy that value investing has become. I highly recommend Calandro’s book as we shall move away from passive investment styles to more active management. Marc Faber, editor, The Gloom, Boom & Doom Report, and author of Tomorrow’s Gold: Asia’s age of discovery
Value Investing is more than a capital allocation strategy. It is a philosophy of business based on the idea that the best way to navigate a volatile marketplace is not with gut, instinct and savvy, but with facts, verifiable data, and a margin of safety. Joseph Calandro’s Creating Strategic Value expertly shows how the principles of value investing can be applied to business strategy and management. Jeff Gramm, fund manager and author of Dear Chairman: Boardroom Battles and the Rise of Shareholder Activism
Joseph Calandro wastes no words in building the case for applying the precepts of value investing to general corporate management. He illustrates those precepts with portraits of the careers of a host of accomplished practitioners, from old Jay Gould to the immortals Benjamin Graham and Henry Singleton to the contemporary standouts Howard Marks and Seth Klarman. Find your “information advantage” is the theme of this fine and useful volume—and you can begin your quest in these very pages. James Grant, editor, Grant’s Interest Rate Observer, and author of The Forgotten Depression: 1921, The Crash That Cured Itself
This book fills a much needed gap for those in corporate strategy and management. Utilizing sound research and leveraging examples by thought leaders in the field, Joseph Calandro illustrates how to apply the principles of value investing theory for corporate success. Reading it will definitely give you a leg-up on the competition! Professor Mark McNeilly, author of Sun Tzu and the Art of Business
Through historical example and financial analyses, Joseph Calandro does an excellent job showing executives how to manage corporate value over the long haul. First: how to identify and then control the companies' greatest risks. Second: How and when to pounce on cheap assets offered up by companies not so enlightened. Creating Strategic Value is exactly the guide to read after a decades-long bull market has created amnesia towards financial cyclicality. Frederick J. Sheehan, Jr., specializes in asset preservation and is the author of Panderer to Power: The Untold Story of how Alan Greenspan Enriched Wall Street and Left a Legacy of Recession and The Coming Collapse of the Municipal Bond Market

About the Author

Joseph Calandro Jr. is a managing director of a global consulting firm and fellow of the Gabelli Center for Global Security Analysis at Fordham University. He is the author of Applied Value Investing (2009) and a contributing editor to the journal Strategy & Leadership.