Sabtu, 29 September 2012

[J276.Ebook] Download PDF Becoming Lady Barrington (Chase Abbey) (Volume 23), by Alyssa Bailey

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Becoming Lady Barrington (Chase Abbey) (Volume 23), by Alyssa Bailey



Becoming Lady Barrington (Chase Abbey) (Volume 23), by Alyssa Bailey

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Becoming Lady Barrington (Chase Abbey) (Volume 23), by Alyssa Bailey

Lady Amelia Blackwell has been raised since birth to become a proper wife for a proper gentleman. However, years of lessons in comportment, etiquette, and household management do not encompass all of her wifely duties. Now that Amelia has married her Lord Morgan Barrington, she learns what being a wife is truly all about...and it has very little to do with being able to plan a dinner for two dozen. Morgan is a tender teacher and strict disciplinarian. With skill and patience, he awakens passions in Amelia which she never knew existed. She also learns that submission can be pleasurable, and painful when necessary. Can Amelia find the perfect balance that proves minding her husband is good, but a measure of naughtiness also has its benefits?

  • Sales Rank: #3068643 in Books
  • Published on: 2015-10-06
  • Dimensions: 9.00" h x .38" w x 6.00" l,
  • Binding: Paperback
  • 150 pages

Most helpful customer reviews

3 of 3 people found the following review helpful.
A MARRIAGE MADE FROM CHILDHOOD LOVE
By Redrabbitt
This is book two of the Chase Abbey series. Lord Barrington and Lady Amelia are planning their wedding. He is still very protective and overbearing, but he truly loves her and she, him. Not all marriages are of love, but theirs is and you can feel the love in this story. The plot kept me captivated and the pages turning as they marry, he introduces her to the pleasures of the marriage bed, continues to spank her for her impetuousness and skirting the rules. I enjoyed their witty bantering, her shy innocence, his reprimands, and their overall interaction. This story has surprising twists and turns where Barrington proves he will fight for and go to the ends of the earth to keep her safe. I look forward to the next book in this series.

2 of 2 people found the following review helpful.
An entertaining novel.
By Ria
An engaging novel. The author takes us on an entertaining ride on what it would be like being engaged and newly married in the regency era. Morgan is strong with a firm belief that he knows what is right and best for his bride. Amelia is a minx who can talk herself into more trouble than her bottom can handle. As the readers follow Amelia, we are given glimpses of a younger Morgan. We also see her dreams and hopes for her future as she envisions how her married life will unfold.

This is a light-hearted romance, spiced with a little spanking, offering more to come in the future. This was entertaining.

2 of 2 people found the following review helpful.
Wonderful Historical Romance by Alyssa Bailey
By Laurel
This was a wonderful read. The descriptions of the lifestyle of the Regency and Victorian period were so vivid I could see it clearly. The author obviously did much research to nail it. It was very detailed and gave me an idea, just getting dressed, a Lady needed a maid to assist. The characters feelings were deeply developed as well as the secondary characters. This was the second book in the Lord Barrington book. I hope there is a third book. There was sweet romance, suspense, danger, hints of violence, sweet sex and spanking.

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[U521.Ebook] Download Power Electronics: Devices, Circuits, and Industrial Applications, by V. R. Moorthi

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Power Electronics: Devices, Circuits, and Industrial Applications, by V. R. Moorthi

Power Electronics: Devices, Circuits and Industrial Applications would serve as an invaluable text for undergraduate and postgraduate courses on power electronics. It would also be a useful reference for practicing design engineers. The book provides an exhaustive coverage of various power electronic devices with emphasis on the thyristor. The characteristics of modern power semiconductor devices like the power transistor, MOSFET and the IGBT are also discussed. Other relevant topics like cycloconverters, brushless DC motors, microprocessor fundamentals, microprocessor control of industrial equipment, and field-oriented control of AC motors, are dealt with in detail. With its in-depth presentation of topics, detailed and easy-to-understand derivations, the emphasis of the book is on the understanding of fundamental concepts. The theory is well-supported by a large number of solved and unsolved problems and multiple choice questions. The lucid treatment in the book encourages self-study and motivates the student towards independent problem solving.

  • Sales Rank: #3867205 in Books
  • Published on: 2010-01-01
  • Original language: English
  • Number of items: 1
  • Dimensions: 6.30" h x 1.50" w x 9.30" l, 2.56 pounds
  • Binding: Paperback
  • 1013 pages

Review

"This is an excellent book...Overall, the book is remarkable for its brevity and, at the same time, its comprehensiveness. One envies students who will learn from such an excellent single source for understanding and appreciating the design, performance, and application of modern power electroinic devices, circuits, and industrial applications." --CHOICE


About the Author
Dr. V.R. Moorthi, a PhD in Electrical Engineering from Indian Institute of Technology Kanpur, has over 25 years of teaching both at undergraduate and graduate levels and over 10 years of industry experience.

Most helpful customer reviews

1 of 1 people found the following review helpful.
Eletrônica de potencia
By yuri ferruzzi
Para quem quer se aprofundar nos conceitos, terias e técnicas de eletrônica de potencia, bons exercícios e exemplos, recomendado para aulas de engenharia e pós graduação.

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Kamis, 27 September 2012

[D112.Ebook] Ebook Free Handbook of Regular Patterns: An Introduction to Symmetry in Two Dimensions, by Peter S. Stevens

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Handbook of Regular Patterns: An Introduction to Symmetry in Two Dimensions, by Peter S. Stevens

Handbook of Regular Patterns: An Introduction to Symmetry in Two Dimensions, by Peter S. Stevens



Handbook of Regular Patterns: An Introduction to Symmetry in Two Dimensions, by Peter S. Stevens

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Handbook of Regular Patterns: An Introduction to Symmetry in Two Dimensions, by Peter S. Stevens

Most books catalog patterns either by motif or historical period. This handbook takes a different approach by revealing the structural anatomy of patterns, showing how they are generated and how their parts interrelate. It demonstrates how designers and artists, whether students or professionals, can play limitless variations upon a few fundamental patterns and structural arrangements.

The book explores these configurations step by step, starting with simple symmetries of mirror reflections, rotations, translations, and glide-reflections, building to point groups and the seven distinct band or linear arrays, and culminating in the seventeen full-fledged wallpaper patterns. A concluding chapter presents a visual synopsis of the basic patterns.

  • Sales Rank: #914897 in Books
  • Brand: MIT Press
  • Published on: 1981-04-26
  • Ingredients: Example Ingredients
  • Original language: English
  • Number of items: 1
  • Dimensions: 1.03" h x 8.52" w x 8.46" l,
  • Binding: Paperback
  • 400 pages

Most helpful customer reviews

0 of 0 people found the following review helpful.
Invaluable Reference
By ArtAnywhere
This book was recommended by an associate artist. It is an excellent text and visual reference for my own work and for creating exercises for my students.

10 of 10 people found the following review helpful.
A beautiful book on a deep subject
By elwin
The Handbook of Regular Patterns is 390 pages (plus biblio & index) of lovely black and white images. What ties them together is that they can be repeated to "tile the plane" i.e. to fill an indefinitely large page.
They are broken down into 17 kinds of tilings known as symmetry groups or wallpaper groups, each with its own sort of beauty (the Dutch artist M.C. Escher was well versed in the symmetry groups and used them extensively in his art). As a special bonus, the book also presents the 7 linear groups and a few point groups.
After studying the book for a while I was inspired to design and construct my own regular 2D pattern, a fish shaped tile based on the "p2" symmetry group. I cut about 20 tiles out of stoneware clay and fired and glazed them (over 10 years ago), but I still haven't installed them yet.
I have also used ideas from the book to help design quilting patterns and to make patterns for tile floors (all square tiles, but patterns in groups of tiles). I think the book is a useful item in a designer's toolbox.
An interesting topic not covered in the book (because it's not a true tesselation since it has no repeats) is the penrose tiling. Google for penrose tiling to see beautiful patterns based on pentagonal symmetry.

17 of 17 people found the following review helpful.
Excellent resource for pattern construction
By Janet B. Croft
Anyone interested in constructing repeating patterns, the history of design and ornament, quilting, M.C.Escher, geometry, tesselations, or mathematical concepts in the regular division of the plane, will find this hefty book an excellent resource. The historical examples are drawn from an astonishing variety of cultures, and following the exercises at the end of each chapter will give the reader a very thorough grounding in the subject.

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Rabu, 26 September 2012

[E911.Ebook] Ebook Download On Purposeful Systems, by Russell Lincoln Ackoff, Fred E. Emery

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On Purposeful Systems, by Russell Lincoln Ackoff, Fred E. Emery

This book provides an innovative foundation for looking at human and social behavior û as a system of purposeful (teleological) events. It uses a systems theoretical approach for the study of these phenomena, and illustrates and extends general systems theory.

Part One develops the concepts of traditional mechanism from which, successively, the concepts of "function," "choice," "goal-seeking," and "purposefulness" are derived, leading to a quantitative formulation of "personality". Part Two provides an analysis of aspects of purposeful behavior and personality, and Part Three explores the interaction of purposeful systems. Part Four is concerned with the study of social groups and ideal-seeking behavior. Finally, structural concepts underpinning the theoretical system are redefined in technological terms, thus demonstrating the non-vicious circularity and interdependence of all scientific concepts.

  • Sales Rank: #1738996 in Books
  • Published on: 1972
  • Ingredients: Example Ingredients
  • Number of items: 3
  • Binding: Hardcover
  • 288 pages

Review

"What makes this book æmagical' is that Ackoff provides æoperational definitions' for many ill-defined words and concepts--from defining æknowledge' and æunderstanding' to providing definitions of feelings/emotions.... In terms of Kuhn's idea of æparadigm shifts'--this book represents a shift that has yet to be appreciated, thirty years later." 

—W. Curtiss Priest, Massachusetts Institute of Technology

About the Author

Russell L. Ackoff is chairman of the board of the Institute for Interactive Management. Since 1986 he has been the Anheuser-Busch Professor Emeritus of Management Science, The Wharton School, University of Pennsylvania. He is also the Anheuser-Busch Visiting Professor of Marketing, Olin School of Business, Washington University, St. Louis. He was former chairman of the Social Systems Science Department and the Busch Center, which specializes in systems planning, research, and design. Dr. Ackoff is the author and co-author of nineteen books. 



Fred E. Emery was Senior Research Fellow at the Australian National University, Canberra. Previously he was chairman of the Human Resources Centre at the Tavistock Institute, and a fellow at the Center for Advanced Studies in the Behavioral Sciences, Palo Alto. 



Brent D. Ruben is executive director of the Center for Organizational Development and Leadership, School of Communication and Information, Rutgers University. He is the author or editor of many books in the areas of communication and information systems, higher education and organization development, and intercultural communication, including Communication and Human Behavior; Pursuing Excellence in Higher Education: Eight Fundamental Principles;and Interdisciplinary Approaches to Human Communication.

Most helpful customer reviews

14 of 14 people found the following review helpful.
A masterful guide to designing a better world
By W. C. Priest
In 1970 I taught from this book when it was entitled
"Choice, Communication and Conflict"
What makes this book "magical" is Ackoff (from his
management and behavioral science roots) provides
"operational definitions" for many ill-defined words
and concepts -- from defining 'knowledge' & 'understanding'
to providing definitions of feelings/emotions that --
operationally -- you know -- that if certain events take
place in a person's life, that you know the feeling they
have.
This is only a glimmer of what this book is about. In
terms of Kuhn's idea of "paradigm shifts" -- this book
represents a shift that has yet to be appreciated, thirty
years later !

0 of 1 people found the following review helpful.
Creating Humanlike Systems
By Osei Kufuor
This is the best book on creating systems that can reason like humans, not artificial intelligent systems which do not have the capabilities to reason like humans.

0 of 13 people found the following review helpful.
an excellent seller
By kaladan
The item was better than advertised, the shipment was prompt, the service excellent and friendly. I highly recommend this seller.

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Selasa, 25 September 2012

[E782.Ebook] Get Free Ebook Let My People Go Surfing: The Education of a Reluctant Businessman--Including 10 More Years of Business Unusual, by Yvon Chouinard

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Let My People Go Surfing: The Education of a Reluctant Businessman--Including 10 More Years of Business Unusual, by Yvon Chouinard

Let My People Go Surfing: The Education of a Reluctant Businessman--Including 10 More Years of Business Unusual, by Yvon Chouinard



Let My People Go Surfing: The Education of a Reluctant Businessman--Including 10 More Years of Business Unusual, by Yvon Chouinard

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Let My People Go Surfing: The Education of a Reluctant Businessman--Including 10 More Years of Business Unusual, by Yvon Chouinard

In this newly revised 10th anniversary edition, Yvon Chouinard-legendary climber, businessman, environmentalist, and founder of Patagonia, Inc.-shares the persistence and courage that have gone into being head of one of the most respected and environmentally responsible companies on earth.

From his youth as the son of a French Canadian handyman to the thrilling, ambitious climbing expeditions that inspired his innovative designs for the sport's equipment, Let My People Go Surfing is the story of a man who brought doing good and having grand adventures into the heart of his business life-a book that will deeply affect entrepreneurs and outdoor enthusiasts alike.

"This is the story of an attempt to do more than change a single corporation--it is an attempt to challenge the culture of consumption tat is at the hear of the global ecological crisis."--From the Foreword by Naomi Klein, bestselling author of This Changes Everything

  • Sales Rank: #2677 in Books
  • Published on: 2016-09-06
  • Released on: 2016-09-06
  • Original language: English
  • Number of items: 1
  • Dimensions: 9.50" h x .70" w x 6.50" l, .81 pounds
  • Binding: Paperback
  • 272 pages

Review
No matter what you do, you will find essential guidance and inspiration in Let My People Go Surfing. (Dave Foreman, The Rewilding Institute)

Wonderful... a moving autobiography, the story of a unique business, and a detailed blueprint for hope. (Jared Diamond, author of Collapse)

About the Author
Yvon Chouinard is the founder and owner of Patagonia, Inc., based in Ventura, California.  He began in business by designing, manufacturing, and distributing rock climbing equipment in the late 1950s. His tinkering led to an improved ice ax that is the basis for modern ice ax design. In 1964 he produced his first mail-order catalog, a one-page mimeographed sheet containing advice not to expect fast delivery during climbing season. In 2001, along with Craig Mathews, owner of West Yellowstone's Blue Ribbon Flies, he started One Percent for the Planet, an alliance of businesses that contribute at least 1 percent of their net annual sales to groups on a list of researched and approved environmental organizations.

Excerpt. © Reprinted by permission. All rights reserved.
I'VE BEEN A BUSINESSMAN for almost 50 years. It's as difficult for me to say those words as it is for someone to admit to being an alcoholic or a lawyer.

I've never respected the profession. It's business that has to take the majority of the blame for being the enemy of nature, for destroying native cultures, for taking from the poor and giving to the rich, and for poisoning the earth with the effluent from its factories. Yet business can produce food, cure disease, control population, employ people, and generally enrich our lives. And it can do these good things and make a profit without losing its soul.

My company, Ventura, California–based Patagonia Inc., maker of technical outdoor apparel and gear, is an ongoing experiment. Founded in 1973, it exists to challenge conventional wisdom and present a new style of responsible enterprise. We believe the accepted model of capitalism, which necessitates endless growth and deserves the blame for the destruction of nature, must be displaced. Patagonia and its thousand employees have the means and the will to prove to the rest of the corporate world that doing the right thing makes for good, financially sound business.

One of my favorite sayings about entrepreneurship is "If you want to understand the entrepreneur, study the juvenile delinquent." The delinquent is saying with his actions, "This sucks. I'm going to do my own thing." Since I had never wanted to be a businessman, I needed a few good reasons to be one. One thing I did not want to change, even if we got serious: Work had to be enjoyable on a daily basis. We all had to come to work on the balls of our feet and go up the stairs two steps at a time. We needed to be surrounded by friends who could dress whatever way they wanted, even be barefoot. We all needed flextime to surf the waves when they were good or ski the powder after a big snowstorm or stay home and take care of a sick child. We needed to blur the distinction between work and play and family.

Breaking the rules and making my own system work is the creative part of management that's particularly satisfying for me. But I don't jump into things without doing my homework. In the late seventies, when Patagonia was really starting to grow some legs, I read every business book I could find, searching for a philosophy that would work for us. I was especially interested in books on Japanese and Scandinavian styles of management, because I wanted to find a role model for the company; the American way of doing business offered only one of many possible routes.

In growing our young company, however, we still used many traditional practices—increasing the number of products, opening new dealers and new stores of our own, developing new foreign markets—and soon we were in serious danger of outgrowing our breeches. By the late eighties we were expanding at a rate that, if sustained, would have made us a billion-dollar company in another decade. To reach that theoretical mark, we would have to begin selling to mass merchants or department stores. This challenged the fundamental design principles we had established for ourselves as the makers of the best products, compromised our commitment to the environment, and began to raise serious questions about the future. Can a company that wants to make the best outdoor clothing in the world be the size of Nike? Can we meet the bottom line without giving up our goals of good stewardship and long-term sustainability? Can we have it all?

It would take 20 years, and the near collapse of our company, to find the answers.

My lifelong adventure in business took root in Southern California. My family had moved from Lisbon, Maine, to Burbank, California, in 1946, when I was eight, because my mother, the real adventurer among us, thought the drier climate would help my father's asthma. My father was a tough French Canadian who worked as a journeyman plasterer, carpenter, electrician, and plumber, and I had an older brother and two older sisters.

It was in California that I would discover climbing, at age 15, in the outskirts of Los Angeles, after helping found the Southern California Falconry Club in the early fifties. One of the adult members, Don Prentice, taught us how to rappel down to the falcon aeries on cliffs, showing us how to wrap manila rope (stolen from the telephone company) around our hips and over our shoulders to control the descent. Through high school and into my years as a student at Valley Junior College, in Valley Glen, California, I started hanging with young members of the Sierra Club—a group that included Royal Robbins, who would go on to start his own successful clothing company, and Tom Frost, an aeronautical engineer who would become my business partner from 1966 to 1975—and climbing the sandstone cliffs of Stoney Point, at the west end of the San Fernando Valley, and at Tahquitz Rock, near Palm Springs.

By the time I was 18, my climbing buddies and I had migrated to the big walls of Yosemite. Because we were pioneering long routes requiring hundreds of piton placements, I bought an old forge and taught myself blacksmithing so I could make my own hard-steel pitons. (The softer European kind didn't work well in Yosemite's uneven granite cracks.) During the sixties, I worked on my equipment in the winter months, spent April through July on the walls of Yosemite, and during the heat of summer headed out for the Alps and the high mountains of Wyoming and Canada—all interspersed with surf trips down to Baja and mainland Mexico. I supported myself by selling homemade gear out of the back of my car, supplementing my meager income by diving into trash cans and redeeming bottles for cash.

By 1971, two important things had happened: I'd met and married Malinda Pennoyer, an art student at Fresno State who spent summers working as a cabin maid in Yosemite and who would go on to become my partner in all aspects of the Patagonia business; and I had produced my first clothing: knickers and double-seated climbing shorts made from superheavy corduroy produced by an old mill in Lancashire, England. Back then, "active sportswear" consisted of your basic gray sweatshirt and pants, and standard issue for Yosemite climbing was tan cutoff chinos and white dress shirts bought from the thrift store. Though I just wanted more durable and comfortable climbing clothes for myself and my friends, I soon realized I had stumbled onto an entirely untapped market.

In the early seventies, my company, Chouinard Equipment, took over an abandoned meatpacking plant in Ventura and began to renovate its old offices as a retail store. Customers were responding to our "hand-forged" clothing, and we sold more and more items, including Chamonix guide sweaters, classic Mediterranean sailor shirts, canvas pants and shirts, and a technical line of rainwear—a predecessor of Gore-Tex—called Foamback. The apparel was such a success we decided it needed its own name to distinguish it from Chouinard Equipment's hardware line.

A few years earlier, in 1968, several friends (including Doug Tompkins, founder of The North Face) and I had taken a six-month road trip to the tip of South America, surfing the west coast of the Americas down to Lima, Peru, skiing volcanoes in Chile, and climbing 11,073-foot Fitz Roy, in Argentina's Patagonia. To most people, especially then, Patagonia was a name like Timbuktu or Shangri-La—far off, interesting, not quite on the map. It seemed like just the right idea for our clothing. To reinforce the tie to the real Patagonia, in 1973 we created a logo with a stormy sky, jagged peaks based on the Fitz Roy skyline, and a blue Southern Ocean.

We debuted our pile sweater—the precursor to our Synchilla fleece—in 1973; it was made from a polyester fabric intended for toilet-seat covers. Then we launched our first polypropylene underwear, in 1980, and became the first company to preach the virtues of layering. This new type of high-performance "system" amounted to blockbuster success: From the mid-eighties to 1990, sales skyrocketed from $20 million to $100 million. Most companies would relish such rapid growth, but for us it was nearly disastrous.

By 1991, I had transformed from a modest smithy and adventurer in business with a few friends—including Kris McDivitt (now Kris Tompkins), our CEO and general manager on and off for 15 years, between 1979 and 1994—into the guy in charge of a multi-million-dollar corporation with 650 employees. But with a big company came big problems.

In the late eighties, Chouinard Equipment became the target of several lawsuits. None involved faulty equipment or climbers. We were sued by a window washer, a plumber, a stagehand, and someone who broke his ankle in a tug-of-war contest using our climbing rope. The basis of each suit was improper warning—that we had failed to properly warn these customers about the dangers inherent in using our equipment for uses we could not predict. Then came a more serious suit, from the family of a lawyer who was killed when he incorrectly tied into one of our harnesses in a beginner climbing class.

The litigators thought that Chouinard Equipment and Patagonia were the same company and that, since Patagonia was doing so well, they could milk the corporation. Our insurance company refused to fight any of the suits, because of the costs involved, and settled out of court. Our premiums went up 2,000 percent in one year. Eventually, Chouinard Equipment filed for Chapter 11, a move that gave the employees time to gather capital for a buyout. They successfully purchased the assets, moved the company to Salt Lake City, and built their own company, Black Diamond Equipment Ltd., which to this day continues to make the world's best climbing and backcountry-ski gear.

Still other issues loomed. The general interest in outdoor sports and adventure was exploding in the U.S. and overseas, and we were riding the growth. We expanded internationally, opening retail stores in Chamonix and Tokyo. At the beginning of the nineties, we added another 100 employees, and projected continued annual growth of 40 percent, a rate we'd been experiencing for the past several years. But we made some classic mistakes. We failed to provide the proper training for the new company leaders, and the strain of managing a company with eight autonomous product divisions and three channels of distribution exceeded management's skills. We never developed the mechanisms to encourage them to work together in ways that kept the overall business objectives in sight.

Several planning efforts had to be aborted; no one could solve the Rubik's Cube of matching market-specific product development with such a complex distribution mix. Organization charts looked like the Sunday crossword puzzle and were issued almost as frequently. The company was restructured five times in five years; no plan worked better than the last one. I personally love change, but I was driving everyone crazy by constantly trying new ideas without a clear direction for where we were trying to go.

We desperately needed some help, so in early 1990 Malinda and I, along with our CEO, Pat O'Donnell, and CFO, Bill Bussiere, made arrangements to meet with Michael Kami, a well-regarded consultant who had run strategic planning for IBM and helped turn Harley-Davidson around in the eighties. The next thing we knew, we were boarding a Florida-bound plane to see him.

Kami was a small man in his late sixties with a squeaky, Swiss-German-accented voice, a full beard, and a lot of restless energy. We met on his enormous yacht, and he wore a captain's cap and an open shirt with epaulets.

Before he could help us, he said, he wanted to know why we were in business. I told him I'd always had a dream that when I had enough money, I'd sail off to the South Seas looking for the perfect wave and the ultimate bonefish flat. We told him the reason we hadn't sold out and retired was that we were pessimistic about the fate of the world and felt a responsibility to use our resources to do something about it. We told him about our tithing program—our pledge to donate 10 percent of our profits to environmental causes—and how we had given away a million dollars just in the past year to more than 200 organizations, and that our bottom-line reason for staying in the business was to make money we could give away.

Kami thought for a while and then said, "I think that's bullshit. If you're really serious about giving money away, you'd sell the company for a hundred million or so, keep a couple million for yourselves, and put the rest in a foundation. That way you could invest the principal and give away six or eight million dollars every year. And, if you sold to the right buyer, they would probably continue your tithing program because it's good advertising."

My managers protested.

"What are you worried about?" Kami said, turning to them. "You're young. You'll find other jobs!"

I said I was worried about what would happen to the company if I sold out.

"So maybe you're kidding yourself," he said, "about why you're in business."

It was as if the Zen master had hit us over the head with a stick, but instead of finding enlightenment, we walked away more confused than ever.

I was still wondering why I was really in business when, in 1991, after all those years of 30 to 50 percent compound annual growth, Patagonia hit the wall. The country had entered a recession, and the growth we had always planned on, and bought inventory for, stopped.

Our sales crunch actually came not from a decline from the previous year but from a "mere" 20 percent increase; still, it nearly did us in. Dealers canceled orders, and inventory began to build. Neither the mail-order nor the international division could meet its forecasts, and both returned inventory as well. We cut back production as much as we could for spring and fall. We froze hiring and nonessential travel. We dropped new products and discontinued marginal sellers. On July 31, 1991, Black Wednesday, we let 120 employees go—20 percent of the workforce. That was certainly the darkest day of Patagonia's history.

Our own company had exceeded its resources and limitations; we had become dependent, like the world's economy, on growth we could not sustain. We were forced to rethink our priorities and institute new practices. First step: I took a dozen of my top managers to Argentina, to the windswept mountains of Patagonia, for a walkabout. In the course of roaming around those wildlands, we asked ourselves, once again, why we were in business and what kind of business we wanted to build.

When we returned, we put together our first board of directors, made up of trusted friends and advisers, including author and deep ecologist Jerry Mander. At one of our board meetings, when we were struggling to put our mission into words, Jerry skipped lunch and went off by himself. He returned with a perfectly crafted article that outlined "an ‘ecology' of values that can mitigate the environmental and social crisis of our time." Those words became the basis for Patagonia's philosophies, clear and specific principles that expressed our thinking as it applied to different parts of the company: design, production, distribution, images, human resources, finance, management, and the environment.

I had long practiced my M.B.A. theory of management—management by absence—while I wear-tested our clothing and equipment in the most extreme conditions of the Himalayas and South America. It fueled new and exciting ideas for products, new markets, or new materials, but it also fueled my growing awareness of the environmental and social devastation going on around the world. Rather than bailing out in disgust, I saw an opportunity to create an entirely new kind of company. I wanted to make sure every employee at Patagonia understood our business and environmental ethics, so I began to lead multi-day employee seminars in the philosophies, going by bus to Yosemite or the Marin Headlands, north of San Francisco, where we'd camp out and gather under the trees to talk.

I realize now that I was trying to instill in my company the lessons I'd already learned as an individual and a climber, surfer, kayaker, and fly-fisherman. I had always tried to live my own life fairly simply, and by 1991, knowing what I knew about the state of the environment, I had begun to eat lower on the food chain and reduce my consumption of material goods. Doing risk sports had taught me another important lesson: Never exceed your limits. You push the envelope, and you live for those moments when you're right on the edge, but you don't go over. You have to be true to yourself; you have to know your strengths and limitations and live within your means. The same is true for a business. The sooner a company tries to be what it is not—the sooner it tries to "have it all"—the sooner it will die.

having the philosophies in writing, and the shared cultural experiences of our classes, played a critical role in the company's turnaround, at the end of 1991. Within a few years we had eliminated several layers of management, consolidated inventories, and brought our sales channels under control—meaning that for the next decade and a half we would refocus on living up to our mission statement: "Make the best product, cause no unnecessary harm, and use business to inspire and implement solutions to the environmental crisis."

But what good does having fixed philosophies do when everything in the business world is so dynamic? How does Patagonia follow its philosophies in light of the expanding Internet market, the effects of NAFTA and the WTO, dozens of technological leaps that significantly affect design and production, new and different employee demographics, and the ever-changing styles and lifestyles of customers?

The answer is that our philosophies aren't rules—they're guidelines. For example, our mission statement says nothing about making a profit. In fact, Malinda and I consider our bottom line the amount of good that a business has accomplished over one year. At Patagonia, profit is not the goal, because, as the Zen master would say, profits happen when "you do everything else right." In many companies, the tail (finance) wags the dog (corporate decisions). We strive to balance the funding of environmental activities with the desire to continue in business for the next 100 years.

Our financial decision-making reflected our environmental ethics. Back in the mid-nineties, to cite just one instance, we changed the packaging of our thermal underwear. We were using a thick, wraparound cardboard header inside a heavy Ziploc plastic bag. Instead, we decided to hang up the heavier long underwear like regular clothing and simply bundle our lighter underwear with a rubber band. The first year after the change, we saved 12 tons of material from winding up in a landfill, saved $150,000 in packaging, and boosted sales by 25 percent—largely because the product wasn't hidden in a wrapper and people could feel the material and appreciate its quality.

Because we are a privately held company, we could make these kinds of decisions without worrying about the demands of shareholders. This allowed us to grow at a natural rate. When our customers told us they were frustrated by not being able to buy our products because of constant out-of-stock situations, we made more. We have not created artificial demand for our goods by advertising in Vanity Fair or GQ, or on buses in inner cities, hoping to get kids to buy black down jackets from us instead of The North Face or Timberland. We want customers who need our product, not just desire it.

Of course, we also want—and need—to make money, but we believe that's best accomplished by remaining nimble and efficient. One of our goals has been to have no debt. A company with little debt, or with "cash in the kitty," can take advantage of opportunities as they come up or invest in a startup without having to go further in debt or find outside investors. One of our most recent examples is a Japanese fabric mill we're working with to help us switch all of our polyester items, like our Capilene underwear, to 100 percent recycled material—something we probably couldn't have done if we carried a lot of debt. Managing our finances this way helps the company remain in yarak, a falconry term derived from Persian and meaning "superalert, hungry but not weak, and ready to hunt."

This kind of independent thinking applies to our management philosophy as well. In fact, our employees are so independent, we've been told by psychologists, that they would be considered unemployable in a typical company. We don't want drones who will simply follow directions. We want the kind of employees who will question the wisdom of something they regard as a bad decision but, once they buy into something, will work like demons to produce something of the highest possible quality—whether a shirt, a catalog, a store display, or a computer program. How you get these highly individualistic people to align and work for a common cause is the art of management at Patagonia.

Part of the key is strong communication. We have no private offices at our Ventura headquarters; everyone works in open rooms with no doors or separations. What we lose in "quiet thinking space" is more than made up for with better communication and an egalitarian atmosphere. Managers try to lead by example. We don't have special parking places; the best spots are reserved for fuel-efficient cars, no matter who owns them. Malinda and I pay for our own lunches in the cafeteria, so that we don't send a message that it's OK to take from the company. And we have an open-book policy; financial details are available with all employees to promote full transparency.

A familial company like ours runs on trust rather than authoritarian rule. Maybe a few people take advantage of our flextime and our "let my people go surfing" policy, but none of our best employees would want to work in a company that didn't have that trust. They understand that my M.B.A. style of management is as much a sign of my trust in them as my desire to be out of the office.

Because style is so important, I often use climbing mountains as an illustration. You can solo-climb Everest without using oxygen or you can pay guides and Sherpas to carry your loads, put ladders across crevasses, lay in 6,000 feet of fixed ropes, and have one Sherpa pulling you and another pushing you. Rich, high-powered plastic surgeons and CEOs who attempt to climb Everest this way are so fixated on the target—the summit—that they compromise on the process. The goal of climbing big, dangerous mountains should be to attain some sort of spiritual and personal growth, but this won't happen if you compromise away the entire process.

When it comes to the environment, it's probably no secret that I'm a total pessimist about the fate of the natural world. In my lifetime I've seen nothing but a constant deterioration of all of the processes that are essential to maintaining healthy life on Planet Earth. Most of the scientists and deep thinkers in the environmental field who I know personally are also pessimistic, and they believe that we are experiencing an extremely accelerated extinction of species—including, possibly, much of the human race.

In Edward O. Wilson's 2002 book The Future of Life, he describes the time we live in as "nature's last stand." His "living planet index," which measures the condition of the world's forests and freshwater and marine ecosystems, puts humanity at an environmental bottleneck of our own making. The 21st century must become the Century of the Environment, Wilson insists. If government, the private sector, and science don't begin to cooperate immediately to address issues of environmental degradation, the earth will lose its ability to regenerate. In other words, life as we know it is toast.

Thinking these dark thoughts doesn't depress me; in fact, I'm a happy person. I'm a Buddhist about it all. I've accepted the fact that there is a beginning and an end to everything. Maybe the human species has run its course and it's time for us to go away and leave room for other, one hopes, more intelligent and responsible life forms.

Then again, maybe there's something we can do about it. Patagonia's environmental efforts began in the seventies with simply trying to prevent physical damage to the rock walls of Yosemite. It was about clean climbing and making high-quality products that weren't disposable. Later we started looking at minimizing the environmental harm associated with manufacturing our products.

One of the hardest things for a business to do is to investigate the environmental effects of its most successful product and, if it's bad, change it or pull it off the shelves. We confronted this when we were looking into switching over to organic cotton, in the mid-nineties. Though we successfully made the transition, we still haven't completely solved the problem. Even when cotton is grown without toxic chemicals, it still uses an inordinate amount of water and cannot be grown year after year without permanently depleting the soil. When a cotton garment is worn out, it is usually thrown away. We have to dig deeper and try to make products that close the loop—clothing that can be recycled infinitely into similar or equal products, which is something we continue to strive for.

Despite the challenges involved, we've found that every time we've elected to do the right thing, even when it costs twice as much, it's turned out to be more profitable. This strengthens my confidence that we're headed in the right direction. Our Environmental Assessment Program educates us, and with education we have choices. When we act positively on solving problems instead of trying to find a way around them, we're farther along the path toward sustainability. Plus we're constantly discovering more things we can do, both internally and externally.

Back in the early eighties, one of the maintenance employees asked if I knew how much it cost to line every wastebasket with a plastic bag: $1,200 a year. I said get rid of them, but he returned the next day to report that the janitorial service refused to clean unlined baskets if people threw away wet garbage like coffee grounds or food. So we gave each employee a personal trash can for recyclable paper and made everyone responsible for disposing of wet garbage in separate containers scattered throughout the offices.

No matter how diligent we are at Patagonia, everything we make causes some waste and pollution. So our next step is to pay for our sins until such a time that we hope to stop sinning. Since the early eighties we have donated $22 million in cash and in-kind donations to activist groups committed to environmental causes. In 1996, we pledged to give 1 percent of our total sales to environmental causes, meaning that whether we turned a profit or not, whether we had a great year or a bad one, we had to give. Last year this meant donations of $2.4 million. In 2001, we helped start 1% for the Planet, an alliance of 148 companies committed to giving at least 1 percent of their sales to saving the planet.

Our efforts, and those of others who work toward similar goals, are making an impact. The organic-food industry is growing at a rate of more than 20 percent a year. Worldwide demand for organic cotton has tripled in the nine years since we changed over. As this drives costs down, large companies like Nike buy organic cotton to blend in with their industrial cotton as a way to support the cause but not price themselves out of the market. Some of the fiber mills we work with, at our prodding, are actively researching ways to eliminate toxic materials like antinomy and methyl bromide in polyester.

If Patagonia can continue to be successful operating under the constraints of our environmental philosophy, then perhaps we can convince other companies that green business is good business, and they can gain the confidence to take a few steps in the right direction.

When Malinda and I made the decision to stay in business, we faced a personal challenge: Could we run a company that does much good and very little harm? Could we turn the company into a model, capable of effecting reform that we as individuals would be unable to accomplish? Could we actually change the way others treat the natural world?

The Zen master would say if you want to change government, you have to aim at changing corporations, and if you want to change corporations, you first have to change the consumers. Whoa, wait a minute! The consumer? That's me. You mean I'm the one who has to change?

The original definition of consumer is "one who destroys or expends by use; devours, spends wastefully." It would take seven Earths to provide enough raw materials to allow the rest of the world to consume at the same rate Americans do. Ninety percent of what we buy in a mall ends up in the dump within 60 to 90 days. It's no wonder we're no longer called citizens but consumers. Our politicians and corporate leaders are fair reflections of who we've become.

When I look at my business, I realize one of the biggest challenges I have is combating complacency. If I say we're running Patagonia as if it's going to be here a hundred years from now, that doesn't mean we have a hundred years to get there! Our success and longevity lie in our ability to change quickly. Continuous innovation requires maintaining a sense of urgency—a tall order, especially in Patagonia's seemingly laid-back corporate culture. In fact, one of the biggest mandates I have for my managers is to instigate change. It's the only way we're going to survive in the long run.

The American dream is to own your own business and grow it as quickly as you can until you can cash out and retire to the golf courses of Leisure World. The business itself is really the product, and it doesn't matter whether you're selling shampoo or land mines. When the company becomes the fatted calf, it's sold for a profit, and its resources and holdings are often ravaged and broken apart, disrupting family ties and the long-term health of local economies. The notion of businesses as disposable entities carries over to all other elements of society.

When you get away from the idea that a company is disposable, all future decisions in the company are affected. The owners and the officers see that, since the company will outlive them, they have responsibilities beyond the bottom line. Perhaps they will even see themselves as stewards of the earth.

Patagonia will never be completely socially responsible. It will never make a totally sustainable, nondamaging product. But it is committed to trying. We simply don't have any other choice. As the late environmentalist David Brower once put it, "There's no business to be done on a dead planet."

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Let My People Go Surfing: The Education of a Reluctant Businessman--Including 10 More Years of Business Unusual, by Yvon Chouinard PDF
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Jumat, 21 September 2012

[I904.Ebook] Fee Download Participant Observation, by James P. Spradley

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Participant Observation, by James P. Spradley

This text is a follow up to Spradley's earlier ethographic research handbook, The Ethnographic Interview, and guides students through the technique of participant observation to research ethnography and culture. Spradley also teaches students how to analyze the data they collect, and write an ethnography. The appendices include research questions and writing tasks.

  • Sales Rank: #332634 in Books
  • Published on: 1980-01-02
  • Released on: 1980-01-02
  • Original language: English
  • Number of items: 1
  • Dimensions: 9.25" h x .47" w x 6.14" l, .72 pounds
  • Binding: Paperback
  • 195 pages

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11 of 11 people found the following review helpful.
The standard for field work...clear...BUT get it used
By Christopher J. Deasy
Along with "The Ethnographic Interview", this is a mainstay of field anthropologists and should be read by anyone who wants to gain a true understanding of the issues facing an Anthropologist (social). As an anthropologist working in business I have gone back to this text again and again to refocus and aid in explaining to others what I can, or actually do. "Participant Observation" is often the text which accompanies a fieldwork course and can be found cheaper at any university library (I never thought I would say that!!).

I fear that many people buying this book will be sorely disappointed that it is a very thin paper back addition (for 50+ dollars). The content is good, but the new price still hard to justify. I feel that could tripl sales by dropping to 20-25... I actually found it for 18.95 used.

In conclusion- its a good, if pricey book.

3 of 3 people found the following review helpful.
Useful useful book
By Jenna
As an anthro major who has done a lot in the discipline, but never had an explicit text that put all the info and strategies on Participant observation in one place before, I love this book. Nice concise chapters with lots of information, little fluff and truthfully enjoyable to read. I recommend it to anyone with an interest in participant observation. He also guides you through the actions of an ethnography with tasks at the end of each chapter, which I found very helpful.

1 of 1 people found the following review helpful.
Great for Participant Observation in Cross-Cultural Settings
By Brian
A very thorough resource. Spradley will walk the reader step-by-step through the process of participant observation. I think of Spradley as a more narrative guide while Jorgensen is more linear and outline based. Spradley will provide greater depth, appreciation, and understanding of part. obs. but it will take you longer to get there and not be as to the point as Jorgensen.

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Kamis, 13 September 2012

[H643.Ebook] Download PDF Fire And Blood: A History Of Mexico, by T. R. Fehrenbach

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Fire And Blood: A History Of Mexico, by T. R. Fehrenbach

There have been many Mexicos: the country of varied terrain, of Amerindian heritage, of the Spanish Conquest, of the Revolution, and of the modern era of elections and the rule of bankers. Mexico was forged in the fires of successive civilizations, and baptized with the blood of millions, all of whom added tragic dimensions to the modern Mexican identity. T. R. Fehrenbach brilliantly delineates the contrasts and conflicts between them, unraveling the history while weaving a fascinating tapestry of beauty and brutality: the Amerindians, who wrought from the vulnerable land a great indigenous Meso-American civilization by the first millennium B.C.; the successive reigns of Olmec, Maya, Toltec, and Mexic masters, who ruled through an admirably efficient bureaucracy and the power of the priests, propitiating the capricious gods with human sacrifices; the Spanish conquistadors, who used smallpox, technology, and their own ruthless individualism to erect a new tyranny over the ruins of the old; the agony of independent Mexico, struggling with the weight of its overwhelming past and tremendous potential. Throughout the narrative the author resurrects the great personalities of Mexican history, such as Motecuhzoma, Cortes, Santa Anna, Juárez, Maximilian, Díaz, Pancho Villa, and Zapata. Fehrenbach, who has updated this edition to include recent events, has created a work of scholarly perspective and gripping prose.

  • Sales Rank: #98609 in Books
  • Published on: 1995-03-22
  • Original language: English
  • Number of items: 1
  • Dimensions: 8.25" h x 1.76" w x 5.50" l, 1.86 pounds
  • Binding: Paperback
  • 702 pages
Features
  • ISBN13: 9780306806285
  • Condition: New
  • Notes: BRAND NEW FROM PUBLISHER! 100% Satisfaction Guarantee. Tracking provided on most orders. Buy with Confidence! Millions of books sold!

About the Author
T. R. Fehrenbach,a native Texan, is the author of several books, including Fire and Blood: A History of Mexico and Comanches: The Destruction of a People, both available from Da Capo. He lives in San Antonio.

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0 of 0 people found the following review helpful.
Great, comprehensive introduction to Mexican history
By Library Lover
Great, comprehensive introduction to Mexican history, though the first few sections that focus on pre-colonial early colonial periods were a little slow and long for readers interested in learning about modern Mexico.

30 of 31 people found the following review helpful.
Excellent Insight into the Mexican Culture
By Ross Stephen Hardin
Having traveled and lived in Mexico most of my life, I was constantly exposed to certain aspects of every day life that just didn't seem to fit with my Anglo raising. Even though I spent forty five years immersed in the Mexican Culture there were certain things I just didn't understand. T.R. Fehrenbach's Fire and Blood answered most of my life long questions.

The book is a meticulously researched, chronological history of the country known as Mexico. The book gives a detailed account of why citizens of Mexico today think and act the way they do; their philosophy of life, their relationship with the Catholic Church and their attitude toward a centralized government. If you could choose one or two sentences from the book that explain one of the basic differences between the Hispanic Culture and that of the remainder of North America it is Fehrenbach's assertion that while the rest of North America was colonized by settlers and explorers, the men arriving in Mexico from Spain were "Conquistadors", conquerors. That difference is what makes Mexico the wonderful country it is today.

This book should be mandatory reading for anyone considering a business venture, or currently involved in business or trade with in Mexico. The insight you will receive can not be learned in a life time of living and working in the country. The same can be said for anyone interested in living or traveling in the country. It will help relieve some of the Anglo's misunderstanding and frustrations as to why the citizens of Mexico don't "do it" like we do.

0 of 0 people found the following review helpful.
Four Stars
By Einte-Karst Dijk
Reads like a novel and brings you up speed (to the 90ties) on Mexican history.

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Rabu, 12 September 2012

[E141.Ebook] Free PDF The Little Book of Valuation: How to Value a Company, Pick a Stock and Profit, by Aswath Damodaran

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The Little Book of Valuation: How to Value a Company, Pick a Stock and Profit, by Aswath Damodaran

An accessible, and intuitive, guide to stock valuation

Valuation is at the heart of any investment decision, whether that decision is to buy, sell, or hold. In The Little Book of Valuation, expert Aswath Damodaran explains the techniques in language that any investors can understand, so you can make better investment decisions when reviewing stock research reports and engaging in independent efforts to value and pick stocks.

Page by page, Damodaran distills the fundamentals of valuation, without glossing over or ignoring key concepts, and develops models that you can easily understand and use. Along the way, he covers various valuation approaches from intrinsic or discounted cash flow valuation and multiples or relative valuation to some elements of real option valuation.

  • Includes case studies and examples that will help build your valuation skills
  • Written by Aswath Damodaran, one of today's most respected valuation experts
  • Includes an accompanying iPhone application (iVal) that makes the lessons of the book immediately useable

Written with the individual investor in mind, this reliable guide will not only help you value a company quickly, but will also help you make sense of valuations done by others or found in comprehensive equity research reports.

  • Sales Rank: #48711 in Books
  • Published on: 2011-05-03
  • Original language: English
  • Number of items: 1
  • Dimensions: 7.40" h x .95" w x 5.40" l, .63 pounds
  • Binding: Hardcover
  • 256 pages

From the Inside Flap

You buy financial assets for the cash flows you expect to gain. The price of a stock cannot be justified by assuming there will be other investors around who will pay a higher price in the future. That is the equivalent of playing an expensive game of musical chairs. As a prudent investor, you need to value the investment you are considering before buying it.

Valuation is at the heart of any investment decision, whether that decision is to buy, sell, or hold. In The Little Book of Valuation, financial expert Aswath Damodaran explains valuation techniques in everyday language so that even those new to investing can understand. Using this important resource, you can make better investment decisions when reviewing stock research reports and engaging in independent efforts to value and select stocks for your portfolio.

Page by page, Damodaran distills the fundamentals of valuation, without glossing over or ignoring key concepts, and develops models that you can easily understand and implement. He also makes the case that the two popular, and often divergent, approaches (intrinsic and relative) to valuation can be used in tandem. Damodaran discusses how both of these approaches can significantly improve your odds by helping you select stocks that are undervalued not only on an intrinsic level but also on a relative basis.

Once you become familiar with the techniques outlined in this book, you will be able to value a company with confidence. In addition, The Little Book of Valuation:

  • Includes illustrative case studies and examples that will help develop your valuation skills
  • Puts you in a better position to determine which investments are on track to add real value to your portfolio
  • Offers valuable valuation insights from one of the foremost experts in this field

Written with the individual investor in mind, this reliable guide will not only allow you to value a company quickly, but will also help you make sense of valuations done by others or found in comprehensive equity research reports.

From the Back Cover

LITTLE BOOK BIG PROFITS®

Praise for
THE LITTLE BOOK OF VALUATION

"There is nothing 'little' about Damodaran's The Little Book of Valuation. The whole gamut of ideas that form the basis for all business valuations— covered in his many multi-hundred page classics-are all here, with the same rigor, clarity, pointedness, and wit."
—Professor Anant K. Sundaram Tuck School of Business, Dartmouth College

"The Little Book of Valuation is a great book that I will recommend to my students and friends. This book is an impressive synthesis of sound theory and best practice. It is completely accessible to the novice. It is also an important addition to the professional library of the finance specialist. Acquire it without hesitation."
—Pablo Fernandez, Professor of Finance IESE Business School, Spain

"Damodaran's fast read book offers valuable insights for both institutional and sophisticated individual investors. Within the confines of 'intrinsic' (income approach) and 'relative' (market approach) analysis, he identifies the 'value drivers' in several broad categories of stocks and the most important factors to look for, and how to treat them in valuation for each category."
—Shannon Pratt Chairman and CEO, Shannon Pratt Valuations

About the Author

ASWATH DAMODARAN is Professor of Finance at New York University's Leonard N. Stern School of Business. He has been the recipient of numerous awards for outstanding teaching, including the NYU universitywide Distinguished Teaching Award, and was named one of the nation's top business school teachers by BusinessWeek in 1994. He has written or coedited numerous books, including Damodaran on Valuation, Investment Valuation, Corporate Finance, Investment Management, Investment Philosophies, and Applied Corporate Finance (all published by Wiley), as well as The Dark Side of Valuation, Investment Fables, and Strategic Risk Taking.

Most helpful customer reviews

52 of 53 people found the following review helpful.
Training Wheels for Valuation . . .
By D. CHEN
This book echoes some of the author's earlier works but whereas his other books are largely geared towards professional practitioners, The Little Book of Valuation is targeted at individual investors.

In my opinion, Damodaran has carved a unique niche among authors of this genre. As a professor at a respected university, his books always draw on a solid theoretical foundation. A lot of other authors do the same. Where I think he distinguishes himself is the ability to bring pragmatic, real world slant to these topics. I have found his publications to be very readable yet hardly "dumbed down". In fact, I think this particular volume would make a great introduction on valuation for aspiring MBAs and finance students.

The Little Book of Valuation starts by explaining the nuts and bolts of finance including topics such as time value of money and the concept of risk. A short explanation of financial statements is also included. Damodaran then goes on to describe intrinsic valuations including the subtle differences between cash flows to equity holders versus cash flow to the firm. Along with that the appropriate discount rates that apply to each are also explained. The book then quickly compares intrinsic valuation to relative valuation methodologies, stressing along the way the merits and disadvantages of each. When using multiples (price/earnings, price/book, price/sales) to do comparative valuations, he points out which financial metrics are the underlying drivers for each multiple.

From there, the book delves further into subtopics such as valuing companies at different stages in their life cycles: early stage companies, mature companies and declining companies. There are also separate chapters that discuss valuation issues/techniques for banks and other financial entities, cyclical/commodity companies and a final chapter on valuing companies with significant intangibles.

While the nature of the "Little Book" series means that they will be succinct and perhaps a little light on mind-numbing detail, I think this particular volume provides a very readable, even-handed approach to the topic of valuing financial assets. Damodaran consistently provides examples after he makes a point. Furthermore, the examples are real life rather than hypothetical situations.

I struggled to get through the Copeland tome on Valuation. I wish Professor Damodaran had published his Little Book of Valuation years earlier . . . it would have been like having a nice set of training wheels to get me started . . . .

7 of 7 people found the following review helpful.
Good introduction, but lacks depth for the practitioner
By Nick
If you want a short and lightweight introduction to the subject and have basic compound interest and financial statement analysis this book is useful. If you are looking for more than an introduction/overview then the book lacks some depth. It is short, clearly written, and covers the ground with minimal mathematics. I do recommend it as an introduction and overview of the subject area. However, if you can't do basic compound interest or have not looked at basic financial statement analysis it would be helpful to brush up on these topics before using this book to get into valuation.

For knowledgeable readers the book is less useful. To much time is spent presenting an answer on the mechanics of valuing a company and not enough time is spent on the nuances, tradeoffs, and implications of various valuation assumptions. The mechanics are important, but the book does not really grapple adequately with some of the big difficulties in valuation, which include the selection of discount rates and estimation of terminal value. For example, there is no discussion on merits or otherwise of using the average weighted cost of capital (AWCC) for discounting or presenting any alternatives. I don't claim that the approach is wrong just that it carries certain implications that deserve discussion.

Risk is dealt with simplistically through the discount rate, which is not inherently bad, but alternative actuarial approaches exist that I personally think deserve discussion, if only to inform the reader of the scope of the subject matter. Finally, success is as much about managing risk as it is about placing a value on a business. I feel that this most important point is lost.

Is the book worth reading? Absolutely. However, if you are hoping for a tool kit that will provide you with crystal ball to gaze on the future then you are surely going to be disappointed, because none exists.

35 of 38 people found the following review helpful.
Too much theory, not enough practical value
By Ant Gara
The author is a noted valuation author with several other books, much more indepth than this one. As an introduction to security valuation, it's good enough to get the job done, but I take issue with some of his methods.

Pros:
- Explains with clarity the different types of discounted cash flows (annunities, perpetuity, etc).
- Gives good explanation as to the significant metrics behind valuation multiples (ROE in PE, etc, Net PM in P/S, etc).
- Details why you should use historical averages, and not simply the most recently available metric for these calculations.
- Financial institutions are notoriously hard to value, and his method here is probably the best I've come across.

Cons:
- My biggest complaint is his over-reliance on CAPM beta as a risk-metric. Numerous studies have shown that stocks with low betas routinely out-perform those with high betas, which is the exact opposite of what's supposed to happen, according to financial theory. In fact, the author even briefly glosses over why beta may not be a great metric to use, but then continues to do so through out the entire book. As Buffett says, any time you see finance use a Greek symbol, they're substituting theory for experience.
- Doesn't give any alternatives to beta (WACC is no better, as it also includes beta) towards measuring risk. Should ignore beta completely and simply use the average market return over the past 200 or so years of 8 - 10% (I typically use 9).
- The regression analysis part seems completely out of place in a book like this.
- Likewise, his over-reliance on DCF is borderline absurd. Again, numerous studies have shown that most PROFESSIONAL analyst fail to accurately predict a firm's earnings over a short-term horizon (David Dremen has published many of these studies), so to assume a non-professional investor can with even remote accuracy predict cash flows 10 years into the future is ridiculous.

Overall, it's good for an introduction on discounting cash flows and being able to value a financial institution, but his use of beta and 10 years worth of forecasting is what holds this down.

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