100 books like Valuing a Business

By Shannon P. Pratt, Alina V. Niculita,

Here are 100 books that Valuing a Business fans have personally recommended if you like Valuing a Business. Shepherd is a community of 10,000+ authors and super readers sharing their favorite books with the world.

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Book cover of The Intelligent Investor

Joe Carlen Author Of The Einstein Money: The Life and Timeless Financial Wisdom of Benjamin Graham

From my list on understanding value investing and business value.

Why am I passionate about this?

As an investor and a professional business valuation specialist, I have a passion for understanding the true intrinsic value of both publicly-traded and closely-held (private) companies. There’s no denying that Warren Buffett, emulating the example of his mentor Benjamin Graham, applied a private company valuation approach to the selection of publicly-traded stocks and the results speak for themselves. Furthermore, given my somewhat technical educational and vocational background, I am more comfortable than most valuators with highly technical and IP-weighted businesses. That is why I consider IP valuation to be an integral element of business valuation. 

Joe's book list on understanding value investing and business value

Joe Carlen Why did Joe love this book?

The most popular book by the father of value investing, The Intelligent Investor imparts Graham’s time-tested stock and bond selection principles in a manner that is less technical and more conversational than Graham and Dodd’s earlier Security AnalysisGraham’s core principles around conducting intrinsic value analysis first and then purchasing securities that the market has mispriced at below that value are all addressed here in wonderful Graham prose. Since he pioneered that strategy, it makes good sense to read directly from the master. 

Aside from that, what I like about this book is that it addresses the often overlooked but vital psychological aspects of investing. Last but not least, did I mention that The Intelligent Investor is Warren Buffett’s favorite investment book of all time? When I interviewed him for my own book, he stated that Graham’s book “just made clear sense to me as a book about…

By Benjamin Graham,

Why should I read it?

2 authors picked The Intelligent Investor as one of their favorite books, and they share why you should read it.

What is this book about?

The classic bestseller by Benjamin Graham, "The Intelligent Investor" has taught and inspired hundreds of thousands of people worldwide. Since its original publication in 1949, Benjamin Graham's book has remained the most respected guide to investing, due to his timeless philosophy of "value investing", which helps protect investors against the areas of possible substantial error and teaches them to develop long-term strategies with which they will be comfortable down the road. Over the years, market developments have borne out the wisdom of Graham's basic policies, and in today's volatile market, "The Intelligent Investor" is the most important book you will…


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

Joe Carlen Author Of The Einstein Money: The Life and Timeless Financial Wisdom of Benjamin Graham

From my list on understanding value investing and business value.

Why am I passionate about this?

As an investor and a professional business valuation specialist, I have a passion for understanding the true intrinsic value of both publicly-traded and closely-held (private) companies. There’s no denying that Warren Buffett, emulating the example of his mentor Benjamin Graham, applied a private company valuation approach to the selection of publicly-traded stocks and the results speak for themselves. Furthermore, given my somewhat technical educational and vocational background, I am more comfortable than most valuators with highly technical and IP-weighted businesses. That is why I consider IP valuation to be an integral element of business valuation. 

Joe's book list on understanding value investing and business value

Joe Carlen Why did Joe love this book?

The process of business valuation lies at the core of value investing. That’s what Damodaran, longtime Professor of Finance at NYU, addresses in this book. An excellent distillation of the key business valuation approaches that are most relevant for investment, The Little Book of Valuation will make the valuation work less daunting and less arduous for the lay investor of the 21st century. 

As well, like the two previous books, this book also underscores the fact that, without a systematic approach to valuing publicly-traded stocks as if they were private companies, proper value investing is not even possible, let alone profitable. Perhaps to underscore this truth, one of the recommendation blurbs is provided by Shannon Pratt, one of the leading gurus of private business valuation and the author of my 4th book pick.

By Aswath Damodaran,

Why should I read it?

1 author picked The Little Book of Valuation as one of their favorite books, and they share why you should read it.

What is this book about?

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…


Book cover of IP Valuation for the Future: Trends, Techniques, and Case Studies

Joe Carlen Author Of The Einstein Money: The Life and Timeless Financial Wisdom of Benjamin Graham

From my list on understanding value investing and business value.

Why am I passionate about this?

As an investor and a professional business valuation specialist, I have a passion for understanding the true intrinsic value of both publicly-traded and closely-held (private) companies. There’s no denying that Warren Buffett, emulating the example of his mentor Benjamin Graham, applied a private company valuation approach to the selection of publicly-traded stocks and the results speak for themselves. Furthermore, given my somewhat technical educational and vocational background, I am more comfortable than most valuators with highly technical and IP-weighted businesses. That is why I consider IP valuation to be an integral element of business valuation. 

Joe's book list on understanding value investing and business value

Joe Carlen Why did Joe love this book?

In our increasingly technology-dependent economy, business value and the value of intellectual property (IP) intersect like never before. That’s why understanding how to value patents (both individual patents and patent portfolios), trademarks, and copyrights are essential skills to those serious about discerning business value in the 21st century. Mr. Anson includes a good discussion of the best IP valuation methods and the case studies are especially instructive. 

By Weston Anson,

Why should I read it?

1 author picked IP Valuation for the Future as one of their favorite books, and they share why you should read it.

What is this book about?

In today's economic landscape, there is a growing awareness of intellectual property and its value at all levels. IP Valuation for the Future looks at all matters related to IP value, whether the value is in a transaction, litigation, or other context. This guide provides a valuation overview for attorneys who need a basic grounding in the principles and financial standards of IP valuation along with a basic review of the core attributes, categories, and permutations of various IP.
In addition, this is a helpful resource for bankers, financial professionals, venture capitalists, and other professionals. It also serves as an…


Book cover of The Warren Buffett Way

Joe Carlen Author Of The Einstein Money: The Life and Timeless Financial Wisdom of Benjamin Graham

From my list on understanding value investing and business value.

Why am I passionate about this?

As an investor and a professional business valuation specialist, I have a passion for understanding the true intrinsic value of both publicly-traded and closely-held (private) companies. There’s no denying that Warren Buffett, emulating the example of his mentor Benjamin Graham, applied a private company valuation approach to the selection of publicly-traded stocks and the results speak for themselves. Furthermore, given my somewhat technical educational and vocational background, I am more comfortable than most valuators with highly technical and IP-weighted businesses. That is why I consider IP valuation to be an integral element of business valuation. 

Joe's book list on understanding value investing and business value

Joe Carlen Why did Joe love this book?

While Graham is the pioneer of value investing, there’s no question that his student, employee, and, ultimately, close friend Warren Buffett is its most successful practitioner. Although the essence of their respective approaches is similar, there are some important differences to understand. As the best book about Buffett’s investing style that I’ve encountered thus far, Hagstrom’s The Warren Buffett Way highlights some of Buffett’s most astonishing investment coups and the logic behind them. Upon reading both of those books, the reader will have gained a nuanced understanding of how Buffett took the Graham approach to business valuation/security selection and improved upon it. 

By Robert G. Hagstrom,

Why should I read it?

2 authors picked The Warren Buffett Way as one of their favorite books, and they share why you should read it.

What is this book about?

Warren Buffett is the most famous investor of all time and one of today s most admired business leaders. He became a billionaire and investment sage by looking at companies as businesses rather than prices on a stock screen. The first two editions of The Warren Buffett Way gave investors their first in-depth look at the innovative investment and business strategies behind Buffett s spectacular success. The new edition updates readers on the latest investments by Buffett. And, more importantly, it draws on the new field of behavioral finance to explain how investors can overcome the common obstacles that prevent…


Book cover of Valuation: Measuring and Managing the Value of Companies

Michael Samonas Author Of Financial Forecasting, Analysis and Modelling: A Framework for Long-Term Forecasting

From my list on financial modelling and valuation.

Why am I passionate about this?

I come from an engineering background and early in my career I discover financial modelling as I had to assess the viability of business plans. I deal with financial models the last 20 years of my professional carrier as a Group Financial Officer of SIDMA STEEL SA. Moreover, I am teaching financial modelling in the American College of Greece, Deree, at University of Nicosia in collaboration with Globaltraing and many other places abroad. I am a numbers person, and I am fascinated by financial modelling as it provides you a tool to support effective decision-making. 

Michael's book list on financial modelling and valuation

Michael Samonas Why did Michael love this book?

It is the best reference guide on Valuations.

Includes a chapter on forecasting performance which is closely related to my book. It’s mainly focused on Discounted Cash Flow valuation adapted for many including banks, high-growth, cyclical companies, Emerging Markets, etc).

There exists also a version that gives access to the Excel spreadsheet that one can use to model future financial performance of companies and value them.

By McKinsey & Company Inc., Tim Koller, Marc Goedhart , David Wessels

Why should I read it?

1 author picked Valuation as one of their favorite books, and they share why you should read it.

What is this book about?

McKinsey & Company's #1 best-selling guide to corporate valuation-the fully updated seventh edition

Valuation has been the foremost resource for measuring company value for nearly three decades. Now in its seventh edition, this acclaimed volume continues to help financial professionals around the world gain a deep understanding of valuation and help their companies create, manage, and maximize economic value for their shareholders.

This latest edition has been carefully revised and updated throughout, and includes new insights on topics such as digital, ESG (environmental, social and governance), and long-term investing, as well as fresh case studies.

Clear, accessible chapters cover the…


Book cover of The Shareholder Value Myth: How Putting Shareholders First Harms Investors, Corporations, and the Public

Sarah Kaplan Author Of The 360° Corporation: From Stakeholder Trade-Offs to Transformation

From my list on stakeholder capitalism.

Why am I passionate about this?

Sarah Kaplan is Distinguished Professor and Director of the Institute for Gender and the Economy at the University of Toronto’s Rotman School of Management. She is the author of the bestseller Creative Destruction: Why Companies That Are Built to Last Underperform the Market—And How to Successfully Transform Them and The 360º Corporation: From Stakeholder Trade-offs to Transformation, both address the challenges of innovation and organizational change in society. She frequently speaks and appears in the media on topics related to achieving a more inclusive economy and corporate governance reform. Formerly a professor at the Wharton School and a consultant at McKinsey & Company, she earned her PhD at MIT’s Sloan School of Management.

Sarah's book list on stakeholder capitalism

Sarah Kaplan Why did Sarah love this book?

Stout’s book was an early salvo in the current debate about shareholder primacy that opened the way for many who have followed in her footsteps. In this carefully argued book, she disputes the argument that corporate boards are required by law to put the shareholder first, pointing out flaws in legal interpretations that have supported a damaging consensus view. In debunking the shareholder value myth, she shows that the obsessive focus on financial returns has led to dangerous short-termism in which corporate leaders pursue quarterly earnings to the disadvantage of investments that would not only improve social outcomes but also lead to better long term performance. She also demonstrates that shareholders hold many values, only one of which might be financial returns. In this regard, she was a vanguard of the accelerating focus of institutional investors on “stewardship” of the environmental and social impacts of their investments.  

By Lynn Stout,

Why should I read it?

1 author picked The Shareholder Value Myth as one of their favorite books, and they share why you should read it.

What is this book about?

“Shareholder value is the dumbest idea in the world.”
—Jack Welch

Executives, investors, and the business press routinely chant the mantra that corporations are required to “maximize shareholder value.” In this pathbreaking book, renowned corporate expert Lynn Stout debunks the myth that corporate law mandates shareholder primacy. Stout shows how shareholder value thinking endangers not only investors but the rest of us as well, leading managers to focus myopically on short-term earnings; discouraging investment and innovation; harming employees, customers, and communities; and causing companies to indulge in reckless, sociopathic, and irresponsible behaviors. And she looks at new models of corporate…


Book cover of Corporate Finance: Principles and Practice

Ian Pagdin and Michelle Hardy Author Of Investment and Portfolio Management: A Practical Introduction

From my list on making finance interesting and engaging (especially if you’re not an academic).

Why am I passionate about this?

We first met about 10 years ago at Sheffield Hallam University, bonding as work colleagues over a love of enabling students to understand wealth management and finance in a way that we hoped they would find interesting and accessible. The books we chose mix our love of storytelling and making finance accessible by using real-world experiences. They do this in a unique way, challenging the reader to think about their understanding and perspective, something we try to do every day. It has been lovely to reread these books before writing the reviews, reminding us of what makes us tick. We hope they help you to find your tick too. 

Ian and Michelle's book list on making finance interesting and engaging (especially if you’re not an academic)

Ian Pagdin and Michelle Hardy Why did Ian and Michelle love this book?

We like this book because it has a “reader-friendly” style, which is particularly important for anyone unfamiliar with the subject. This also makes it practical for students of all levels and those interested in exploring a new area of interest.

The main topics of corporate finance are covered, giving detailed explanations of key principles while considering real-life situations by utilising practical examples to illustrate the issues explored. It provides an effective bridge between theory and practical application of techniques used by professional managers to achieve corporate objectives. The inclusion of questions for review and discussion allows the reader to self-test and reflect on their understanding and encourage critical thinking.

Our advice, brew a big mug of tea and make a start.

By Denzil Watson, Antony Head, Dora Chan

Why should I read it?

1 author picked Corporate Finance as one of their favorite books, and they share why you should read it.

What is this book about?

Familiarise yourself with the core concepts surrounding Corporate Finance with this reader-friendly text.

Corporate Finance: Principles and Practice, 8th Edition by Denzil Watson and Antony Head, is a comprehensive guide to the field, introducing you to the key topics and basic areas of Corporate Finance. This thoroughly updated edition is ideal for students in accounting, business, or finance-related studies at undergraduate, postgraduate, and professional levels.

Written and structured in a reader-friendly style for those new to the subject, the book explains clearly and step-by-step the essential principles and mathematical techniques needed without burdening you with unnecessary detail. The questions for…


Book cover of Building a World-Class Compliance Program: Best Practices and Strategies for Success

Mónica Ramírez Chimal Author Of Don't Let Them Wash, Nor Dry!: A Simple and Easy Guide to Protect Your Company from the Risk of Money Laundering

From my list on tackling money laundering risk.

Why am I passionate about this?

The prevention of money laundering caught my attention, and at that time, with so little information on the market, I decided to write my first book so that more people can protect themselves from this crime. I have a gift: explain complicated topics in an easy way. This has helped me to write several articles on different topics in international magazines. I’m a passionate-effective trainer who believes that helping people to grow helps to make this world better. It’s my legacy! I like to do the right thing; take this as a reliable fact: I consult my own book and articles written. I hope to help you grow too!

Mónica's book list on tackling money laundering risk

Mónica Ramírez Chimal Why did Mónica love this book?

One of the risks that the Compliance Officers oversee is the risk of money laundering; depending on how it is managed, it is possible to minimize reputational risk. This book helped me pinpoint precisely the necessary elements that must be included in a compliance plan to achieve strong corporate responsibility and compliance culture. By having those controls in place, money laundering and even any other white-crime risk are minimized and, incidentally, reputational risk. If you apply this, the company you work for it's going to be protected, and your boss is going to be happy, a win-win for everyone!

By Martin T. Biegelman,

Why should I read it?

1 author picked Building a World-Class Compliance Program as one of their favorite books, and they share why you should read it.

What is this book about?

Written by a long-standing practitioner in the field, this timely and critical work is your best source for understanding all the complex issues and requirements associated with corporate compliance. It provides clear guidance for those charged with protecting their companies from financial and reputational risk, litigation, and government intervention, who want a robust guide to establish an effective compliance program.


Book cover of In Search of Excellence: Lessons from America's Best-Run Companies

Howard M. Guttman Author Of When Goliaths Clash: Managing Executive Conflict to Build a More Dynamic Organization

From my list on managing those "keep you up at night" organizational issues.

Why am I passionate about this?

I am the principal of Guttman Development Strategies (GDS), an organization development firm that works with senior executives and their teams in major corporations globally to build horizontal, high-performance teams, provide leadership coaching, and develop leadership skills. I am a speaker and author of three acclaimed management books and dozens of articles in business publications.

Howard's book list on managing those "keep you up at night" organizational issues

Howard M. Guttman Why did Howard love this book?

This elegantly written book is chock-a-block with real-life examples and balances rigorous conceptual discussion with practical tips for moving organizations from mediocrity to excellence.

I especially like the author's distillation of eight practical tips that separate successful companies from the wannabes, including a bias for action, staying close to the customer, and “sticking to the knitting.” These were ahas! at the time and have since become timeless “musts” for well-run companies.

By Thomas J. Peters, Robert H. Waterman,

Why should I read it?

1 author picked In Search of Excellence as one of their favorite books, and they share why you should read it.

What is this book about?

The "Greatest Business Book of All Time" (Bloomsbury UK), In Search of Excellence has long been a must-have for the boardroom, business school, and bedside table.

Based on a study of forty-three of America's best-run companies from a diverse array of business sectors, In Search of Excellence describes eight basic principles of management -- action-stimulating, people-oriented, profit-maximizing practices -- that made these organizations successful.

Joining the HarperBusiness Essentials series, this phenomenal bestseller features a new Authors' Note, and reintroduces these vital principles in an accessible and practical way for today's management reader.


Book cover of New Corporate Governance: Successful Board Management Tool

Harry Korine Author Of Strong Managers, Strong Owners: Corporate Governance and Strategy

From my list on making corporate governance work.

Why am I passionate about this?

Some time after starting out as an academic in the field of strategy, I became aware of the fact that strategists thought and acted as if board members and shareholders simply did not exist—executives made strategy. The revelatory moment for me came when I tested this conception of the world against the reality that I knew, Europe and family business, settings where shareholders in particular have always played a critical role in deciding on the direction of the firm. Ever since, I have made it my missionin research, in teaching, and in consultingto make sure that strategy and governance questions are always raised at the same time.

Harry's book list on making corporate governance work

Harry Korine Why did Harry love this book?

This is one of the very few books about corporate governance that provides truly useful, non-obvious tools for improving performance. Starting with a very good exposition of the challenges of modern corporate governance, Martin Hilb offers a variety of charts, self-tests, and questions for reflection that help owners, board members, and executives come to grips with their different roles in directing and controlling the firm. The situations discussed and the advice offered are relevant for listed and private companies – the best short primer on how to apply corporate governance.

By Martin Hilb,

Why should I read it?

1 author picked New Corporate Governance as one of their favorite books, and they share why you should read it.

What is this book about?

In the 5th edition of this successful book Martin Hilb presents an innovative and integrated approach to the theory and practice of corporate governance. Central to this approach is a set of instruments - developed and tested by the author - that can be used by boards to offer effective strategic direction and control to their organizations. The board instruments can be readily applied to the selection, review, remuneration and development of board members, and for conducting board self-evaluations. This new approach to corporate governance is based on four guiding principles: keep it situational, keep it strategic, keep it integrated,…


5 book lists we think you will like!

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