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“Burgis is a strong storyteller. We can visualize diamonds smuggled in a toothpaste tube for Swiss banking clients. We see a lawyer taking SIM cards with important contacts from her oligarch client and concealing them in a candy wrapper as he fled one snowy night on a private plane. . . . Meticulously reported. . . . A must-read for anyone wanting to better understand what has already happened here in America. ”
-- Washington Post

“Simultaneously clear, elegant and engaging, Kleptopia pulls together several seemingly disparate strands in an assured, daring piece of story-telling. In the process, Tom Burgis reveals exactly how in the last thirty years organized crime and financial capitalism have fused to create a force of such power that no government or leader is free from the pressure it is able to apply. This is Jane Mayer's Dark Money on a global scale. When you pick this book up, you won't be able to put it down.”
-- Misha Glenny, author of McMafia

“Compelling. . . . The many strands in this complex global story are elegantly woven together and delivered in a form that makes the technicalities of finance accessible to the non-expert. . . . Kleptopia illuminates the legalised secrecy around the hubs of big money and how integral dirty money is to political power.” -- Financial Times

"It is hard to write about international corruption in an accessible and colourful way, while retaining an urgent sense of moral condemnation. This book beautifully captures both the murkiness and turpitude involved. Its ultimate theme?the intersection of politics and personal enrichment?is one of the most important stories of the age." -- Economist Best Books of the Year citation

“A meticulously reported piece of investigative journalism … written in the style of a fast-paced thriller. . . . A page-turner that lifts the lid on the murky world in which power is turned into money and money into power.” -- The Times (London)

“Corruption on a grand scale is fantastically complicated and tough to write about… Kleptopia does the job brilliantly. Burgis spins his tale of global corruption from the ground up, [beginning] with a hero straight out of a John le Carr? novel…Kleptopia is wonderfully if grimly entertaining.” -- The Economist

“Depicts an unsavory coalition of corrupt strongmen, artful criminals, and rapacious ?lites who, abetted by a network of accountants, lawyers, and other professional facilitators, have managed to pillage money on a grand scale and hide it abroad….The monetization of public office, Burgis believes, is no longer an aberration but often the very “purpose of seeking that office.” The techniques of financial obfuscation have grown so sophisticated that theft is easy, and, for the thief who hires the right advisers, impunity is all but assured.” -- New Yorker

“Burgis’s study of dark global realities casts a wide net, from Washington to Moscow, Kazakhstan and the Congo . . . [Burgis is] an impressive investigator. . . . A ghastly and very important story.” -- The Guardian

“Kleptopia is a powerful, appalling, and stunningly-reported expose of the global corruption that runs like an underground river from the world's darkest and dirtiest dictatorships through some of the planet's richest banks and governments. It reads like fiction, but unfortunately is all too true: Burgis names names, and follows the money, right into the Trump White House, among other high places. His narrative shows how dark money has grown from a national problem into an international scourge.” -- Jane Mayer, author of Dark Money

“Read Kleptopia now. There is no time to lose. Read it now to understand that the struggle between dirty money and clean money has been won by dirty money. Tom Burgis demonstrates that money does indeed stink ? and shows in Kleptopia how to follow its scent.” -- Roberto Saviano, author of Gomorrah

Preface.
Chapter 1: Introduction to Valuation.

Introduction to Chapters 2-6: Discounted Cashflow Valuation.

Chapter 2: Estimating Discount Rates.

Chapter 3: Measuring Cash Flows.

Chapter 4: Forecasting Cash Flows.

Chapter 5: Equity Discounted Cash Flow Models.

Chapter 6: Firm Valuation Models.

Introduction to Chapters 7-9: Relative Valuation.

Chapter 7: Relative Valuation: First Principles.

Chapter 8: Equity Multiples.

Chapter 9: Value Multiples.

Introduction to Chapters 10-17: Loose Ends in Valuation.

Chapter 10: Cash, Cross Holdings and Other Assets.

Chapter 11: Employee Equity Options and Compensation.

Chapter 12: The Value of Intangibles.

Chapter 13: The Value of Control.

Chapter 14: The Value of Liquidity.

Chapter 15: The Value of Synergy.

Chapter 16: The Value of Transparency.

Chapter 17: The Cost of Distress.

Chapter 18: Closing Thoughts.

Index.

"Aswath Damodaran is simply the best valuation teacher around. If you are interested in the theory or practice of valuation, you should have Damodaran on Valuation on your bookshelf. You can bet that I do."
?Michael J. Mauboussin, Chief Investment Strategist, Legg Mason Capital Management and author of More Than You Know: Finding Financial Wisdom in Unconventional Places

"Damodaran on Valuation is a marvel. The combination of expositional simplicity and conceptual rigor in this book is a rarity in the field of finance; rarer still is the clarity of ideas that simultaneously informs and delights. I do not believe that one can claim to be a serious practitioner?or, for that matter, teacher?of business valuation without mastering the ideas presented in this definitive piece of work."
?Professor Anant K. Sundaram, Faculty Director of Executive Education, Tuck School of Business at Dartmouth College

"Professor Damodaran does an excellent job of incorporating public and private company valuation issues in one volume. It's full of 'how tos' in dealing with difficult technical issues not usually addressed in text books, making it a great discussion tool and resource for both the student and the valuation professional. This is a great addition to any valuation library or training program."
?Scott A. Nammacher, CFA, ASA, Managing Director, Empire Valuation Consultants, LLC

In today's no-room-for-error business environment, the ability to accurately value a company's assets?both tangible and intangible?is essential for a wide variety of professionals, whether they are inside or outside that company. Damodaran on Valuation looks at valuation from the viewpoint of both the internal corporate strategist and the external portfolio manager, addressing issues related to models and techniques for valuing a business and, just as important, explaining their application in either the operation or acquisition of that business.

Damodaran on Valuation explores all aspects of valuation, from the fundamentals of estimating cash flows and discount rates to the principles underlying the use of multiples. In addition, the book addresses what are often left as loose ends in valuation?the value of control and synergy; how best to deal with cash, non-operating assets, and employee stock options when valuing a company; and the consequences of illiquidity, distress, and lack of transparency for asset value.

Whether you are a manager looking to maximize a company's value or an investor looking to beat the market, Damodaran on Valuation will give you the detailed, logical, and sensible answers you need to arrive at an accurate valuation.

The ability to value any asset is an essential skill in a wide variety of professional environments, from corporate finance to portfolio management to strategy. And while the reasons for doing valuation are as wide-ranging and varied as business itself, the fundamental precepts underlying valuation are surprisingly similar in both form and function.

Damodaran on Valuation, Second Edition provides you with today's most straightforward and comprehensive examination of the approaches and models necessary for performing valuations. Written by renowned teacher, author, and valuation authority Aswath Damodaran, and fully revised and updated from its top-selling first edition?which has become the essential reference for any professional needing accurate and reliable valuation information?this invaluable book now provides you with:

In-depth coverage of different distinct valuation approaches and key models within each
Techniques for accurately assessing the effect on value of employee stock options and other equity-based compensation
Methodologies for using valuation models to value intangible assets?patents, copyrights, trademarks, licenses, brand names, and more
Sound strategies for identifying and measuring the value of control in any business and why the expected value of control plays a role in many different valuation contexts
Discussion of how liquidity?or, more accurately, illiquidity?affects value, along with ways to measure this impact on value
Potential sources of the ever-elusive "synergy" when combining two entities, how best to value each type of synergy, and an examination of why firms so often overpay for synergy
Techniques for measuring the costs of accounting opacity and business complexity, and accurately discounting the value of complex firms to promote transparency at every level
A commonsense framework you can use to sift through numerous possible valuation models to determine the best model for your valuation task
For more than a decade, Damodaran on Valuation has been the standard valuation reference for professionals in virtually everyfield. Business realities have changed dramatically over that time, but the principles underlying valuation have not. Let this comprehensively revised and updated edition give you the knowledge and tools you need to address today's increasingly complex?and uncompromising?corporate and investment valuation environment.