...The Continuing Evolution of the Pharmaceutical Industry: Career Challenges and Opportunities December 2007 Michael Steiner, CFP®, CPA David H. Bugen, CFP®, MBA Brian Kazanchy, CFP®, CFA, MBA William T. Knox IV, CFP®, CFA, JD Margaret V. Prentice, MBA Lauren Goldfarb Mark P. Hurley Steven E. Cortez Christine L. Boudreaux Benjamin J. Robins Yvonne N. Kanner Shehzad Sippy Adam L. Bartkoski Ana M. Avila RegentAtlantic Capital, LLC Michael Steiner is a Wealth Manager and Principal with RegentAtlantic Capital, LLC, and head of the firm’s Pharmaceutical Executive Services Group (PESG). David H. Bugen is a Wealth Manager and Principal, and Brian Kazanchy is a Wealth Manager. William T. Knox IV is a Wealth Manager and Principal. Margaret V. Prentice is the Chief Marketing Officer and Principal, and Lauren Goldfarb is the Business Development Coordinator. Fiduciary Network, LLC Mark P. Hurley is President and CEO of Fiduciary Network, LLC. Steven E. Cortez is Executive Vice President. Christine L. Boudreaux is Director of Adviser Communications, and Benjamin J. Robins is General Counsel. Yvonne N. Kanner is Executive Vice President and COO, and Shehzad Sippy is a Research Analyst. Adam L. Bartkoski is Director of Adviser Operations and Development, and Ana M. Avila is an Intern. © Copyright Fiduciary Network, LLC, 2007 This material is for your private information, and we are not soliciting any action based upon it. Opinions expressed are our current views only, at the...
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...50 years, leadership scholars have conducted more than 1,000 studies in an attempt to determine the definitive styles, characteristics, or personality traits of great leaders. None of these studies has produced a clear profile of the ideal leader. Thank goodness. If scholars had produced a cookie-cutter leadership style, individuals would be forever trying to imitate it. They would make themselves into personae, not people, and others would see through them immediately. No one can be authentic by trying to imitate someone else. You can learn from others’ experiences, but there is no way you can be successful when you are trying to be like them. People trust you when you are genuine and authentic, not a replica of someone else. Amgen CEO and president Kevin Sharer, who gained priceless experience working as Jack Welch’s assistant in the 1980s, saw the downside of GE’s cult of personality in those days. “Everyone wanted to be like Jack,” he explains. “Leadership has many voices. You need to be who you are, not try to emulate somebody else.” harvard business review • hbr.org • february 2007 Over the past five years, people have developed a deep distrust of leaders. It is increasingly...
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...During the past 50 years, leadership scholars have conducted more than 1,000 studies in an attempt to determine the definitive styles, characteristics, or personality traits of great leaders. None of these studies has produced a clear profile of the ideal leader. Thank goodness. If scholars had produced a cookie-cutter leadership style, individuals would be forever trying to imitate it. They would make themselves into personae, not people, and others would see through them immediately. No one can be authentic by trying to imitate someone else. You can learn from others’ experiences, but there is no way you can be successful when you are trying to be like them. People trust you when you are genuine and authentic, not a replica of someone else. Amgen CEO and president Kevin Sharer, who gained priceless experience working as Jack Welch’s assistant in the 1980s, saw the downside of GE’s cult of personality in those days. “Everyone wanted to be like Jack,” he explains. “Leadership has many voices. You need to be who you are, not try to emulate somebody else.” Over the past five years, people have developed a deep distrust of leaders. It is increasingly evident that we need a new kind of business leader in the twenty-first century. In...
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...213-255_Trevino_08p4.qxd 6/21/06 5:18 PM Page 213 PA R T IV ETHICS AND THE ORGANIZATION 213 213-255_Trevino_08p4.qxd 6/21/06 5:18 PM Page 214 CHAPTER 8 ETHICAL PROBLEMS OF ORGANIZATIONS INTRODUCTION In the third quarter of 2002, the Brookings Institution, a Washington, D.C., think tank, estimated that the corporate scandals that began with the Enron debacle in late 2000 would cost the U.S. economy $35 billion. That is the equivalent of a $10 increase per barrel of oil.1 It is, in a word, staggering. And we may not have seen the end of it. Long before Enron’s collapse, a number of business ethicists and business professionals watched with concern as Wall Street analysts demanded increasingly strong corporate financial performance to support rising corporate stock prices. At the same time, the gargantuan compensation packages (including stock options) of the top executives running these companies became inextricably linked to their companies’ stock prices. In 1990, average CEO pay at major corporations was 107 times the pay of the average worker. By 2004, CEO pay had risen to 431 times the pay of the average employee. (If the pay of average workers in the United States had risen as fast as CEO pay, the lowest paid workers would be earning $23.03 an hour, not $5.15 an hour.)2 It was an “accident” waiting to happen, although everyone was making so much money in the market that no one wanted to admit that something could be fundamentally...
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...The Little Book of Valuation Aswath Damodaran Stern School of Business 44 West Fourth Street, 9-‐96 New York, NY 10012 Email: adamodar@stern.nyu.edu Phone: 212-‐998-‐0340 First draft: October 14, 2010 Preface Knowing the value of an asset may not be a prerequisite for investing or a guarantee for success, but it does help us make more informed judgments. For most investors, though, valuing an asset seems to be a task that is far too complex and complicated for their skill sets. Consequently, they either depend upon those that they regard as professionals (equity research analysts, appraisers) for their valuations or ignore value entirely when investing. In this book, I hope to show that valuation, at its core, is simple and that anyone who is willing to spend some time collecting information and analyzing it, can ...
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...UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2014 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-13252 McKESSON CORPORATION (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 94-3207296 (I.R.S. Employer Identification No.) One Post Street, San Francisco, California (Address of principal executive offices) (415) 983-8300 (Registrant’s telephone number, including area code) 94104 (Zip Code) Securities registered pursuant to Section 12(b) of the Act: (Title of each class) Common stock, $0.01 par value (Name of each exchange on which registered) New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports)...
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...An Integrated Approach to Strategy Running Case Featuring Wal-Mart Wal-Mart’s Competitive Advantage (Chapter 1) ● Working Conditions at Wal-Mart (Chapter 2) ● Wal-Mart’s Bargaining Power over Suppliers (Chapter 3) ● Human Resource Strategy and Productivity at Wal-Mart (Chapter 4) ● How Wal-Mart Became a Cost Leader (Chapter 5) ● Wal-Mart’s Global Expansion (Chapter 6) ● WalMart Internally Ventures a New Kind of Retail Store (Chapter 8) ● Sam Walton’s Approach to Implementing Wal-Mart’s Strategy (Chapter 9) Strategy in Action Features A Strategic Shift at Microsoft (Chapter 1) ● The Agency Problem at Tyco (Chapter 2) ● Circumventing Entry Barriers into the Soft Drink Industry (Chapter 3) ● Learning Effects in Cardiac Surgery (Chapter 4) ● How to Make Money in the Vacuum Tube Business (Chapter 5) ● The Evolution of Strategy at Procter & Gamble (Chapter 6) ● Diversification at 3M: Leveraging Technology (Chapter 7) ● News Corp’s Successful Acquisition Strategy (Chapter 8) ● How to Flatten and Decentralize Structure (Chapter 9) Practicing Strategic Management Application-based activities intended to get your students thinking beyond the book. Small-Group Exercises Short experiential exercises that ask students to coordinate and collaborate on group work focused on an aspect of strategic management. Exploring the Web Internet exercises that require students to explore company websites and answer chapter-related questions. Designing a Planning System (Chapter 1) Evaluating...
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...An Integrated Approach to Strategy Running Case Featuring Wal-Mart Wal-Mart’s Competitive Advantage (Chapter 1) ● Working Conditions at Wal-Mart (Chapter 2) ● Wal-Mart’s Bargaining Power over Suppliers (Chapter 3) ● Human Resource Strategy and Productivity at Wal-Mart (Chapter 4) ● How Wal-Mart Became a Cost Leader (Chapter 5) ● Wal-Mart’s Global Expansion (Chapter 6) ● WalMart Internally Ventures a New Kind of Retail Store (Chapter 8) ● Sam Walton’s Approach to Implementing Wal-Mart’s Strategy (Chapter 9) Strategy in Action Features A Strategic Shift at Microsoft (Chapter 1) ● The Agency Problem at Tyco (Chapter 2) ● Circumventing Entry Barriers into the Soft Drink Industry (Chapter 3) ● Learning Effects in Cardiac Surgery (Chapter 4) ● How to Make Money in the Vacuum Tube Business (Chapter 5) ● The Evolution of Strategy at Procter & Gamble (Chapter 6) ● Diversification at 3M: Leveraging Technology (Chapter 7) ● News Corp’s Successful Acquisition Strategy (Chapter 8) ● How to Flatten and Decentralize Structure (Chapter 9) Practicing Strategic Management Application-based activities intended to get your students thinking beyond the book. Small-Group Exercises Short experiential exercises that ask students to coordinate and collaborate on group work focused on an aspect of strategic management. Exploring the Web Internet exercises that require students to explore company websites and answer chapter-related questions. Designing a Planning System (Chapter 1) Evaluating...
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...thomas a . meyer How Great companies Get Started in terrible times Innovate! Innovate! How Great Companies Get Started in Terrible Times THOMAS A. MEYER John Wiley & Sons, Inc. Copyright © 2010 by Thomas A. Meyer. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose...
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...Aswath Damodaran INVESTMENT VALUATION: SECOND EDITION Chapter 1: Introduction to Valuation Chapter 2: Approaches to Valuation Chapter 3: Understanding Financial Statements Chapter 4: The Basics of Risk Chapter 5: Option Pricing Theory and Models Chapter 6: Market Efficiency: Theory and Models Chapter 7: Riskless Rates and Risk Premiums Chapter 8: Estimating Risk Parameters and Costs of Financing Chapter 9: Measuring Earnings Chapter 10: From Earnings to Cash Flows Chapter 11: Estimating Growth Chapter 12: Closure in Valuation: Estimating Terminal Value Chapter 13: Dividend Discount Models Chapter 14: Free Cashflow to Equity Models Chapter 15: Firm Valuation: Cost of Capital and APV Approaches Chapter 16: Estimating Equity Value Per Share Chapter 17: Fundamental Principles of Relative Valuation Chapter 18: Earnings Multiples Chapter 19: Book Value Multiples Chapter 20: Revenue and Sector-Specific Multiples 3 16 37 81 121 152 211 246 311 341 373 425 450 487 533 593 637 659 718 760 Chapter 21: Valuing Financial Service Firms Chapter 22: Valuing Firms with Negative Earnings Chapter 23: Valuing Young and Start-up Firms Chapter 24: Valuing Private Firms Chapter 25: Acquisitions and Takeovers Chapter 26: Valuing Real Estate Chapter 27: Valuing Other Assets Chapter 28: The Option to Delay and Valuation Implications Chapter 29: The Option to Expand and Abandon: Valuation Implications Chapter 30: Valuing Equity in Distressed Firms Chapter 31: Value Enhancement: A Discounted Cashflow...
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...The media’s watching Vault! Here’s a sampling of our coverage. “For those hoping to climb the ladder of success, [Vault's] insights are priceless.” – Money magazine “The best place on the web to prepare for a job search.” – Fortune “[Vault guides] make for excellent starting points for job hunters and should be purchased by academic libraries for their career sections [and] university career centers.” – Library Journal “The granddaddy of worker sites.” – US News and World Report “A killer app.” – New York Times One of Forbes' 33 “Favorite Sites” – Forbes “To get the unvarnished scoop, check out Vault.” – Smart Money Magazine “Vault has a wealth of information about major employers and jobsearching strategies as well as comments from workers about their experiences at specific companies.” – The Washington Post “A key reference for those who want to know what it takes to get hired by a law firm and what to expect once they get there.” – New York Law Journal “Vault [provides] the skinny on working conditions at all kinds of companies from current and former employees.” – USA Today VAULT GUIDE TO RESUMES, COVER LETTERS & INTERVIEWS © 2003 Vault Inc. VAULT GUIDE TO RESUMES, COVER LETTERS & INTERVIEWS HOWARD LEIFMAN, PhD, MARCY LERNER AND THE STAFF OF VAULT © 2003 Vault Inc. Copyright © 2003 by Vault Inc. All rights reserved. All information in this book is subject to change without notice. Vault makes no claims as to the accuracy and reliability...
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...A UTH-WE ST MBA series N's CEN G SO ER GE in E conomics Managerial Economics A Problem Solving Approach SECOND EDITION LUKE M. FROEB Vanderbilt University BRIAN T. MC CANN Vanderbilt University Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States Managerial Economics: A Problem Solving Approach, Second Edition Luke M. Froeb, Brian T. McCann Vice President of Editorial, Business: Jack W. Calhoun Vice President/Editor-in-Chief: Joe Sabatino Acquisitions Editor: Michael Worls Developmental Editor: Jean Buttrom Associate Marketing Manager: Betty Jung Content Project Manager: Lindsay Bethoney Media Editor: Deepak Kumar © 2010, 2008 South-Western, Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright hereon may be reproduced or used in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, Web distribution, information storage and retrieval systems, or in any other manner—except as may be permitted by the license terms herein. For product information and technology assistance, contact us at Cengage Learning Customer & Sales Support, 1-800-354-9706 For permission to use material from this text or product, submit all requests online at www.cengage.com/permissions Further permissions questions can be emailed to permissionrequest@cengage.com Print Buyer: Sandee Milewski Production Service:...
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...JaNuaRy–FeBRuaRy 2014 23 consumer Behavior What Marketers Don’t Get About Online Reviews Itamar Simonson and emanuel rosen 78 competition The Big Lie of Strategic Planning roger l. Martin 103 risk Management The New Rules of Globalization Ian Bremmer : -( : -( ; -) : A greAt plAce to work What ideo, BlackRock, and Netflix know about building high-performance cultures Page 53 ©2013 Cartier calibre de cartier CHRONOGRAPH 1904-CH MC THE 1904-CH MC, THE NEW AUTOMATIC WINDING CHRONOGRAPH MOVEMENT, WAS CONCEIVED, DEVELOPED AND ASSEMBLED BY THE CARTIER MANUFACTURE IN THE GREATEST WATCHMAKING TRADITION. THIS MOVEMENT IS EQUIPPED WITH INGENIOUS SYSTEMS FOR UTMOST PRECISION: A COLUMN WHEEL TO COORDINATE ALL THE CHRONOGRAPH FUNCTIONS, A VERTICAL CLUTCH DESIGNED TO IMPROVE THE ACCURACY OF STARTING AND STOPPING THE TIMING FUNCTION, A LINEAR RESET FUNCTION, AND A DOUBLE BARREL TO ENSURE UNRIVALED TIMEKEEPING. 18K PINK GOLD 42 MM CASE, MECHANICAL MANUFACTURE CHRONOGRAPH MOVEMENT, SELF-WINDING, CALIBRE 1904-CH MC (35 JEWELS, 28,800 VIBRATIONS PER HOUR, APPROXIMATELY 48 HOUR POWER RESERVE), CALENDAR APERTURE AT 6 O’CLOCK, 18K PINK GOLD OCTAGONAL CROWN, SILVER OPALINE SNAILED DIAL, GOLD FINISHED CHAMFERS. ALLIGATOR STRAP. EXPLORE AND SHOP WWW.CARTIER.US - 1-800-CARTIER hbr.org January–February 2014 Contents 53 SpoTlIghT on TalENT aND PErformaNCE 54 IDEo’s Culture of helping Research at one office of the design firm ...
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...Breakout Strategy Meeting the Challenge of Double-Digit Growth Sydney Finkelstein Charles E. Harvey Thomas C. Lawton (McGraw-Hill, New York, 2006) Table of Contents Dedication Acknowledgements Table of Contents List of figures Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Breakout Strategy Getting on the Fast Track Staying out Front Breakout Dynamics Putting Vision to Work Being a Magnet Company Delivering the Promise Executing Breakout Breakout Leadership Appendix: case study companies Index List of Figures Figure 1.1 Figure 2.1 Figure 3.1 Figure 4.1 Figure 5.1 Figure 5.2 Figure 5.3 Figure 5.4 Figure 5.5 Figure 6.1 Figure 6.2 Figure 6.3 Figure 6.4 Figure 7.1 Figure 7.2 Figure 7.3 Figure 8.1 Figure 8.2 Figure 8.3 Figure 9.1 The Breakout Strategy Cycle Companies Getting on the Fast Track Companies Staying Out Front Types of Capital and the Capital Accumulation Process The Vision Wheel State Transition for Harley-Davidson: Organization State Transition for Harley-Davidson: Culture State Transition for Harley-Davidson: Relationships State Transition for Harley-Davidson: Markets The Six Pillars of a Value Proposition Leveraging up the Apple Value Proposition Reconciling Different Value Propositions Leveraging up Samsung Electronics’ Value Proposition Components of a Business Model Aligning the Business Model and Value Proposition Business Model Needs Analysis Delivering Strategy System Balance and Strategy Delivery at...
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...THE INTELLIGENT INVESTOR A BOOK OF PRACTICAL COUNSEL REVISED EDITION B E NJAM I N G RAHAM Updated with New Commentary by Jason Zweig To E.M.G. Through chances various, through all vicissitudes, we make our way. . . . Aeneid Contents Epigraph iii Preface to the Fourth Edition, by Warren E. Buffett viii A Note About Benjamin Graham, by Jason Zweig x Introduction: What This Book Expects to Accomplish COMMENTARY ON THE INTRODUCTION 1. 1 12 35 The Investor and Inflation 47 COMMENTARY ON CHAPTER 2 3. 18 COMMENTARY ON CHAPTER 1 2. Investment versus Speculation: Results to Be Expected by the Intelligent Investor 58 65 COMMENTARY ON CHAPTER 3 4. A Century of Stock-Market History: The Level of Stock Prices in Early 1972 80 General Portfolio Policy: The Defensive Investor 88 COMMENTARY ON CHAPTER 4 5. 101 124 Portfolio Policy for the Enterprising Investor: Negative Approach 133 COMMENTARY ON CHAPTER 6 7. 112 COMMENTARY ON CHAPTER 5 6. The Defensive Investor and Common Stocks 145 iv 155 COMMENTARY ON CHAPTER 7 8. Portfolio Policy for the Enterprising Investor: The Positive Side 179 The Investor and Market Fluctuations 188 v Contents COMMENTARY ON CHAPTER 8 9. Investing in Investment Funds COMMENTARY ON CHAPTER 9 213 226 242 10. The Investor and His Advisers 257 COMMENTARY ON CHAPTER 10 272 11. Security...
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