Franchise Value

Praise for Franchise Value

**"The arrival of Franchise Value could not be more timely for the practice of security analysis. . . . Whether novice student or seasoned professional, the reader is in for a treat. Bon Appetit!" –Robert C. Merton, 1997 Nobel Prize Laureate in Economics

**"The franchise value model is a major advance beyond the traditional dividend discount model in the analysis of present and future company value." –Harry M. Markowitz, 1990 Nobel Prize Laureate in Economics

**"A bold investigation into the basis for common stock valuation that will challenge conventional thinking about such basic ideas as earnings and growth." –Jack Treynor, Treynor Capital Management, Inc.

**"Every investor, economist, accountant, and banker will gain from Leibowitz’s powerful insight, keen analysis, and profound understanding of the economic process." –Peter L. Bernstein, author of Against the Gods

**"Franchise Value untangles the knotty issues surrounding equity valuation and growth . . . The important insights in Franchise Value provide enormous practical benefit to all serious students of equity markets." –David F. Swensen, Chief Investment Officer, Yale University

**"This volume . . . is essential reading for anyone who cares about equity valuation." –Robert Arnott, Editor, Financial Analysts Journal

**"This collection . . . ought to be required reading for serious students of equity valuation." –Professor Jay O. Light, Harvard Business School

 **"A treasure trove of profoundly important investment insights from one of the most revered minds of our generation. Franchise Value is an outstanding book that is must reading for every investment professional." –Robert L. Hagin, author of Investment Management: Portfolio Diversification, Risk, and Timing–Fact and Fiction

**"Security analysts, serious investors, and corporate executives will each find invaluable insights and lessons in this splendid book." –Alfred Rappaport, Leonard Spacek Professor Emeritus, Northwestern University

**"Marty’s long-time work on franchise value has somehow remained an underappreciated part of his vast contribution to investment theory and practice. Hopefully this new collection of papers will remedy the situation." –Clifford S. Asness, PhD, Managing Principal, AQR Capital Management