Sales Driven Franchise Value

Book Description
Of all the day-to-day activities that security analysts and portfolio managers perform, perhaps the most important is valuing the stocks they hold. In this monograph, the author introduces a new valuation approach that switches the focus from price to earnings to price to sales.


About the Author
Martin L. Leibowitz is vice chairman and chief investment officer for TIAA-CREF, where he is responsible for the overall management of all the organization's investments. Prior to joining TIAA-CREF, Mr. Leibowitz was a managing director and director of research for both fixed income and equities at Solomon Brothers, Inc., as well as being a member of the firm's executive committee. During his 26 years at Solomon, he and his staff helped to develop many key market innovations, such as zero-coupon bonds, mortgage-backed securities, indexing strategies, and bond dedication. Mr. Leibowitz currently serves as chairman of the board of the New York Academy of Sciences, a trustee of The Institute for Advanced Study at Princeton, and a member of the Board of Overseers of New York University Stern School of Business. Mr. Leibowitz is the author of four books and numerous articles that range in subject from the mathematics of price volatility to asset allocation and liability management. Eight of his articles have received the Financial Analysts Journal's Graham and Dodd Award for excellence in financial writing, and in 1995, Mr. Leibowitz received AIMR's Nicholas Molodovsky Award for outstanding contribution of such significance as to change the direction of the profession, the Distinguished Public Service Award from the Public Securities Association, and became the first inductee into the Fixed Income Analysts Society's Hall of Fame. He holds a B.A. and an M.S. from the University of Chicago and a Ph. D. in mathematics from the Courant Institute of New York University.


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