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Archive for the 'Business' Category

Thursday, February 2nd, 2017

Valuation as a Bridge

Narrative and Numbers

“What comes more naturally to you, story telling or number crunching?” — Aswath Damodaran

This week, our featured book is Narrative and Numbers: The Value of Stories in Business, by Aswath Damodaran. For today’s post, we highlight Professor Damodaran’s YouTube video, below, introducing the book and its project.

Don’t forget to enter our book giveaway for a chance to win a free copy of Narrative and Numbers!

Wednesday, February 1st, 2017

From Data to Stories

Narrative and Numbers

“…this book is about my journey from an unquestioning trust in numbers to an increasing focus on stories in valuation and my stories about the companies that I value in this book. I don’t expect you to buy into my stories. In fact, I hope that you disagree with me and tell your own stories and that this book will help you convert those stories into valuations.” — Aswath Damodaran

This week, our featured book is Narrative and Numbers: The Value of Stories in Business, by Aswath Damodaran.

The following is an excerpt of a post originally published by Professor Damodaran on his blog on Wednesday, January 11th, 2017.

When I taught my first valuation class in 1986 at New York University, I taught it with numbers, with barely a mention of stories. It was only with the passage of time that I realized that my valuations were becoming number-crunching exercises, with little holding them together other than historical data and equations. Worse, I had no faith in my own valuations, recognizing how easily I could move my final value by changing a number here and a number there. It was then that I realized that I needed a story to connect the numbers and that I was not comfortable with story telling, and that realization led me to start working on my narrative skills. While I am still a novice at it, I think that I have become a little better at story telling than I used to be and it is this journey that is at the core of my newest book, Narrative and Numbers: The Value of Stories in Business.

Story versus Numbers

What comes more naturally to you, story telling or number crunching? That is the question that I start every valuation class that I teach and my reasons are simple. In a world where we are encouraged to make choices early and specialize, we unsurprisingly play to our strengths and ignore our weaknesses. I see a world increasingly divided between number crunchers, who have abandoned common sense and intuition in pursuit of data analytics and complex models and story tellers, whose soaring narratives are unbounded by reality. Each side is suspicious of the other, the story tellers convinced that numbers are being used to intimidate them and the number crunchers secure in their belief that they are being told fairy tales. It is a pity, since there is not only much that each can learn from the other, but you need skills in investing and valuation. I think of valuation as a bridge between stories and numbers, where every story becomes a number in the valuation and every number in a valuation has a story behind it.

Narrative and Numbers

When I introduce this picture in my first class, my students are skeptical, as they should be, viewing it as an abstraction, but I try to make it real, the only way I can, which is by applying it on real companies. I start every valuation that I do in class with a story and try to connect my numbers to that story and I try to be open about how much I struggle to come up with stories for some companies and have much my story has to change to reflect new facts or data with others. I push my students to work on their weaker sides when they do valuations, trying asking story tellers to pay more heed to the numbers and beseeching number crunchers to work on their stories. Seeking a larger audience, I have not only posted many times on the process but almost every valuation that I have posted on this blog has been as much about the story that I am telling about the company as it is about the numbers. In fact, having written and talked often about the topic, I thought it made sense to bring it all together in a book, Narrative and Numbers, published by Columbia University Press, and available at bookstores near you now.

From Story to Value: The Sequence

So, how does a story become a valuation? This book is built around a sequence that has worked for me, in five steps, starting with a story, putting the story through a reality check, converting the story into a valuation and then leaving the feedback loop open (where you listen to those who disagree with you the most and try to improve your story).

Narrative and Numbers

There is no rocket science in any of these steps and I am sure that this is not the only pathway to converting narrative to value. These steps have worked for me and I use four companies as my lead players to illustrate the process.

  • Uber, the ride-sharing phenomenon: I start with the story that I told about Uber in June 2014, and the resulting value, and how that story evolved over the next 15 months as I learned more about the company and its market/competition changed.
  • Amazon, the Field of Dreams Company: Amazon is a story stock that seems to defy the numbers laws and I use it to illustrate how the value for Amazon can vary as a function of the story you tell about it.
  • Alibaba, the China story: The China big market story has been used to justify the valuations of many companies, but Alibaba is one case where the use of that story is actually merited. In my story, Alibaba continues to dominate the growing Chinese online retail market and my value reflects that, but I also look at how that value will change if Alibaba can replicate its success globally (Alibaba, the Global Story).
  • Ferrari, the Exclusive Club: I value Ferrari as an exclusive club, leading into its IPO, and explore how that value will change if you assume that it will follow a different business model.
  • In the later chapters, I bring in other familiar names (at least to those who read my blog), to illustrate how macroeconomic factors affect stories and Yahoo! to examine the effect of the corporate life cycle. In the final part of the book, I turn the focus on management and look at how the story telling skills of top managers can make a significant difference in how a young company is perceived and valued by the market and how that skill set has to shift as the company ages…

    Don’t forget to enter our book giveaway for a chance to win a free copy of Narrative and Numbers!

    Tuesday, January 31st, 2017

    A Tale of Two Tribes

    Narrative and Numbers

    “So let’s see where we stand. We relate to and remember stories better than we do numbers, but storytelling can lead us into fantasyland quickly, a problem when investing. Numbers allow us to be disciplined in our assessments, but without stories behind them, they become weapons of intimidation and bias rather than discipline.” — Aswath Damodaran

    This week, our featured book is Narrative and Numbers: The Value of Stories in Business, by Aswath Damodaran. For the first post of the week’s feature, we are happy to present an excerpt from the book’s first chapter, “A Tale of Two Tribes.”

    Don’t forget to enter our book giveaway for a chance to win a free copy of Narrative and Numbers!

    Monday, January 30th, 2017

    Book Giveaway! Narrative and Numbers, by Aswath Damodaran

    Narrative and Numbers

    “No one has contributed more to the craft of valuation than Aswath Damodaran. In Narrative and Numbers, he correctly shows that you can’t understand the stock without the story. After Damodaran’s eye-opening tour, you will forever appreciate the vital contribution of human nature to number-crunching.” — Michael Mauboussin, Head of Global Financial Strategies, Credit Suisse

    This week, our featured book is Narrative and Numbers: The Value of Stories in Business, by Aswath Damodaran. Throughout the week, we will be featuring content about the book and its author on our blog as well as on our Twitter feed and our Facebook page.

    Thursday, January 26th, 2017

    How Much Do You Know About Corporate Strategy?

    If You're in a Dogfight, Become a Cat!

    “Cats are a different breed of animal—clever, solitary hunters who are more inclined to explore new territory and to redefine the game on their own terms than to engage with the pack in a no-win dogfight. Cats are agile and innovative, and seek their prey (customers) with tactics that dogs cannot easily replicate.” — Leonard Sherman

    This week, our featured book is If You’re in a Dogfight, Become a Cat!: Strategies for Long-Term Growth, by Leonard Sherman. Today, we are happy to present a quiz on corporate strategy, with information pulled from the many case studies in If You’re in a Dogfight, Become a Cat!.

    Don’t forget to enter our book giveaway for a chance to win a copy of If You’re in a Dogfight, Become a Cat!.

    Tuesday, January 24th, 2017

    Introducing “If You’re in a Dogfight, Become a Cat!”

    If You're in a Dogfight, Become a Cat!

    “Cats are a different breed of animal—clever, solitary hunters who are more inclined to explore new territory and to redefine the game on their own terms than to engage with the pack in a no-win dogfight. Cats are agile and innovative, and seek their prey (customers) with tactics that dogs cannot easily replicate.” — Leonard Sherman

    This week, our featured book is If You’re in a Dogfight, Become a Cat!: Strategies for Long-Term Growth, by Leonard Sherman. To start the week’s feature, we are happy to present an excerpt from the preface to If You’re in a Dogfight, Become a Cat!.

    Don’t forget to enter our book giveaway for a chance to win a copy of If You’re in a Dogfight, Become a Cat!.

    Monday, January 23rd, 2017

    Book Giveaway! If You’re in a Dogfight, Become a Cat!, by Leonard Sherman

    If You're in a Dogfight, Become a Cat!

    “A wonderfully comprehensive view of competition and competitive strategy and illustrating it well with contemporary examples and citing of the scholarly literature and linking that to action oriented techniques.” — John Czepiel, New York University Stern School of Business

    This week, our featured book is If You’re in a Dogfight, Become a Cat!: Strategies for Long-Term Growth, by Leonard Sherman. Throughout the week, we will be featuring content about the book and its author on our blog as well as on our Twitter feed and our Facebook page.

    Friday, December 23rd, 2016

    Introducing Class Clowns

    Class Clowns

    “At the end of the day, the underlying motivations of the various actors matter less than knowing how to avoid the mistakes detailed here. The trick is to retain the passion for education but lose the emotional or ideological commitments to particular solutions.” — Jonathan A. Knee

    This week, our featured book is Class Clowns: How the Smartest Investors Lost Billions in Education, by Jonathan A. Knee. Today, for the final day of the feature, we are happy to present an excerpt from Knee’s introduction.

    Don’t forget to enter our book giveaway for your chance to win a free copy of Class Clowns!

    Thursday, December 22nd, 2016

    Why For-Profit Education Fails

    Class Clowns

    “Should anyone care that a bunch of very rich people have failed in these ventures? In fact, this should matter to anyone concerned about education. That failure, repeated so consistently, has given credible fodder to people who resist the active participation of for-profit enterprises in the educational sphere. But that sphere will always comprise public and private, nonprofit and for-profit institutions, and for-profit businesses play an essential role.” — Jonathan A. Knee

    This week, our featured book is Class Clowns: How the Smartest Investors Lost Billions in Education, by Jonathan A. Knee. Today, we are happy to share an excerpt from “Why For-Profit Education Fails,” an article by Jonathan Knee that appeared in The Atlantic.

    Don’t forget to enter our book giveaway for your chance to win a free copy of Class Clowns!

    Why For-Profit Education Fails
    By Jonathan A. Knee

    [O]ver the past couple of decades, a veritable who’s who of investors and entrepreneurs has seen an opportunity to apply market discipline or new technology to a sector that often seems to shun both on principle. Yet as attractive and intuitive as these opportunities seemed, those who pursued them have, with surprising regularity, lost their shirts. JP Morgan backed Edison Schools’ ill-conceived effort to outsource public education in the late 1990s and saw the business lose 90 percent of its value during its four years as a public company; Goldman Sachs was one of many private-equity firms that came up empty after betting on the inevitable ascendance of for-profit universities; the billionaire Ronald Perelman shut down his futuristic K–12 educational-technology company, GlobalScholar, after spending $135 million and concluding that the software was faulty and a “mirage”; by the time the hedge-fund titan John Paulson was able to sell the last of his stake in Houghton Mifflin Harcourt, in 2015, he had likely lost hundreds of millions financing the company’s misguided mission to remake textbook publishing.

    Not all financial investments in education end badly, but the number that have is notable, as are the magnitudes of the fiascos, in stark contrast to the successes of many of these same investors in other domains. The precise sources of failure in each instance are diverse, as are the educational subsectors targeted and the approaches pursued. But what many share is the sweeping nature of their ambition. (more…)

    Wednesday, December 21st, 2016

    The Road to Disastrous Educational Businesses Is Paved With Good Intentions

    Class Clowns

    “Scaling back ambitions and moving from high-minded rhetoric to the gritty operational challenges can have the feel of selling out. When the principles involved are viewed as fundamental, compromise—whether to a business model or to a policy platform—can be anathema. Yet the failure to do so in both instances not only makes the perfect the enemy of the good, but it also threatens to more permanently undermine the potential long-term benefits to both shareholders and the public.” — Jonathan A. Knee

    This week, our featured book is Class Clowns: How the Smartest Investors Lost Billions in Education, by Jonathan A. Knee. Today, we are happy to share a piece of an excerpt posted in full by EdSurge.

    Don’t forget to enter our book giveaway for your chance to win a free copy of Class Clowns!

    Adherents of particular educational business models and advocates of particular educational public policy approaches have a tendency to use very similar language in promoting their views. Their favored instrumentality of change is typically described alternatively as “transformational” or “revolutionary.” In both cases, the evidence suggests that a narrowing of focus, a nuanced appreciation of the particular market structure and context, and an emphasis on the importance of effective execution would go a long way toward improving the probability of successful outcomes.

    But this is easier said than done. In general, revolutionaries are not known for their humility. Scaling back ambitions and moving from high-minded rhetoric to the gritty operational challenges can have the feel of selling out. When the principles involved are viewed as fundamental, compromise—whether to a business model or to a policy platform—can be anathema. Yet the failure to do so in both instances not only makes the perfect the enemy of the good, but it also threatens to more permanently undermine the potential long-term benefits to both shareholders and the public.

    In the public policy arena, there is no better example of this phenomenon than the failed efforts of well-meaning reform advocates to use Facebook CEO Mark Zuckerberg’s $100 million gift to Newark’s public schools to revolutionize urban public education more broadly. As documented by Dale Russakoff in her compelling 2015 book “The Prize,” the Newark initiative was disastrous, leaving little to show for the massive investment. In seeking transformational results that could be used as a template elsewhere, leaders misjudged the political environment, ignored the specific needs of the traumatized local population, and entrusted execution to true believers who did not have the required skills.

    It would be hard to argue that the magnitude of this failure has not set back even better-conceived reform efforts. Those most responsible for the Newark debacle frequently invoked jargon plucked from business best sellers to justify their misguided efforts. Given the embarrassing results of many of the “transformative” educational business initiatives—including a number with which the same executives involved in Newark were associated—it is unclear how compelling these references were. More broadly, the failure of these business ventures has given credible fodder to those who resist the active participation of for-profit enterprises in the educational sphere.

    Read the excerpt in its entirety at EdSurge.

    Tuesday, December 20th, 2016

    A Cautionary Tale on Education Investment Flops: Jonathan Knee on Squawk Box

    Class Clowns

    “When you try to mix your philanthropy with your investing, you tend to do both badly…. The important thing about good for-profit education is that it’s sustainable, it’s got a sustainable business model.” — Jonathan A. Knee

    This week, our featured book is Class Clowns: How the Smartest Investors Lost Billions in Education, by Jonathan A. Knee. On Friday, December 16, Jonathan Knee appeared and discussed the dangers of investing in education on CNBC’s Squawk Box. To start the week’s feature, we are happy to share the video of his interview below.

    Don’t forget to enter our book giveaway for your chance to win a free copy of Class Clowns!

    Thursday, November 3rd, 2016

    Rolling the Dice

    A Brief History of Entrepreneurship

    “To paraphrase Virgil, both fortune and misfortune tend to favor the bold. In other words, the surest route to avoiding misfortune is certainly not by starting one’s own business. Those who are motivated primarily by a fear of discomfort, uncertainty, and the like will find a safer way to earn a living. Of course, in many instances, such people will fare better economically over the long run than the perennial risk-taker. Nonetheless, those looking for the safe route are not likely to become entrepreneurs, successful or otherwise.” — Joe Carlen

    This week, our featured book is A Brief History of Entrepreneurship: The Pioneers, Profiteers, and Racketeers Who Shaped Our World, by Joe Carlen. For today’s post, Carlen discusses the traits that are most commonly shared by successful entrepreneurs throughout history.

    Don’t forget to enter our book giveaway for a chance to win a free copy of A Brief History of Entrepreneurship!

    Rolling the Dice
    By Joe Carlen

    During a recent radio interview about A Brief History of Entrepreneurship, the host asked me about those traits that are most commonly found among successful entrepreneurs. Having recently written a book that traces entrepreneurship from the dawn of civilization to the nascent space tourism industry, three initial answers sprung to mind. In this piece, I will review each of them, and discuss my personal choice for the single most important trait shared by successful entrepreneurs.

    Ingenuity? Certainly, some of history’s greatest entrepreneurs, especially those of recent centuries, were distinguished by their ingenuity. Yet, many more, equally successful, were not especially innovative, at least in the technological sense. Moreover, some of the most creative ones – like Samuel Crompton, the brilliant industrial innovator who failed to adequately protect his intellectual property – never attained significant financial success. Meanwhile, even some of today’s largest technology companies were not founded on particularly original ideas. Rather, some are enterprises that grew out of tweaking existing concepts and promoting them far more aggressively and effectively than the original innovators ever did. (more…)

    Wednesday, November 2nd, 2016

    Introducing “A Brief History of Entrepreneurship”

    A Brief History of Entrepreneurship

    “Throughout history, the entrepreneur’s ceaseless quest to discover and/or develop new markets has been pursued through a variety of means, all of which have had an enormous impact on society…. So while this book does not posit a moral argument for or against entrepreneurship, it does argue that it has been a “prime mover,” an instigator of seminal transformations that have altered the course of history.” — Joe Carlen

    This week, our featured book is A Brief History of Entrepreneurship: The Pioneers, Profiteers, and Racketeers Who Shaped Our World, by Joe Carlen. Today, we are happy to present an excerpt from Carlen’s Introduction, in which he traces the term “entrepreneur” back to its invention, and explains what made him investigate the history of economic invention.

    Don’t forget to enter our book giveaway for a chance to win a free copy of A Brief History of Entrepreneurship!

    In 1985, Peter Drucker, the late management expert, defined entrepreneurship as “the act that endows resources with a new capacity to create wealth,” among the most specific and meaningful definitions of the term. More literally, the words “entrepreneurship” and “enterprise” both derive from the Old French word for “an undertaking,” entrependre. Yet even in French, the related word entrepreneur did not take on its current meaning until the economist Jean-Baptiste Say so imbued it in 1800.

    In the English language, until the mid-nineteenth century, when the French term entrepreneur began to enjoy common usage outside France, the term undertaker (a literal translation of the French word) was sometimes used in its stead. More frequently, however, the more evocative term “adventurer” was preferred. In this vein, the American economist William Baumol once defined the entrepreneur as “the individual willing to embark on adventure in pursuit of economic goals.” These individuals and the often unintended impact of their adventures on the course of world history are the focus of this book. (more…)

    Tuesday, November 1st, 2016

    Flying Money and Capitalist Monks

    A Brief History of Entrepreneurship

    “Living in the land where paper had been invented several centuries earlier, these Chinese entrepreneurs began using paper bills of credit representing and exchangeable for a certain sum of guan. Upon selling their shipments of tea in the city, usually the dynasty capital Chang’an, they would receive paper IOUs…. The lightness of paper money, especially in comparison with copper coinage, inspired the name fei-qian, ‘flying money.’” — Joe Carlen

    This week, our featured book is A Brief History of Entrepreneurship: The Pioneers, Profiteers, and Racketeers Who Shaped Our World, by Joe Carlen. To start the feature, we are happy to present an excerpt from “Flying Money and Capitalist Monks,” Carlen’s chapter on entrepreneurship in Tang and Song China.

    Don’t forget to enter our book giveaway for a chance to win a free copy of A Brief History of Entrepreneurship!

    Monday, October 31st, 2016

    Book Giveaway! A Brief History of Entrepreneurship, by Joe Carlen

    A Brief History of Entrepreneurship

    “Joe Carlen delves in primary and secondary sources, including texts on modern management, and presents them in readable and attractive prose. A Brief History of Entrepreneurship is a light and enjoyable read.” — Ali Kahn, Abram Hutzler Professor of Political Economy, Johns Hopkins University

    This week, our featured book is A Brief History of Entrepreneurship: The Pioneers, Profiteers, and Racketeers Who Shaped Our World, by Joe Carlen. Throughout the week, we will be featuring content about the book and its author on our blog as well as on our Twitter feed and our Facebook page.

    Friday, October 14th, 2016

    Media Roundup: Capital and the Common Good

    Capital and the Common Good

    This week, our featured book is Capital and the Common Good: How Innovative Finance Is Tackling the World’s Most Urgent Problems, by Georgia Levenson Keohane. For the final post of the feature, we are happy to present a quick roundup of some of the great media attention Capital and the Common Good is getting.

    Don’t forget to enter our book giveaway for a chance to win a free copy of Capital and the Common Good.

    Georgia Levenson Keohane’s Capital and the Common Good has received lots of great coverage over the past couple weeks, starting with a review by Brenda Jubin at Seeking Alpha. Jubin claims that “[t]his book may not be an antidote to the constant barrage of attacks on the financial industry, but it shows that finance can be, and often is, allied with the interests of the public good.”

    On October 3, Keohane was interviewed by Diane Horn on the Sustainability Segment of Mind Over Matters on KEXP Seattle.

    Keohane has also written a number of articles about the use of innovative finance in helping to solve major world issues, including climate change mitigation; health, disaster response, and poverty reduction; and the global refugee crisis.

    If you are in New York City next week, please come see Georgia at Columbia Business School where she will discuss how innovative finance is tackling the world’s most urgent problems. Capital and the Common Good 10/17 at Columbia Business School, Uris Hall, Room 322 at 6:30pm. You can find more information about the event at the website of the Tamer Center for Social Enterprise.

    Thursday, October 13th, 2016

    Investing in Hope: Innovative Finance for the World’s Refugees

    Capital and the Common Good

    “Yet we have seen how interventions that view refugees as potential assets, not liabilities, are not only cost-effective, but the seeds of prosperity and peace.” — Georgia Levenson Keohane, Andrew Billo, John Kluge and Christine Mahoney

    This week, our featured book is Capital and the Common Good: How Innovative Finance Is Tackling the World’s Most Urgent Problems, by Georgia Levenson Keohane. Today, we are happy to share an excerpt from an article by Keohane, Andrew Billo, John Kluge and Christine Mahoney that was originally posted at New America.

    Don’t forget to enter our book giveaway for a chance to win a free copy of Capital and the Common Good.

    Investing in Hope: Innovative Finance for the World’s Refugees
    By Georgia Levenson Keohane, Andrew Billo, John Kluge and Christine Mahoney

    What if, for starters, we understood that this problem was not going to resolve itself in a matter of months and removed the basic barriers to work allowing people fleeing their homes— a dislocated but often skilled labor force—to contribute, productively, to their new communities? This is not a simple task; in places like Lebanon, already high unemployment means that absorbing millions of working age Syrians is economically, and politically, complex.

    Yet we have seen how interventions that view refugees as potential assets, not liabilities, are not only cost-effective, but the seeds of prosperity and peace. Consider the recent aid-for-trade deal between the European Union and Jordan, home to 650,000 Syrian refugees. Jordan will issue work permits to Syrians—20,000 issued to date, another 78,000 forthcoming—in exchange for EU aid and relaxed import duties for Jordanian manufacturers who employ Syrians. (more…)

    Wednesday, October 12th, 2016

    Fighting Deforestation and Climate Change

    Capital and the Common Good

    “REDD was originally premised on the idea that forest conservation could attract significant financial resources by allowing verified reductions in emissions to generate credits that could be used for compliance in cap-and-trade programs in other countries. With the delayed development of these compliance markets in places like the United States, the REDD framework has evolved as a kind of innovative finance development assistance, relying primarily on public sources of funds.” — Georgia Levenson Keohane

    This week, our featured book is Capital and the Common Good: How Innovative Finance Is Tackling the World’s Most Urgent Problems, by Georgia Levenson Keohane. Today, we are happy to present part of an excerpt from Capital and the Common Good, originally posted at impactalpha, in which Keohane looks at the way that REDD (Reducing Emissions from Deforestation and Forest Degradation) is attempting to combat deforestation in Brazil through innovative finance.

    Don’t forget to enter our book giveaway for a chance to win a free copy of Capital and the Common Good.

    Fighting Deforestation and Climate Change: REDD Financing Lessons from Brazil and Indonesia
    By Georgia Levenson Keohane

    REDD — Reducing Emissions from Deforestation and Forest Degradation — is a pay-for-success program designed to create economic incentives to protect forests and the carbon they contain. First introduced into the UN climate talks in 2005, by scientists and environmental advocates from Brazil and the U.S. using the term “Compensated Reductions,” REDD has evolved to include a range of innovative financing approaches to reduce emissions related to deforestation.

    The motivation behind REDD is as much long-term sustainable development as it is forests per se. Among the primary drivers of growth in countries like Brazil have been the development of commodities like palm oil, soy, and beef, often through deforestation—clearing trees to raise crops and cattle. REDD’s pay-for-success design is meant to motivate less carbon-intensive production. That means improving economic output while decreasing emissions. (more…)

    Tuesday, October 11th, 2016

    Innovative Finance and the Visible Hand

    Capital and the Common Good

    “In this book, we will examine how creative configurations of nonprofit, commercial, and public-sector entities come together to harness market forces in the face of market failure. When these partnerships develop new or improved ways to pay for investments in public goods and social and economic development, we call it innovative finance.” — Georgia Levenson Keohane

    This week, our featured book is Capital and the Common Good: How Innovative Finance Is Tackling the World’s Most Urgent Problems, by Georgia Levenson Keohane. To start the week’s feature, we are happy to present the book’s introduction, in which Keohane introduces the concept of innovative finance.

    Don’t forget to enter our book giveaway for a chance to win a free copy of Capital and the Common Good.

    Monday, October 10th, 2016

    Book Giveaway! Capital and the Common Good, by Georgia Levenson Keohane

    Capital and the Common Good

    Capital and the Common Good shows we are living in a time where financial tools can expand to solve some of the world’s most vexing problems. This book is packed with information and inspiration.” — Robert J. Shiller, Nobel Laureate in Economics

    This week, our featured book is Capital and the Common Good: How Innovative Finance Is Tackling the World’s Most Urgent Problems, by Georgia Levenson Keohane. Throughout the week, we will be featuring content about the book and its author on our blog as well as on our Twitter feed and our Facebook page.