BOOKS
FIXING GLOBAL FINANCE –
MARTIN WOLF
For those seeking a thorough and
academic debate on the root causes of
the US current account defi cit and its
Max Hilton, CFA,
role in the current crisis, Fixing Global
Finance, published in late 2007, provides
recommends fi ve new
a balanced and well researched set of
perspectives. FT commentator Martin
books whose topics
Wolf’s framework and regular references
to data and charts enables readers to
range from the collapse
formulate their own views and gain a
better appreciation of the causality
of the global fi nancial
behind these imbalances. The ‘money
glut’ view suggests that this is much
system to valuing new,
more a global phenomenon (than US
induced) and that greater fi nancial
stability will require those countries
young businesses running current account surpluses to
share in the burden of reforms.
THE DARK SIDE OF VALUATION: VALUING YOUNG, DISTRESSED,
AND COMPLEX BUSINESSES – ASWATH DAMODARAN
This book’s fi rst edition, written in
2001, covered issues involved in
valuing technology-oriented
companies. Building on that, this
second edition moves beyond the
issues of valuing companies across
their life cycle to explicitly address
industry and country specifi c
valuation issues including:
commodities, fi nancial services,
multinationals and emerging market
companies. In introducing different
methodologies, there are excellent
chapters on real option theory and
relative valuation, and the book
provides numerous and well-
MAX HILTON, CFA illustrated examples throughout.
Career highlights:
Damodaran is professor of fi nance at
Max Hilton, CFA, is a director of Confi ance
the Stern School of Business at New
Risk Monitor, a subsidiary of a Guernsey-
York University and with this book he
based independent fi nancial services group,
provides a highly readable,
which he joined last year. Previously, he
comprehensive and topical resource
worked as vice president of proprietary
on valuation.
equities for JPMorgan Securities in New York.
He has held the CFA designation since 2001
Buy these books and other previously recommended books
and has been a member of the CFA Society of
the UK since 2002 and co-chairs the
from CFA UK’s website. Visit www.cfauk.org/
performance risk measurement special
recommendedbooks.html for details on the books
interest group.
and the members who recommended them.
56 SUMMER 2009
56-5756-57 book reviews.indd 56book reviews.indd 56 1/6/091/6/09 12:13:0412:13:04Professional Investor Summer 09.58 58 4/6/09 15:41:06
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