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cover of episode TIP725: First Principles of Valuation w/ Tim Koller

TIP725: First Principles of Valuation w/ Tim Koller

2025/5/30
logo of podcast We Study Billionaires - The Investor’s Podcast Network

We Study Billionaires - The Investor’s Podcast Network

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Tim Kohler: 作为《估值》一书的作者,我认为创造股东价值的核心在于公司能否以高于资本成本的回报率进行投资。这不仅仅是短期的会计操作,而是要关注长期的收入增长和资本回报率,因为它们是驱动现金流和价值创造的关键因素。我强调,真正的价值创造来自于实际的业务增长和效率提升,而不是依赖于会计技巧或市场炒作。同时,我也提醒管理者们,要关注那些真正重要的长期投资者,而不是试图迎合所有市场的声音。只有这样,公司才能在长期内实现可持续的价值增长。

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This chapter explores the fundamental principles of shareholder value creation, focusing on generating cash flows by exceeding the cost of capital and avoiding short-term accounting gimmicks. It emphasizes real value creation through long-term revenue growth and return on capital.

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On today’s episode, Clay is joined by Tim Koller to discuss all things valuation.

Tim is the lead author of Valuation: Measuring and Managing the Value of Companies which is the #1 best-selling guide to business valuation. This book—now in its eighth edition—has sold more than one million copies, and is used as a textbook at top business schools such as Wharton School, University of Chicago, MIT, INSEAD, Tuck School of Business, and Northwestern University.

As a Partner at McKinsey & Company, Tim combines broad cross-sector experience with decades of service to clients in value creation, corporate strategy, capital-markets issues, and M&A transactions.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:45 - How companies create shareholder value.

05:13 - The common misconceptions related to creating shareholder value.

13:54 - How managers should think about return on invested capital.

28:08 - Why it’s so common for managers to not take a long-term approach.

33:16 - How return on invested capital impacts a company’s valuation.

46:30 - How Tim thinks about the vast differences in returns we’ve seen in the US relative to Europe.

And so much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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