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I was hoping the book would deal with more of the matamatics associated with defining EVA in relation to various projects and business decisions. This book contailed very little information in this regard.
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Second, generally accepted accounting principles do not align expenses with benefits, distorting economic reality. As a result, investors who want to compare the cash they can take out of a company with the cash they have invested are hampered.
The authors argue Economic Value Added (EVA) is a true measure of a company's economic performance, in addition to being a strategy for creating shareholder value. Properly implemented, they state, EVA frees the measurement of corporate performance from the vagaries of accounting principles and gives both shareholders and management a clear picture of the value the company creates.
EVA is the profit that remains after deducting the cost of the capital invested to generate that profit or EVA = Net Operating Profit After-Tax minus capital charge. Effectively implemented, the tool becomes the basis for an incentive plan that rewards managers for actions that increase shareholder returns and vice versa.
John S. Shiely, president of Briggs and Stratton and co-author of the book, notes this strategy provided the foundation of his company's turnaround. In 1989, the world's largest producer of air-cooled engines had an EVA of negative $62 million based on $1.3 billion in sales. By re-organizing and focusing its strategy while developing its EVA program, the company staged a dramatic turnaround. By 1999, it reported a record positive EVA of $50.9 million. Shareholders, who bought $100 worth of stock at the beginning of the program, saw it increase in value to $673 in 1999.
The authors claim EVA is ideal for knowledge-based companies making heavy infrastructure investments today for any anticipated return later. EVA treats cash outlays that represent investments as capital rather than expenses. The capital in these knowledge based industries consists of research, development, marketing, advertising and start-up costs. Accounts view these expenditures as expenses, but it is realistic to capitalize them and amortize them over their useful lives.
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I do recognize that there are many stupid poorly conceived laws and rules but I still comply. I have never thought about starting a revolution because the trivial moronic little rules and regulations that we are requested to comply with are unreasonable in a free society. But that is the topic of this book.
Few books in my life have changed my thinking over the long term. Unintended Consequences did this. This book is about the gun culture. How it began and where it is today. I never never never thought about how not only many of the Federal firearms regulations are but in a more global sense how many of our regulations are ridiculous.
This may sound like a vague description of a 800+ page book. But this book is so global. It talks specifically about Henry Bowman who grows up shooting guns as a hobby like many others collect stamps or ride motorcycles. Yet he explains very slowly and methodically how his life experiences with his hobby are hampered unreasonably by Federal regulations. You do not have to be a gun lover or hater to appreciate this book. You only have to have a hobby or passion; any hobby or passion. You will see how our Constitution and Bill of Rights have been beaten and changed, how we are losing our individual rights and how dangerous the repurcussions.
Please read this book for the message, it will change you.
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Anyway almost every list of best graphic novels you will ever see looks something like this:
1. Watchmen
2. Everything else
In my mind the list should now look like this:
1. Watchmen
2. Kingdom Come
3. Everything else
I always was kind of disappointed with Comic Book art, some of it is well pretty bad and almost none of it is the kind of stuff you would want on your wall. Then I found some work by Alex Ross. The art is simply amazing and if you haven't seen his work before you owe it yourself to get something that he has done just so you can see. alexrossart.com has some samples if you really want to see something before you buy it.
The story itself is excellent as well. Not as good as Watchmen but certainly better than that "other" iconic graphic novel "The Dark Knight Returns." (For those of you who don't know Dark Knight starts off really strong but ten goes downhill once we get Batman involved with mutants and 13 year old girls, whatever you think of its story its influence can not be denied though).
The many many sub plots and references (there is a copy of "Under the Hood" in a bookstore) will keep long time DC comics fans busy. However, this is also my mane point of criticism of the work. So many of sub plots assume you know what they are talking about that readers without an understanding of the comics history will miss out on a lot. The reunion of Nightstar and Dick Grayson, for example, is a minor sub plot told mainly with pictures, is meaningless if you have no idea who Nightstar is. These many references are something of a double-edged sword in that respect as many people will miss most of them but those who do will enjoy them greatly.
If you don't know a lot about the DC universe I suggest you scroll down and look at reviews by other people who don't before buying, for people who do this is a definite "must have" graphic novel on the level of Watchmen.
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He reminds me of my favorite teacher in High School. This Physics teacher would explain complexed theorys and equations with entertaining short stories. All of these short stories where from his own experiences or based on true historical events. In somewhat the same way, this book teaches you about a relatively new science (risk management).
I truely enjoyed the unbias and common sense way the book was written. Don't think of it as a science book. It is an eye opening truth in "Reflections on Risk in Modern Life". I have recommended this book to many of my friends and family.
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Recently we have a case of cerebrospinal fluid-cutaneous fistula following spinal anesthesia used for indirect inguinal hernia repair. But we couldn't see any comment in the textbook about the management of cerebrospinal fluid fistula from inthratecal space to skin due to postdural puncture for purpose of spinal (intrathecal) anesthesia.
Cutaneous cerebrospinal fluid (CSF) fistula are known to occur rarely under spinal puncture during spinal anesthesia, and CSF leaks via that fistula. This complication is often self-limiting but sometimes needed some treatment procedures such as intravenous fluid restruction, patient prone position, strecth dressing of wound, epidural injection of autologous blood patche or fibrin glue, or uncommonly use of CSF drainage system.
We think that if this complication and its' management is included in new edition of the textbook it will be better.
With our regards,
Hakan Erbay, M.D. Assisstant Professor of Anesthesiology Pamukkale University, Medical Faculty Department of Anesthesiology and Intensive Care, Denizli, Turkey
Erkan Tomatir, M.D. Associated Professor of Anesthesiology Pamukkale University, Medical Faculty Department of Anesthesiology and Intensive Care, Denizli, Turkey
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With our regards,
Hakan Erbay, M.D. Assisstant Professor of Anesthesiology Pamukkale University, Medical Faculty Department of Anesthesiology and Intensive Care, Denizli, Turkey
Erkan Tomatir, M.D. Associated Professor of Anesthesiology Pamukkale University, Medical Faculty Department of Anesthesiology and Intensive Care, Denizli, Turkey
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List price: $22.95 (that's 30% off!)
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