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on September 21, 2017
Great book that walks you through IB step by step. It even helped me during an interview when they asked me about Enterprise Value. A CAUTION, however--this book is much better as review during or after business school, or after you've started working in finance. If you know nothing about finance, it's probably not the best to jump into this book cold-turkey.
9 people found this helpful
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on September 9, 2012
The meat of this book is a how-to on LBO model construction. It even includes a sample LBO model which is well constructed and will give some insights not only into Excel, but also into the economics of an LBO. However, I do think it is important to say that being able to build an LBO model isn't really the holy grail of valuation, it is more something to have in your toolkit after learning the fundamentals. If you are an analyst and you just have to know how to create an LBO model, get this book, it will certainly teach you how in a quick period of time. If you are looking to learn valuation, start elsewhere and come back to this later.
4 people found this helpful
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on February 24, 2015
Great book for anyone interested in breaking into investment banking. This is only one of several tools to assist in the job search process but it enables you to talk intelligently about the industry.
I loved the simplicity of the language and the focused nature of the book, you develop the right approach to answering questions.
One person found this helpful
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on October 27, 2017
One of a kind investment banking book. Very practical and useful.
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on August 2, 2011
As a first book on finance I would imagine this book would be a bit much. As someone with prior exposure and wanting both a good thorough review and deep dive on the basics - enterprise value, working capital, comparables, precedent transactions, DCFs, and LBOs it was perfect.

Initially I had planned to read this twice - once for an overview and then a second time taking notes to prep for some upcoming interviews. However, the way the authors organized and presented the material made the second reading and extensive note taking largely unnecessary. Each chapter starts with an overview of the methodology being discussed including key concepts, when its used in practice and the actual steps required to perform the analysis. Then, the authors go into a thorough discussion of each step from a practical perspective on how to actually do it in practice. Finally, they work through a real world example building the actual model complete with downloadable excel models. The detail here is way beyond anything I've ever seen in any textbook before. For example, the authors will actually walk you through how to setup your spreadsheets and configure excel so that you can more easily perform sensitivity analysis on the key variables affecting the valuation.

Some may find the multi-tiered approach used for each chapter a bit tedious but the great thing about this methodology is that its quite easy to go back and quickly review the key steps for each analytical tool. Plus, by going progressively deeper through each major topic one feels completely immersed in it and much more at ease with the subject matter than a traditional MBA style textbook on finance that's heavy on theory but severely lacking on how to perform the analysis in practice. Likewise, those readers preferring to stay in the clouds may not appreciate the gory details on how its used in practice.

My only minor issue is that evidently teachers have access to a database of 300 or so questions with answers. As someone using the textbook for self study, I wished this was available to the rest of us.
7 people found this helpful
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on September 17, 2017
This book is by far the most influential Wall Street tome I have read thus far. Anyone looking to break into the industry should read this. This book has allowed me to develop my analytical framework when it comes to assessing financial statements.
One person found this helpful
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on March 18, 2016
The best book for valuation on the market, Investment Banking makes concept easy to understand with great examples which lead the student from start to finish. I used this book in my Mergers and Acquisitions class over the text which was assigned, because it was so much better than anything else on the market.
2 people found this helpful
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on April 3, 2018
Some areas could be better explained but in all it's a decent textbook
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on December 8, 2012
I have an MBA in finance and found this book to be much more practical in its instruction of financial valuation methods than any of my MBA text books ever were. I purchased it with the intention of getting a quick and, above all else, PRACTICAL refresher on various valuation methods as I am currently interviewing for equity research positions, and it certainly did not disappoint. It is written in a very easy to understand style (unlike most academic textbooks) and walks you through step-by-step examples of how to value a company under various valuation methods. The positive reviews on Amazon are spot on... I highly recommend!
One person found this helpful
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on June 29, 2017
Helpful and useful!
One person found this helpful
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