ValueAligned® Investing from BerkAdvisory

Simple. Transparent. Aligned.

Quarterly Letters

2nd Qtr 2009 Investor Letter
Back to a Stock Picker's Market.

1st Qtr 2009 Investor Letter
Lessons learned from the stock market volatility & losses.
Studies and Papers on EVA & Value-Based Management (VBM)

EVA Portfolio Study
A study by Rapidan Capital of the stock performance of 70 companies that publicly declared that they use the Stern Stewart EVA Management System.

Letting Go of Norm: How Executive Compensation Can Do Better Than "Best Practices"
by Marc Hodak, Hodak Value Advisors, Journal of Applied Corporate Finance, Volume 17, Number 4.
How compensation structures in their current form work for or against shareholder value creation.

Value-Based Management Done Right:  The EVA Implementation at Harsco
by James A. Singer and Devin L. Millar, CFA.  EVAluation. Volume 5, Issue 1, April 2003.