Seeing Your Way to Better Strategy

Viewing strategy choices through four lenses—financial performance, markets, competitive advantage, and operating model—can help companies debias their strategic dialogues and make big, bold changes.

All P/Es Are Not Created Equal

High price-to-earnings ratios are about more than growth. Understanding the ingredients that go into a strong multiple can help executives make the most of this strategic tool.

Taking a Longer-Term Look at M&A Value Creation

Companies that do many small deals can outperform their peers—if they have the right skills. But they need more than skill to succeed in large deals.

Opening Up to Investors

Executives need to embrace transparency if they want to help investors make investment decisions. But what should be disclosed?

Comparing Performance When Invested Capital is Low

Return on capital is the benchmark for comparing performance between businesses. But new math is needed when a company’s capital intensity is low.

The Value of Share Buybacks

Companies shouldn’t confuse the value created by returning cash to shareholders with the value created by actual operational improvements. After all, the market doesn’t.