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Create More Value

Fortuna Advisors LLC

48 episodes

3 weeks ago

Fortuna partners Greg Milano and Marwaan Karame explore how an ownership culture fuels long-term shareholder returns in the final instalment of a five-part series on economic-profit-based value management. The discussion centers around an updated take on economic profit that shows a stronger relationship to shareholder returns, known as Residual Cash Earnings (RCE). By focusing on RCE, companies gain better insights into where value is created or destroyed, enabling smarter resource allocatio...

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Fortuna partners Greg Milano and Marwaan Karame explore how an ownership culture fuels long-term shareholder returns in the final instalment of a five-part series on economic-profit-based value management. The discussion centers around an updated take on economic profit that shows a stronger relationship to shareholder returns, known as Residual Cash Earnings (RCE). By focusing on RCE, companies gain better insights into where value is created or destroyed, enabling smarter resource allocatio...

Show more...

Episodes (20/48)

Create More Value

How an ownership culture drives sustained shareholder returns

Fortuna partners Greg Milano and Marwaan Karame explore how an ownership culture fuels long-term shareholder returns in the final instalment of a five-part series on economic-profit-based value management. The discussion centers around an updated take on economic profit that shows a stronger relationship to shareholder returns, known as Residual Cash Earnings (RCE). By focusing on RCE, companies gain better insights into where value is created or destroyed, enabling smarter resource allocatio...

3 weeks ago

43 minutes

Create More Value

Patrick Furtaw on pricing strategy that drives shareholder value

Expert in pricing strategy and value-based management, Patrick Furtaw, joins the podcast. Patrick shares insights from his background in strategy, corporate finance, and organizational change, explaining why pricing is one of the most powerful levers for driving shareholder value. The conversation covers common pitfalls such as overreliance on cost-plus pricing, insufficient executive ownership, and misaligned sales incentives, while highlighting solutions like value-based pricing, price real...

1 month ago

38 minutes

Create More Value

Tim Koller, a thought leader in value-based management

Valuation expert, author, and leader of McKinsey & Company’s strategy and corporate finance practice, Tim Koller, joins the podcast. Greg and Tim explore the critical drivers of long-term value creation, the risks of short-termism, and the essential role of CEOs and CFOs in overriding human and organizational bias to drive optimal corporate strategy. We cover the importance of granular resource allocation, organizational biases like inertia and groupthink, and the process-based discipline...

1 month ago

31 minutes

Create More Value

Make what’s good for shareholders also good for employees and their family

Most incentive plans fail to drive true value creation—they reward mediocrity, encourage short-term thinking, and reward sandbagging and gaming of the system. In the fourth instalment of a LinkedIn Live series, Fortuna partners Greg Milano and Marwan Karame share a better incentive compensation design using a modern take on economic profit: Residual Cash Earnings. We cover why traditional bonus plans fall short, the key traits of an ownership culture, and how true value-based incentives align...

2 months ago

49 minutes

Create More Value

Case study: Why traditional measures are a reinvestment roadblock

Consider a hypothetical company in 2012 with two business units—Amazon and Walmart. Our latest episode considers the question: which business would you rather own and prioritize reinvestment in? Traditional financial metrics would have made Walmart look like the obvious winner—profitable, disciplined, and cash-rich. But what happens if you use a modern economic-profit lens to value these disparate business models? This thought experiment explains why so many high-growth, high-potential busine...

2 months ago

24 minutes

Create More Value

Why most companies fail at strategic resource allocation

This podcast features the third installment of our LinkedIn Live series on how economic profit drives long-term value creation. Fortuna partners Greg Milano and Marwaan Karame discuss strategic resource allocation: how companies can better allocate capital and other resources to unlock more shareholder value. They explore common pitfalls like erroneous objectives, lack of focus, and decision paralysis that lead firms to invest in value-destroying projects while underinvesting in their best gr...

3 months ago

39 minutes

Create More Value

Dan Sansone on simplifying incentives and value creation with economic profit

Dan Sansone, former CFO of Vulcan Materials Company, joins the podcast to share how EVA focused forecasting, planning, and incentives on a singular goal of value creation. Drawing on nearly three decades at Vulcan and as a board member, the conversation covers why traditional lookbacks often stifle investment, why rolling targets and economic profit improve accountability, and the importance of designing consistent, transparent incentives that foster an ownership mindset. This episode can hel...

3 months ago

30 minutes

Create More Value

The hidden metric behind long-term shareholder value

This podcast features the second installment of our LinkedIn Live series on how economic profit drives long-term value creation. Fortuna partners Greg Milano and Marwaan Karame discuss how Residual Cash Earnings (RCE) improves upon earlier economic profit models—most notably EVA. Greg shares how his experience with EVA, and later with Credit Suisse’s HOLT framework, led him to identify a key flaw: depreciation was distorting performance, encouraging companies to “sweat assets” and underinvest...

3 months ago

35 minutes

Create More Value

Michael Mauboussin on valuation, capital allocation, and competitive advantage

Valuation virtuoso, Michael Mauboussin, joins us to explore the core drivers of long-term value creation. We explore how valuation multiples are often misleading, why the rise of intangible assets requires new valuation frameworks, and how investors and corporate managers alike can better evaluate strategy and competitive advantage. We cover practical frameworks on capital allocation, sustainable competitive advantage, and why truly understanding economic fundamentals is key to avoiding “valu...

4 months ago

42 minutes

Create More Value

Joe Milam on data-driven decision-making and behavioral finance principles

Joe Milam, founder of AngelSpan and The Legacy Funds, joins the podcast to discuss how behavioral finance principles improve decision-making for corporate managers and investors alike. Milam critiques the current chaotic, informal funding environment for startups and introduces his Venture TAMP platform, which applies disciplined public-market strategies—like the Kelly Criterion and standardized reporting—to early-stage investing. He emphasizes reducing bias, improving transparency, and optim...

4 months ago

35 minutes

Create More Value

Driving outperformance: the power of economic profit

Fortuna partners Greg Milano and Marwaan Karame highlight how economic profit (EP) drives superior decision-making, cultural alignment, and, ultimately, value creation. Unlike traditional metrics like ROIC or EBITDA margin, EP reflects the true value a company creates—profit earned above the cost of capital. Their research shows that companies embedding EP into planning, decision-making, and incentives outperform the market by 7% annually. Real-world examples, such as Kimball Electronics and ...

5 months ago

28 minutes

Create More Value

Jana Croom on driving real value creation with economic profit

From the shop floor to the top floor,” Kimball Electronics employees are laser-focused on economic profit. Kimball CFO, Jana Croom, discusses the transformative impact of the measure on business performance and how it aligns the team on a shared goal of value creation. Jana explains how economic profit provides a comprehensive view of financial health and aligns decision-making and strategy across all levels of the organization. We cover Kimball’s use of EVA in planning, compensation, a...

5 months ago

42 minutes

Create More Value

Ryan Barker and Ken Favaro on Activists and Brand Management

CEO, Ryan Barker, and Chief Strategy Officer, Ken Favaro, of BERA Brand Management explore how brand management strategies intersect with activist investor pressures. They discuss how Bera’s AI-powered platform equips businesses with real-time, predictive brand data that connects brand equity directly to financial outcomes. Using examples like Heinz and Barbie, the conversation highlights how companies can defend and optimize brand investments—especially under activist scrutiny. The takeaway?...

6 months ago

36 minutes

Create More Value

AnnaMaria DeSalva on strategic communication, mergers, and business transformation

AnnaMaria shares insights from her leadership roles in some of the most significant mergers and transformations in recent history—including Pfizer-Wyeth and DowDuPont, and XPO Logistics. She discusses how strong leadership, clear communication, and a robust value creation thesis are critical for successful mergers. The conversation also explores the evolving role of communications in driving growth, managing risk, and building reputation as a core business asset. AnnaMaria DeSalva is also a s...

6 months ago

43 minutes

Create More Value

Motivating better behavior with annual incentives

Greg Milano discusses how annual incentives can drive better corporate behavior. He highlights common flaws in traditional incentive plans, such as incomplete metrics, the time-consuming and counterproductive negotiation and gaming of targets, and ineffective payout structures. Milano advocates for a value-management approach using a cash-based measure of economic profit that reliably reflects shareholder value creation. Milano’s preferred economic profit measure, Residual Cash Earnings (RCE)...

7 months ago

19 minutes

Create More Value

Dave Peacock on how CEOs and board directors create value

Dave Peacock, CEO of Advantage Solutions, discusses the bold transformation he is leading to create more value at Advantage—turning a fragmented business into a focused provider of solutions that improve the velocity of commerce, helping brands get the right products on the right shelves and helping retailers more efficiently convert shoppers to buyers. Facing structural changes and secular challenges, we discuss lessons learned in his three decades of experience, including his tenure as Pres...

7 months ago

21 minutes

Create More Value

Dr. Alise Cortez on corporate purpose and how it drives performance

Dr. Alise Cortez, organizational psychologist and founder of Gusto Now!, explores how companies can instill meaning and purpose in their cultures to drive engagement, innovation, and profitability. Dr. Cortez shares practical strategies for measuring purpose, fostering a “culture of gusto,” and transforming businesses into “destination workplaces” that attract and retain top talent. Alise and our host Greg Milano highlight research showing the returns on purpose along with case studies on com...

8 months ago

27 minutes

Create More Value

Dennis Kubaile on granular performance measurement, agile resource allocation, and AI-driven financial analysis

Dennis Kubaile, co-founder of Granulytix, joins Greg to discuss how their groundbreaking platform enables granular economic profit analysis across complex portfolios on an ongoing basis. From segments to customers, geographies, channels and SKUs, Granulytix has proven to be immensely useful to understand where value is being created—and to pinpoint the best investment and improvement opportunities in real time, which enables an agile approach to strategy and resource allocation. Dennis shares...

8 months ago

36 minutes

Create More Value

Andrew Bonfield on Caterpillar’s success through value management

Caterpillar Inc., the world’s leading construction equipment manufacturer, delivered over 2.5x the cumulative total shareholder return of the S&P 500 over the last eight years. In this episode, Caterpillar CFO Andrew Bonfield discusses how value-based management enables their dominant financial performance. At the heart of Caterpillar’s strategy is a focus on “profitable growth,” guided by a measure they call operating profit after capital charge (OPACC). OPACC is an economic profit measu...

9 months ago

34 minutes

Create More Value

David Berkowitz on value investing

Our conversation with David Berkowitz, founder and CIO of Value Aligned Partners, covers investment strategies that focus on long-term value creators. Greg and David discuss the inefficiencies of the “earnings game,” aligning management incentives with shareholder interests, and how to identify high-quality companies with sustainable competitive advantages. Berkowitz outlines three investment strategies: ownership companies with strong incentive structures, “cannibal” companies with high shar...

9 months ago

45 minutes