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Anyone read it yet? Publication was in March. I just ordered a copy.

I realize number-crunching is pretty boring for most people.

But I enjoy the simple kinds of math problems that EVA entails.

Plus, EVA momentum appears to identify Wall Street's top performers:

Clorox (CLX) is an EVA company. The Oakland-based, $11 billion (market cap) purveyor of Pine-Sol, Liquid Plumr, Glad, Burt's Bees, and other popular household brands even devotes a page to this non-GAAP metric in their SEC filings. (See Exhibit 99.3 in their 10-K for the fiscal year ending June 30, 2012.)

As an aside, management also discusses free cash flow. Maybe they read It's Earnings That Count?

In any event, Clorox's attention to capital productivity helps explain why this 100-year old company is crushing its competitors.

Here's a chart of Clorox vs. the S&P 500 going back to the early-80s.

In the last five years, Clorox is up 60%, or 4 times better than the S&P 500's 15% gain.

Bottom line: Wall Street rewards managers that create value for their stockholders.
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