"I take my hat off to Stern Stewart. Don't say, I've never heard of M&M. If you've heard of EVA^®, you have. Many of the essential notions underlying that were first stated in M&M. EVA^® is simply M&M translated into English. You have to account for the cost of capital or you're nowhere. The people at Stern Stewart are very talented at applying M&M to real world situations. They're more entrepreneurial. We wrote the article. For us, that was the end of it. On the next thing, they set up a firm, and are working with management in ways that neither Franco nor I would be very good at"

~Merton Miller, 1990 Nobel Prize Laureate in Economics

"Williams is adopting Stern Stewart's EVA^® Financial Management System.. This is a prudent move, one that might have staved off the 2002 disaster had it been implemented before the ill-fated decision to go into energy marketing and trading."

~Merrill Lynch Research