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<p><strong>Don’t lose sight of the long term.</strong><em> </em>It’s a core message from the eighth edition<strong> </strong>of <a href="https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/valuation-measuring-and-managing-the-value-of-companies"><em>Valuation: Measuring and Managing the Value of Companies</em></a>, McKinsey’s seminal guide for corporate-finance professionals. It also describes the unique investment approach of the legendary investor Warren Buffett, who will step down as CEO of Berkshire Hathaway at the end of 2025. In this episode of <a href="https://www.mckinsey.com/featured-insights/mckinsey-podcast"><em>The McKinsey Podcast</em>,</a> we hear an excerpt from our <a href="https://www.mckinsey.com/featured-insights/mckinsey-on-books/author-talks"><em>Author Talks</em> series</a> featuring<em> Valuation </em>coauthor and McKinsey Partner <a href="http://mckinsey.com/our-people/tim-koller">Tim Koller</a> and Editorial Direc...