The Theory of Investment Value
The Theory of Investment Value was first printed in 1938, having been written as a Ph.D. thesis at Harvard University in 1937. Renowned economist and investor John Burr Williams incorporated creative theoretical concepts with instructive and humorous commentary based on his firsthand experiences in the clamorous world of investment. He masterfully argues that the real value of any investment lies not in fickle market trends but in the present value of future dividends, providing a robust framework to navigate the complex landscape of investing. Today, The Theory of Investment Value remains an important and the most authoritative work on how to value financial assets.
ABOUT THE BOOK
The Theory of Investment Value articulates the theory of discounted cash flow based valuation, and in particular, dividend based valuation.
The author revolutionizes the world of finance with a timeless exploration that uncovers the true worth of investment assets through the lens of intrinsic value.
He demystefies the principles of discounted cash flow that have become foundational to modern valuation techniques.
As per Peter Bernstein: "Williams combined original theoretical concepts with enlightening and entertaining commentary based on his own experiences in the rough-and-tumble world of investment."
ABOUT THE AUTHOR
John Burr Williams was a renowned economist and investor who made significant contributions to the field of financial economics with his pioneering work in the early 20th century.
He was a recognized figure in the field of fundamental analysis, particularly in the areas of investment valuation and stock pricing.
His innovative ideas on intrinsic value and his rigorous analytical approach have left a lasting legacy on investment theory and practice, influencing both academic scholarship and practical financial analysis.