In 'The Theory of Investment Value', John Burr Williams presents a groundbreaking framework for evaluating the intrinsic value of investments. He challenges conventional practices, offering a fresh perspective that emphasizes future cash flows over historical prices. This seminal work lays the foundation for modern financial analysis and investment strategies, pre-dating many contemporary valuation methods. With compelling arguments and mathematical rigor, Williams redefines how investors perceive value in the stock market. Dive into this influential text to uncover the principles that continue to shape investment decision-making today.
By John Burr Williams
Published: 1997
""Investment value is determined by the cash flows that an investment can generate over its economic life, not by the whims of the market or the noise of speculation.""
Written as a Ph. D. thesis at Harvard in 1937.-Publisher's website.
John Burr Williams was a distinguished American economist and author, renowned for his influential works in the field of finance and investment. His seminal book, 'The Theory of Investment Value' (1938), provided foundational insights into the valuation of securities and introduced concepts still relevant in modern finance. Williams is celebrated for his analytical approach and clarity of thought, combining rigorous mathematical analysis with practical insights that appeal to both academics and practitioners. His contributions laid the groundwork for contemporary investment theory and have left an enduring mark on the discipline.
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“"Investment value is determined by the cash flows that an investment can generate over its economic life, not by the whims of the market or the noise of speculation."”
The Theory of Investment Value
By John Burr Williams
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