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Description of The Theory of Investment Value
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This book was first printed in 1938, having been written as a Ph.D. thesis at Harvard in 1937. Our good friend, Peter Bernstein mentioned this book several times in his excellent Capital Ideas which was published in 1992. Why the book is interesting today is that it still is important and the most authoritative work on how to value financial assets.
As Peter says: "Williams combined original theoretical concepts with enlightening and entertaining commentary based on his own experiences in the rough-and-tumble world of investment." Williams' discovery was to project an estimate that offers intrinsic value and it is called the 'Dividend Discount Model' which is still used today by professional investors on the institutional side of markets.
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Contents of The Theory of Investment Value |
BOOK ONE
Part I: Speculation in the Stock Market
1. The Difference between specualtion and investment
2. Does the stock market predict the future?
3. Marginal opinion and market price
Part II: The Pure Theory of Investment Value
4. Does the quantity theory of money apply to stock prices?
5. Evaluation by the rule of present worth
6. Stocks with growth completed
7. Stocks with growth expected
8. Bonds and the price level
9. Stocks and the price level
10. Bonds with interest rates changing
11. Algebraic budgeting
12. Algebraic budgeting (contd.)
13. Growth by merger or sudden expansion
14. Option warrants and convertible issues
15. A chapter for skeptics
Part III: The Economics of Interest and Dividends
16. The source of interest and dividends
17. Taxes and socialism
18. Where is the interest rate determined?
Part IV: The Outlook for Interest rates and the Price Level
19. Politics, Inflation and Government Bonds
20. The Future of Interest Rates
BOOK TWO: CASES IN INVESTMENT VALUE
21. General Motors
22. United States Steel
23. Phoenix Insurancxe
24. American Telephone in 1930
25. Consolidated Gas, and United Corporation, in 1930
26. American and Foreign Power in 1930
27. Conclusion
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