Practical analysis for investment professionals

intrinsic value


The Theory of Investment Value: Four Enduring Takeaways on Dividend Investing from John Burr Williams

Today’s historically low interest rates and investors’ flight to safety have combined to raise interest in dividend-paying stocks. And while studies of the efficacy of dividend-investing strategies have been mixed, dividend investing remains a popular strategy. As such, it only seems appropriate to revisit an investing classic that first provided investors with a theoretical framework for determining the intrinsic value of stocks based on their dividends: John Burr Williams’s The Theory of Investment Value.



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