PDF Download The Theory of Investment Value (Contrary Opinion Library)
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The Theory of Investment Value (Contrary Opinion Library)
PDF Download The Theory of Investment Value (Contrary Opinion Library)
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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. Appendix, Tables
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Product details
Series: Contrary Opinion Library
Paperback: 613 pages
Publisher: Fraser Publishing Co.; Reprint edition (June 1, 1997)
Language: English
ISBN-10: 087034126X
ISBN-13: 978-0870341267
Product Dimensions:
6 x 1.2 x 9 inches
Shipping Weight: 1.6 pounds (View shipping rates and policies)
Average Customer Review:
4.6 out of 5 stars
21 customer reviews
Amazon Best Sellers Rank:
#499,856 in Books (See Top 100 in Books)
The thing I found very hard to understand though, were the initial chapters centered around "marginal opinion". I think the author builds on top of a an "assumed" foundation which is a demanding prerequisite indeed! Once the central idea of Net Present Value is well understood, then putting it to practice is far-far easier than to read through rest of the chapters. The case studies might be more useful though! But I haven't gotten to that stage yet. Since finance/investing is not my profession, I am inclined to review the book through the lens of practicality than through theoretical value - And that makes me critical of anything that is non-procedural information.
If you are a value investor this will be a good book for you. It is advanced so make sure you have read other books on the subject and have a moderate understanding of the theories of value investing.
The Theory of Investment Value is clearly an important work, as reflected in Benjamin Graham's citations to it and the prevalence of the dividend discount model in valuing stocks. The theories expounded in this book are of particular import to those to seek to by stock at a value less than the intrinsic value of a company as they determine it to be.The book itself initially appears intimidating, as there are a lot of mathematical equations, but in reality, the math is nothing more than simple algebra, mostly different models related to computing dividend values going forward.I found the book to be an interesting read, but it is highly theoretical in nature. The central theme of the book is that stocks are worth the present value of their dividends, paid in perpetuity. It does not discuss earnings manipulation, effect of dilution, securities with superior or inferior claim to payment, etc. Moreover, as Graham points out in Security Analysis, companies that have a high return on invested capital would be well advised to reinvest their profits, while less successful companies would be better off paying higher dividends (relative to book value). This would, of course, tend to make the practical application Williams' theory somewhat complicated, insofar as it makes computing future dividends more difficult.Readers looking for a more practical guide to valuing stocks might be better served reading Securities Analysis by Benjamin Graham, or any number of more "practical" books related to stock market analysis, particularly as those analyzing financial statements to determine the intrinsic value of a company. Some readers might also find "The Aggressive Conservative Investor" by Marty Whitman and Martin Shubik to be a good read for a competing view, since the authors of that book take the position that, with respect to non-controlling shareholders, a company's stock is worth the net after-tax cash that they expect to realize in the future, whether from dividends, liquidating events, etc. However, if a reader is truly interested in obtaining an understand of how dividends affect stock prices, the book is a worthy read.
Warren Buffet mentioned this as one of the most important works in investment and finance. It is an amazing read though one needs to go very slow.It has lots of details on investment, dividends, interest rates and correlation of all the factors in order to arrive at an intrinsic valuation. The concepts of marginal opinion, dividend discount model valuations, economics of dividends & interests as well as the detailed idea of impact of taxation are amazing. Indeed as John Burr Williams defines this book himself as a work for scientist & economists rather than a maxim for speculators. This book has been a foundation of investment philosophies of Markowitz, Buffet and many others.
Classic for any person who want to get in deep with serious long term investment. Remember this was originally a doctoral dissertation and the language is influenced by that, as well as the time it was written. Don't expect any smart investment guru jargon. It is a tough read but well worth if you take the time.
A great read!
Improved upon my value investing prowess. Must read if you want to improve your skills. Highly recommended work for the novice investor.
good
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