J. V. Bruni and Company
1528 North Tejon Street
Colorado Springs, Colorado 80907
(719) 575-9880 or (800) 748-3409
J. V. Bruni and Company1528 North Tejon Street Colorado Springs, Colorado 80907 (719) 575-9880 or (800) 748-3409
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The Theory of Investment
Value,
by John Burr Williams.  After graduating from
Harvard Business School and successfully working on Wall Street for
several years, Williams took time off to earn a Ph.D. in economics. The
result was this book, originally written as a doctoral thesis, which
describes how to calculate a security’s investment value. No mere
academic project, this thesis formalized the now famous dividend
discount model—used the world over by institutional investors to value
investments. In this book, Williams also differentiates such important
concepts as market value versus investment value, and investment versus
speculation. Though meant for the professional investor (and filled
with algebra and formulas), this book will prove fascinating to anyone
who wants to understand the theory and math behind security valuation. |
“Williams combined original theoretical concepts with enlightening and entertaining commentary based on his own experiences in the rough-and-tumble world of investment.” Peter L. Bernstein
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