The Theory of Investment Value
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.""
Start Listening
What Readers Say About This Book
Written as a Ph. D. thesis at Harvard in 1937.-Publisher's website.
The Mike & Casey Show
Dive into captivating book discussions with our expert hosts
Key Points from The Theory of Investment Value
About the Author
John Burr Williams
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.
Book Details
Key information about the book.
- Authors
- John Burr Williams
- Published
- January 1997
- Publisher
- Fraser Publishing Company
- ISBN
- 087034126X
- Language
- English
- Pages
- N/A
- Genres
- InvestingFinanceBehavioral FinanceStock Market Investing
Purchase Options
Buy on Amazon
Buy via BookShopSupport local bookstores: BookShop gives a portion of each sale to independent bookshops!
Similar books you might like →
Everyday Millionaires
Chris Hogan
Nudge
Richard H. Thaler, Cass R. Sunstein
The Little Book of Behavioral Investing
James Montier
I Will Teach You to Be Rich, Second Edition
Ramit Sethi
The Simple Path to Wealth
Jl Collins
Financial Freedom
Grant Sabatier
Black Edge
Sheelah Kolhatkar
The Little Book of Common Sense Investing
John C. Bogle
A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Ninth Edition)
Burton G. Malkiel
Rich Dad Poor Dad
Robert T. Kiyosaki
Richest Man in Babylon
George Samuel Clason
The Snowball
Alice Schroeder
Where Are the Customers' Yachts?
Fred Schwed, Jr.
Common Sense on Mutual Funds
John C. Bogle
The Most Important Thing Illuminated
Howard Marks
You Can Be a Stock Market Genius
Joel Greenblatt
Dollars and Sense
Dr. Dan Ariely, Jeff Kreisler
Memos from the Chairman
Alan C. Greenberg
Just Keep Buying
Nick Maggiulli
Alpha Girls
Julian Guthrie
Impeach
Neal Katyal, Sam Koppelman
The Warren Buffett Way
Robert G. Hagstrom
The Clash of the Cultures
John C. Bogle
Warren Buffett's Ground Rules
Jeremy C. Miller
Financial Derivatives
Jamil Baz, George Chacko
No Bull
Michael Steinhardt
100 Minds That Made the Market
Kenneth L. Fisher
A Short History of Financial Euphoria
John Kenneth Galbraith
Angel Investing
David S. Rose
Beating the Street
Peter S. Lynch, John Rothchild
Take your reading experience to the next level
Download our mobile app to enjoy your favorite books on the go. Get access to exclusive features, offline listening, and personalized recommendations.
Book Collections you might like →
Bill Ackman's Book Recommendations
Bill Ackman is an American hedge fund manager and founder of Pershing Square Capital Management, known for his activist investing style. Ackman has been involved in high-profile investment battles, including his campaigns against companies like Herbalife and his successful turnaround of companies like Canadian Pacific Railway. He is known for taking bold, contrarian positions and for his ability to influence corporate governance through shareholder activism. Ackman’s investing philosophy focuses on long-term value creation, and he has become one of the most recognized figures in the finance world.
View Collection
Naval Ravikant's Book Recommendations
Naval Ravikant is an entrepreneur, angel investor, and philosopher, best known as the co-founder of AngelList, a platform that connects startups with investors. Ravikant is a prolific thinker and writer on topics such as startups, investing, and personal well-being, sharing his wisdom through essays, podcasts, and social media. He has invested in over 100 companies, including Uber, Twitter, and Yammer, making him one of Silicon Valley’s most successful angel investors. Ravikant is also known for his philosophical musings on wealth, happiness, and the meaning of life, which have garnered him a large and dedicated following.
View Collection
Michael Burry's Book Recommendations
Michael Burry is an American investor, hedge fund manager, and physician who gained widespread recognition for his prescient prediction of the subprime mortgage crisis, which he detailed in his now-famous bet against the housing market. This bold move was chronicled in Michael Lewis's bestselling book "The Big Short," and later adapted into an Oscar-winning film of the same name. Burry founded the hedge fund Scion Capital, which he ran from 2000 to 2008, generating substantial profits for his investors. Beyond his investment acumen, Burry is known for his deep analytical approach and his contributions to financial literature through various articles and public commentary. His work continues to influence and inspire both financial professionals and enthusiasts.
View Collection
Charlie Munger's Book Recommendations
Charlie Munger is an American investor, businessman, and philanthropist, best known as the vice chairman of Berkshire Hathaway, where he partners with Warren Buffett. Renowned for his insights on investment strategies and mental models, Munger has significantly influenced the world of finance. His notable literary contributions include "Poor Charlie's Almanack," a compilation of his speeches and writings that distill his wisdom on decision-making and business principles. Munger's work emphasizes the importance of multidisciplinary thinking and continuous learning. Beyond his financial acumen, he is celebrated for his charitable efforts, particularly in education and healthcare.
View Collection
Andrew Lokenauth's Book Recommendations
Andrew Lokenauth is a distinguished author and financial expert known for his insightful contributions to personal finance and investment literature. With a career spanning over a decade, he has written extensively on topics such as wealth management, financial planning, and market analysis. Lokenauth's works are celebrated for their clarity and practical advice, making complex financial concepts accessible to a broad audience. He has been featured in numerous financial publications and has established himself as a trusted voice in the industry. Beyond his writing, Lokenauth is also a sought-after speaker, sharing his expertise at various seminars and workshops.
View Collection
Ana Fabrega's Book Recommendations
Ana Lorena Fabrega is an innovative educator and author passionate about reimagining education. Known as “Ms. Fab,” she is the Chief Evangelist at Synthesis, an education startup inspired by the problem-solving and collaboration model used at SpaceX. She advocates for alternative learning methods, encouraging curiosity and creativity in students. Ana's work emphasizes the importance of engaging young learners in real-world challenges and critical thinking. She also shares insights on education reform through her popular newsletter, Fab Fridays.
View Collection
Howard Marks's Book Recommendations
Howard Marks was a renowned Welsh author and drug smuggler, best known for his bestselling autobiography, "Mr Nice," published in 1996. The book chronicles his complex life, from Oxford University graduate to one of the world's most infamous cannabis traffickers. Marks' candid storytelling and unique perspective earned him a cult following and critical acclaim, transforming him into a counterculture icon. He further contributed to literature with several other works, including "Señor Nice" and "Sympathy for the Devil." Marks' legacy continues to influence discussions on drug policy and the criminal justice system.
View Collection
David Cancel's Book Recommendations
David Cancel is a prominent entrepreneur and author best known for his influential work in the tech and startup communities. As the CEO and co-founder of Drift, a leading conversational marketing platform, he has revolutionized how businesses engage with their customers online. Cancel has also authored insightful books such as "Hypergrowth," which offers valuable strategies for scaling startups rapidly. His contributions extend beyond literature as he frequently shares his expertise through speaking engagements and his popular podcast, "Seeking Wisdom." David Cancel's innovative ideas and practical advice continue to inspire and guide entrepreneurs worldwide.
View Collection
Robert Kiyosaki's Book Recommendations
Robert Kiyosaki is the author of the bestselling personal finance book Rich Dad Poor Dad, which challenges conventional wisdom on wealth building and financial literacy. He is a self-made entrepreneur and investor who emphasizes the importance of financial education and investing in assets that generate passive income. His Rich Dad brand has expanded to include books, seminars, and a board game that teaches financial principles. Kiyosaki advocates for self-reliance and encourages individuals to break free from the traditional “employee mindset.” He continues to teach people how to achieve financial independence.
View Collection
Bill Gates's Book Recommendations
Bill Gates, co-founder of Microsoft Corporation, is a pioneering figure in the tech industry, having played a key role in the personal computer revolution. His work at Microsoft, particularly the development of Windows, transformed software and computing globally. Beyond his technology contributions, Gates is also a prolific author, with notable works such as "The Road Ahead" and "Business @ the Speed of Thought," which offer insights into the future of technology and business. Additionally, his philanthropic efforts through the Bill & Melinda Gates Foundation have had a profound impact on global health, education, and poverty. Gates continues to influence both technology and literature with his forward-thinking perspectives and innovative ideas.
View Collection
Warren Buffett's Book Recommendations
Warren Buffett, known as the “Oracle of Omaha,” is one of the most successful investors of all time and the chairman of Berkshire Hathaway. His investment philosophy, centered on value investing and long-term wealth creation, has made him one of the wealthiest people in the world. Buffett is also known for his philanthropic efforts, having pledged to donate a significant portion of his wealth to charitable causes. His annual letters to shareholders are highly anticipated for their financial wisdom. Buffett remains a revered figure in business and investing circles.
View Collection
Mark Manson's Book Recommendations
Mark Manson is a best-selling author and personal development expert known for his candid and no-nonsense approach to self-help. His most notable work, "The Subtle Art of Not Giving a F*ck," has sold millions of copies worldwide and has been translated into numerous languages, resonating with readers for its practical advice and irreverent tone. Manson followed up with another successful book, "Everything Is F*cked: A Book About Hope," which further cemented his reputation as a thought leader in modern existentialism. In addition to his books, he runs a popular blog that delves into topics ranging from happiness to personal growth. His work has not only transformed the self-help genre but also influenced a global audience seeking authentic and actionable guidance.
View Collection
Guy Spier's Book Recommendations
Guy Spier is a renowned value investor and author, best known for his influential book "The Education of a Value Investor," which offers deep insights into the principles of value investing and personal development. An alumnus of Harvard Business School and Oxford University, Spier has carved a niche in the financial world with his disciplined investment philosophy. He is the managing partner of the Aquamarine Fund, an investment partnership inspired by the principles of Warren Buffett. Spier gained widespread recognition for his charitable winning bid to have lunch with Buffett, a move that significantly bolstered his reputation in the investment community. Through his writing and public speaking, Spier continues to inspire both novice and seasoned investors with his ethical approach to investing and life.
View Collection“"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
Frequently Asked Questions
Explore Our Catalogue
Discover a world of knowledge through our extensive collection of book summaries.