The theory of investment value By John Burr Williams
The Theory of Investment Value by John Burr Williams is a classic, and was referenced by Warren Buffett in his 1992 annual shareholder letter as “the equation for value”. This post will present and explain this exact formula published by John Burr Williams and help modernize it in today’s terms. Nobody has done it better than Warren Buffett himself, and so I recommend reading his 1992 letter for yourself for additional insight. The equation for (intrinsic) value that eventually came to form the basis for modern DCF valuation is admittedly difficult to model even when reading the John Burr Williams classic, so I’ll have to explain some of the Greek symbols he presents in the final equation, which are scattered throughout the book. Keep in mind that some of these Greek terms won’t necessarily correlate to the general terms used in regular algebra. Capital Vo (on the left of the equation) is defined as the investment value per share (page 76), which is what we are trying ...
Life & Death theory
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ReplyDeleteExplain the life stage's
It's awesome Theory
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ReplyDeleteLife Contraction Theory
ReplyDeleteLife Contraction Theory
ReplyDeleteLife Contraction Theory
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ReplyDeleteDwell on the beauty of life. Watch the stars, and see yourself running with them.
ReplyDeleteDwell on the beauty of life. Watch the stars, and see yourself running with them.
ReplyDeleteDwell on the beauty of life. Watch the stars, and see yourself running with them.
ReplyDeleteDwell on the beauty of life. Watch the stars, and see yourself running with them.
ReplyDeleteDwell on the beauty of life. Watch the stars, and see yourself running with them.
ReplyDeleteI wonder if the snow loves the trees and fields, that it kisses them so gently? And then it covers them up snug, you know, with a white quilt; and perhaps it says, "Go to sleep, darlings, till the summer comes again.
ReplyDeleteI wonder if the snow loves the trees and fields, that it kisses them so gently? And then it covers them up snug, you know, with a white quilt; and perhaps it says, "Go to sleep, darlings, till the summer comes again.
ReplyDeleteI wonder if the snow loves the trees and fields, that it kisses them so gently? And then it covers them up snug, you know, with a white quilt; and perhaps it says, "Go to sleep, darlings, till the summer comes again.
ReplyDeleteI wonder if the snow loves the trees and fields, that it kisses them so gently? And then it covers them up snug, you know, with a white quilt; and perhaps it says, "Go to sleep, darlings, till the summer comes again.
ReplyDeleteI wonder if the snow loves the trees and fields, that it kisses them so gently? And then it covers them up snug, you know, with a white quilt; and perhaps it says, "Go to sleep, darlings, till the summer comes again.
ReplyDeleteI wonder if the snow loves the trees and fields, that it kisses them so gently? And then it covers them up snug, you know, with a white quilt; and perhaps it says, "Go to sleep, darlings, till the summer comes again.
ReplyDeleteI wonder if the snow loves the trees and fields, that it kisses them so gently? And then it covers them up snug, you know, with a white quilt; and perhaps it says, "Go to sleep, darlings, till the summer comes again.
ReplyDeleteBehind every exquisite thing that existed, there was something tragic.
ReplyDeleteBehind every exquisite thing that existed, there was something tragic.
ReplyDeleteBehind every exquisite thing that existed, there was something tragic.
ReplyDeleteBehind every exquisite thing that existed, there was something tragic.
ReplyDeleteBehind every exquisite thing that existed, there was something tragic.
ReplyDeleteThe two hardest tests on the spiritual road are the patience to wait for the right moment and the courage not to be disappointed with what we encounter.
ReplyDeleteThe two hardest tests on the spiritual road are the patience to wait for the right moment and the courage not to be disappointed with what we encounter.
ReplyDeleteThe two hardest tests on the spiritual road are the patience to wait for the right moment and the courage not to be disappointed with what we encounter.
ReplyDeleteThe two hardest tests on the spiritual road are the patience to wait for the right moment and the courage not to be disappointed with what we encounter.
ReplyDeleteThe two hardest tests on the spiritual road are the patience to wait for the right moment and the courage not to be disappointed with what we encounter.
ReplyDeleteAt the end of the day, let there be no excuses, no explanations, no regrets.
ReplyDeleteAt the end of the day, let there be no excuses, no explanations, no regrets.
ReplyDeleteAt the end of the day, let there be no excuses, no explanations, no regrets.
ReplyDeleteAt the end of the day, let there be no excuses, no explanations, no regrets.
ReplyDeleteAt the end of the day, let there be no excuses, no explanations, no regrets.
ReplyDeleteAt the end of the day, let there be no excuses, no explanations, no regrets.
ReplyDeleteAt the end of the day, let there be no excuses, no explanations, no regrets.
ReplyDeleteAt the end of the day, let there be no excuses, no explanations, no regrets.
ReplyDeleteTo get the full value of joy you must have someone to divide it with.
ReplyDeleteTo get the full value of joy you must have someone to divide it with.
ReplyDeleteTo get the full value of joy you must have someone to divide it with.
ReplyDeleteTo get the full value of joy you must have someone to divide it with.
ReplyDeleteTo get the full value of joy you must have someone to divide it with.
ReplyDeleteTo get the full value of joy you must have someone to divide it with.
ReplyDeleteTo get the full value of joy you must have someone to divide it with.
ReplyDeleteToo much of a good thing can be wonderful!
ReplyDeleteToo much of a good thing can be wonderful!
ReplyDeleteToo much of a good thing can be wonderful!
ReplyDeleteToo much of a good thing can be wonderful!
ReplyDeleteToo much of a good thing can be wonderful!
ReplyDeleteToo much of a good thing can be wonderful!
ReplyDeleteToo much of a good thing can be wonderful!
ReplyDeleteToo much of a good thing can be wonderful!
ReplyDeleteThere is more to life than simply increasing its speed.
ReplyDeleteThere is more to life than simply increasing its speed.
ReplyDeleteThere is more to life than simply increasing its speed.
ReplyDeleteThere is more to life than simply increasing its speed.
ReplyDeleteThere is more to life than simply increasing its speed.
ReplyDelete