- 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: 2 pounds (View shipping rates and policies)
- Average Customer Review: 22 customer reviews
- Amazon Best Sellers Rank: #154,255 in Books (See Top 100 in Books)
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The Theory of Investment Value (Contrary Opinion Library) Reprint Edition
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If you don't find the examples currently relevant, the reading portion is more like 300 pages. The examples, lengthy and detailed, are kept separate in the Appendices ... for an additional 300 pages of reading pleasure.
He emphasises the present value of dividends, as opposed to earnings, as the 'investment value' of an enterprise. He argues that, if you don't, ultimately, receive dividends, you've gotten nothing ... as earnings may or may not be re-invested well. Whether he'd agree or not, Buffett acts the same way by appropriating all excess earnings for his own re-investment. Whether you agree or disagree, it's worthwhile food for thought.
It's an interesting alternate view on 'value investing' from the Buffett Graham books recommendations.