In theory, true investment value cannot change; it is always determined by future dividends
and interest rates. But this ideal cannot be attained, and investors must find a way of …

Elder, when asked for an opinion concerning the outlook for the stock market, quipped that
stocks will fluctuate. This pronouncement from the throne of financial success and power is …

THE TABLES IN THE APPENDIX are stock valuation tables of a new type. There exists an
obvious need for stock value tables. Common stocks have no maturity. An infinite perspective …

" To BRING THE HOPEFUL OUT OF THE WILDERNESS, says a master and teacher
extraordinary," I have endeavored to show that building one's best skill is basically a matter of …

Ageneration OR TWO AGO, few investors would have considered putting their money into
stocks insufficiently backed by tangible assets. Their net worth was an objective standard of …

In the early days, "ten times earnings" looked like a pretty good rule of thumb for common
stock investment. Postwar inflation brought in its wake the adulation of "growth" stocks; in its …

MA ANY FACTORS influence the fluctuations of stock prices. Among them, corporate earnings
stand pre-eminent in the minds of investors and speculators. And it is earnings that are …

THIS REPORT is the outgrowth of a discussion. Last December, the author gave a talk before
the American Statistical Association on the occasion of its annual meeting. The general …

A SERIES OF MONTHLY P/E ratios was used by the author in his paper," Some Aspects of
Price-Earnings Ratios". It appeared in the May, 1953 issue of The Analysts Journal, as our …

PART ONE completed the presentation of the theoretical bases of our method of valuation.
Its core is a capitalization of earnings freed from any feedback of price. Price-earnings ratios …