By William W. Priest
Praise for loose money move and Shareholder Yield
'' unfastened money circulate and Shareholder Yield offers a provocative way to the profound paradigm shift now redefining valuation criteria for markets worldwide. In common sense phrases, it defines how the funding neighborhood has all started the adventure of moving to the extra accountable, strong metric of unfastened money flow.'' —Rob Brown, leader funding Officer, Genworth monetary Asset administration, Inc.
This graph tells a singularly compelling tale of the altering order of the drivers of overall fairness returns. In loose funds stream and Shareholder Yield , you are going to learn the way this tale is the foremost to proficient making an investment in an evolving international market.
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Extra info for Free Cash Flow and Shareholder Yield: New Priorities for the Global Investor
Sample text
FF), a rapidly growing fast-food chain specializing in fried chicken. The investment in FF appeared to make a great deal of sense based on the past, present, and estimated earnings growth evident on the company’s income statement. qxd 12 11/30/06 2:52 PM Page 12 Defining Free Cash Flow and Shareholder Yield near-term future growth were said to be conservative at 12 percent. As a result, it came as a great surprise to investors when, in 1992, FF began to default on some of its lease contracts for retail sites.
However, these ratios are additionally misleading because they attempt to combine accounting and finance: two philosophies that, as we have already learned, subscribe to radically different and fundamentally unblendable valuation methodologies. A security’s price reflects a concept based in finance (the present value of future streams of cash flows), while the concepts of earnings and book value are the products of accounting theory. To illustrate the dangers of mixing finance (a security’s price) with accounting (earnings and book value), one need only refer back to the Feathered Feast.
Qxd 11/30/06 2:53 PM Page 35 The Sources of Equity Return 35 caused them to bottom out in 2003. The fear of deflation arose because of poor job growth, “economic output gaps,”* and the impending impact of hundreds of millions of low-paid workers from the emerging world (principally China and India) joining the global economy. Our country began to pursue monetary and fiscal policies with maximum vigor to prevent deflation. In a sense, the Full Employment Act of 1946 was turned on its head. Now, over half a century later, we had stable prices but not full employment or a level of GDP consistent with full employment (hence, the focus on “output gaps” within developed countries).