John Burr Williams
John Burr Williams was a renowned economist and investor, best known for his 1938 text “The Theory of Investment Value” based on his Ph.D. thesis at Harvard University. This theory laid the foundation for modern valuation techniques, emphasizing the concept that the value of a financial asset is determined by the present value of its future cash flows, particularly dividends. Williams had made significant contributions to the field of financial economics with his pioneering work in the early 20th century. His innovative ideas on intrinsic value and his rigorous analytical approach have left a lasting legacy on investment theory and practice, influencing both academic scholarship and practical financial analysis. Today, The Theory of Investment Value remains an important and the most authoritative work on how to value financial assets.
John Burr Williams Professional Experience / Academic History
Professional Experience
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Author
Academic History
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Ph.D., Economics
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M.B.A., Economics
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B.S., Mathematics and Chemistry
THE THEORY OF INVESTMENT VALUE
The book revolutionizes the world of finance with a timeless exploration that uncovers the true worth of investment assets through the lens of intrinsic value.
As per Peter Bernstein: "Williams combined original theoretical concepts with enlightening and entertaining commentary based on his own experiences in the rough-and-tumble world of investment."
The work has been influential since its publication; Mark Rubinstein describes it as an "insufficiently appreciated classic".
His theory of investment value remains highly influential in finance and has shaped how investors and analysts approach the valuation of financial assets.
CAREER & EXPERTISE
Williams was recognized as an important figure in the field of fundamental analysis and for his analysis of stock prices as reflecting their intrinsic value.
From 1927 until his death, Williams worked in the management of private investment portfolios and security analysis.
He taught economics and investment analysis as a Visiting Professor at the University of Wisconsin. He also wrote many articles for economic journals.