"Free Cash Flow and Shareholder Yield provides a provocative solution to the profound paradigm shift now redefining valuation standards for markets around the globe. In commonsense terms, it defines how the investment community has begun the journey of shifting to the more dependable, robust metric of free cash flow."
- Rob Brown, Chief Investment Officer, Genworth Financial Asset Management, Inc.
This graph tells a singularly compelling story of the changing order of the drivers of total equity returns. In Free Cash Flow and Shareholder Yield, you will learn how this story is the key to informed investing in an evolving global marketplace.
Part One Defining Free Cash Flow and Shareholder Yield
Chapter 1 Free Cash Flow 3
Chapter 2 The Sources of Equity Return 23
Chapter 3 Shareholder Yield in Depth 39
Chapter 4 Focus on Dividends 59
Part Two The New Investment Landscape
Chapter 5 Globalization 67
Chapter 6 Interest Rates, Bubbles, and Punctuated Equilibriums 95
Part Three Strategies for the New Investment Landscape
Chapter 7 Investing in Today’s Capital Markets 133
Appendix Continuous-Time Free Cash Flow Valuation Framework 143