William W Priest: Free Cash Flow and Shareholder Yield, Gebunden

Kurzbeschreibung

The Financial Risk Management Exam (FRM Exam) is a test given annually in November to risk professionals who want to earn FRM ® certification. The Global Association of Risk Professionals has developed the exam and supports exam instruction by publishing the Financial Risk Manager Handbook , authored by Philippe Jorion.

Beschreibung

Praise for Free Cash Flow and Shareholder Yield " 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.

Inhaltsangabe

Foreword. Preface. Acknowledgments. PART ONE: Defining Free Cash Flow and Shareholder Yield. Chapter 1: Free Cash Flow. Chapter 2: The Sources of Equity Return. Chapter 3: Shareholder Yield in Depth. Chapter 4: Focus on Dividends. PART TWO: The New Investment Landscape. Chapter 5: Globalization. Chapter 6: Interest Rates, Bubbles, and Punctuated Equilibriums. PART THREE: Strategies for the New Investment Landscape. Chapter 7: Investing in Today s Capital Markets. Appendix: Continuous Time Free Cash Flow Valuation Framework. Notes. References. Index.

Rezension

Praise for Free Cash Flow and Shareholder Yield

"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)

Klappentext

The current investment landscape is among the most dynamic and complex in the history of the capital markets. Today's investor must contend with dramatic alterations to the traditional methods of stock selection and portfolio construction as the order of the drivers of total equity returns are realigned and the irreversible effects of globalization take hold. Added to these powerful forces is the presence of a flat-to-rising interest rate scenario that could ultimately disrupt the equilibrium of the international marketplace.
How can you, the informed investor, incorporate these new realities into an investment strategy that both protects and grows capital?
Free Cash Flow and Shareholder Yield provides the key to making profitable investment decisions in a world that is characterized by unprecedented change. Researched and written by veteran investment industry professionals William Priest and Lindsay McClelland, this book shows how traditional investment metrics, such as the P/E ratio, are being eclipsed by a free cash flow-based approach to investing. To provide a functional framework for the application of the free cash flow philosophy, Priest and McClelland introduce the concept of Shareholder Yield: an innovative method of gauging investment opportunities by the magnitude of free cash flow that is generated by a company and the manner in which this free cash flow is deployed. Free Cash Flow and Shareholder Yield reveals how the robust, commonsense discipline of Shareholder Yield can reduce risk and enhance returns, even in the face of today's shifting investment paradigms.
This book not only equips the reader with the Shareholder Yield toolkit, but also shows how this strategy fits into a larger understanding of the global macroeconomy. By exploring the topic of globalization in an investmentspecific context, the authors show how the free cash flow philosophy can be directly applied to the increasingly borderless international marketplace. Similarly, this book examines how the future likelihood of flat-to-rising interest rates may result in the bursting of several economic bubbles, each of which may meaningfully affect the manner in which successful investments are made.
The key to surviving these coming challenges and the secret to profiting from the forces of globalization reside in Priest and McClelland's free cash flow strategy as exemplified by Shareholder Yield. By presenting a comprehensive, unflinching perspective on today's changing investment landscape, Free Cash Flow and Shareholder Yield provides a must-read primer on the new priorities for the global investor.

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