The Theory of Investment Value.

WILLIAMS, John Burr.

Item Number: 3360

Cambridge, MA: Harvard University Press, 1938.

First edition of the economist’s groundbreaking work. Octavo, original red cloth with gilt titles to the spine. Light rubbing to the bottom cloth, near fine in a near fine dust jacket. First editions in the original dust jacket are exceptionally rare.

Based on the author’s Ph.D. thesis at Harvard, John Burr Williams' discovery was to project an estimate that offers intrinsic value and it is called the 'Dividend Discount Model' which is still used today by investors. "Williams combined original theoretical concepts with enlightening and entertaining commentary based on his own experiences in the rough-and-tumble world of investment" (Peter L. Bernstein).