Free Cash Flow and Shareholder Yield

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.

Foreword ix Preface xiii Acknowledgments xv 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 Notes 157 References 163 Index 165