By William W. Priest
Praise for unfastened funds circulation and Shareholder Yield
'' loose funds movement and Shareholder Yield presents a provocative strategy to the profound paradigm shift now redefining valuation criteria for markets world wide. In common-sense phrases, it defines how the funding neighborhood has began the adventure of moving to the extra responsible, strong metric of unfastened funds flow.'' —Rob Brown, leader funding Officer, Genworth monetary Asset administration, Inc.
This graph tells a singularly compelling tale of the altering order of the drivers of overall fairness returns. In unfastened money circulation and Shareholder Yield , you are going to learn the way this tale is the foremost to expert making an investment in an evolving international industry.
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Additional info for Free Cash Flow and Shareholder Yield: New Priorities for the Global Investor
Qxd 4 1999 2005 Nominal GDP and Earnings (1929–2005) Source: Standard & Poor’s, Federal Reserve. As previously mentioned, the most volatile variable within the interlinking model of the real and financial economies is the P/E ratio. Whereas earnings almost always rise, P/E ratios fluctuate, rising in some years and falling in others. Why do these fluctuations occur? Because, according to our model of the real and financial economies, inflation expectations drive long-term interest rates, and long-term interest rates are the discounting mechanism for future cash flows/earnings and are therefore the driver of P/E ratios.
5 that, since reaching a high over two decades ago, interest rates have recently shown an overall pattern of decline. 8 percent in September 1981. 11 percent on June 13, 2003. We have now entered a period of flat or rising rates. S. 11 percent low point. S. 5 0 1964 1974 1984 1994 2004 Interest Rates versus P/E Ratio (S&P 500 Index, 1954–2005) Source: Standard & Poor’s, Federal Reserve. S. qxd 34 11/30/06 2:53 PM Page 34 Defining Free Cash Flow and Shareholder Yield likely to rise than fall, which will place downward pressure on P/E ratios.
Two out of three objectives—full employment and maximum growth—were realized. However, the specter of the 1930s, with its breadlines and homelessness, continued to plague economic policy makers, causing the goal of stable prices to fall by the wayside. As a result, the goals of growth and employment were allowed to supersede price stability. As a result, interest rates rose irregularly from 1946 to 1981, for a total of 35 years. By 1981, the prime rate had climbed to almost 19 percent. Only when inflation replaced the bogeyman of the Depression did policy emphasis change.
Free Cash Flow and Shareholder Yield: New Priorities for the Global Investor by William W. Priest