Free Cash Flow and Shareholder Yield: New Priorities for the Global Investor

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