John Price 
The Conscious Investor [PDF ebook] 
Profiting from the Timeless Value Approach

An intriguing look at the full range of value methods brought
together for the first time

The biggest block to success in the stock market is unconscious
investing, or following the crowd without asking the right
questions such as: ‘What is it really worth?’ Even more fundamental
is: ‘What rate of return can I confidently expect to get?’ Without
having the methods to answer these questions is like trying to sail
a boat without a rudder.

The Conscious Investor covers each of the main methods
used to calculate value or return in the stock market, along with
descriptions of how and when to use them, as well as their
strengths and weaknesses. Interspersed throughout the methods are
the timeless investment principles of Benjamin Graham and Warren
Buffett. The book:

* Includes balance sheet methods, dividend discount methods,
discounted cash flow methods, price ratio methods, and many
others

* Explains the significance of viewing real value as a
combination of a stock’s price or market value and its intrinsic
value

* Comes with free access to key functions in the author’s
Conscious Investor software

The Conscious Investor is indispensable reading for
everyone with an interest in investing in the stock market, from
novices to experienced professionals. Using this book as your
guide, you’ll quickly discover what it takes to be a conscious
investor and gain more confidence in knowing what and when to buy,
when to hold, and when to sell.

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Acknowledgments ix

Introduction 1

Chapter 1 What Is Intrinsic Value? 11

Chapter 2 Price Is What You Pay. . . 23

Chapter 3 . . . Value Is What You Get 53

Chapter 4 Follow the Money 71

Chapter 5 Everything Is Number and Ratio 109

Chapter 6 Measuring Value by Taking Snapshots 143

Chapter 7 A Bird in the Hand 169

Chapter 8 The Joy of Dividends 195

Chapter 9 Don’t Get Mad, Get Even 219

Chapter 10 PEG and Friends 229

Chapter 11 What Rate of Return Can I Expect? 241

Chapter 12 Please, Sir, I Want Some More 261

Chapter 13 Forecasting and the Three Most Important Words in Investing 287

Chapter 14 Where Do We Go from Here? 319

Appendix A Relationship between Return on Equity and Growth of Earnings 323

Appendix B Calculations for Discount Methods 325

Notes 333

Glossary 345

About the Author 353

Disclaimer 355

Index 357

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JOHN PRICE is the developer of Conscious Investor, a software system for investing, based on the stock valuation methods of Warren Buffett. Dr. Price started his career as a mathematician, teaching finance and mathematics at major universities around the world. After publishing more than sixty papers in peer-reviewed journals and two books on mathematics, physics, and finance, he spent a decade evaluating different stock valuation methods. He has appeared on Bloomberg Radio, Fox News, and Bloomberg Television, and has been interviewed by leading finacial journals. Dr. Price is a highly regarded speaker and has consulted to major financial institutions, including Bankers Trust.