Free Cash Flow and Shareholder Yield

This book, written by veteran investment professionals William W. Priest and Lindsay McClelland, introduces the concept of Shareholder Yield as a method to gauge investment opportunities based on the magnitude and deployment of free cash flow.

It argues that traditional metrics like the P/E ratio are being eclipsed by a free cash flow-based approach.

The authors provide a comprehensive analysis of the present equity market, discussing the impact of globalization, rising interest rates, and deflating asset bubbles on investment strategies.

The book offers a practical framework for identifying market anomalies and making informed investment decisions in a rapidly changing global market environment.