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Question
What is the central argument of John Burr Williams' 1938 book *The Theory of Investment Value*?
1
That dividend payments are the only reliable measure of a company's financial health
2
That the true value of any asset is the present value of all the cash flows it will ever produce, discounted to today
3
That investors should focus on a company's book value rather than its future earnings potential
4
That share prices are determined entirely by supply and demand and cannot be predicted
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