Subject: RE: a stocks and dividends question
From: "Chris Maeda" <chrismaeda@attbi.com>
Date: Thu, 9 Jan 2003 15:10:54 -0800

This is exactly right.  If you read a finance textbook, 
they usually have a chapter where they show how stock
valuation is comprised of dividend valuation and 
a valuation of stock price appreciation.  Then they show
how the stock price appreciation valuation number
asymptotically converges to the present value of future 
dividend streams.


-----Original Message-----
From: Tom Lord [mailto:lord@emf.net]
Sent: Thursday, January 09, 2003 3:00 PM
To: fsb@crynwr.com
Subject: a stocks and dividends question

From that financial perspective, stock valuation, if it isn't a
pyramid scheme, has to be rooted in expected dividends.