Abstract
D URING THE PAST THIRTY YEARS the professional investor has learned to search for growth stocksstocks whose earnings over a long perrod increase faster than the average. He has learned that the investment value of these stocks is not determined alone by current yield but by the discounted value of future dividends and future selling price over the period of a valid forecast. Such a calculation can be expressed in terms of present capital value or in terms of expected investment return analogous to a bond's yield to maturity. Of course the future capital value, the future income, and the time factor of a stock all have to be guessed, in contrast to the fixed income, fixed redemption price, and fixed maturity of a bond.
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