Why a Stock is Like a Bond
Forbes 1/26/1994
Summary: I wrote this piece for my Forbes column in 1994 to remind my readers that you own a stock for the same reason you own a bond—for its free cash flow. I used Coca-Cola for an example of the power of stock buybacks then. Today, you could write the same story about Apple. You can download a PDF file of the column by clicking on the image below or by clicking the following link. Download.
I hope that you enjoy the column and welcome your comments.