“Earnings per Share Don’t Count” at 50
回顾1974年一篇挑战传统每股收益（EPS）指标的文章，该文鼓励投资者超越EPS乘以市盈率的简单估值模型，为更全面的股权价值研究开辟了道路。
The July/August 1974 issue of Financial Analysts Journal included an article with the provocative title, “Earnings per Share Don’t Count.” Author Joel M. Stern, then a vice-president of Chase Manhattan Bank, was denying the relevance of the central metric of prevailing equity analysis, known by the abbreviation EPS. He encouraged investors to look beyond Wall Street’s customary EPS × P/E multiple = price target model. Stern’s landmark article opened the door for research that offers a broader perspective on the sources of equity value. Today’s wider set of valuation tools is essential in view of the changed composition of the stock universe over the past several decades.