"The **best indicator of past value creation is the stock’s book value which is found by dividing shareholders’ equity with the number of stocks outstanding**. It is also good to check the dividends paid out in the past or buybacks made to see the capital returned to shareholders." ([Location 3846](https://readwise.io/to_kindle?action=open&asin=B07CNFFJ9J&location=3846)) --- **Tags** -- [[quotes]], [[book-value]], [[shareholder-equity]], [[dividends]], [[capital-returns]], **Source** -- [[202506221723 - LN - Modern Value Investing]]