This is a theoretical and practical approach to the subject of common equities. Its theoretical contribution is the development of a robust, inflation-adjusted model of firm valuation that is easy to calibrate against macroeconomic realities. It employs the famous Merton Miller Capital Structure Irrelevance Theorem in such a manner that the usual market fixation on earnings per share can be completely bypassed. The simplicity and robustness of the model are examined through several case studies and econometric analyses. The book concludes with a detailed, practical study of asset allocation, directed in large measure to younger investors.