John Burr Williams (November 27, 1900 – September 15, 1989) was a 20th-century economist, recognized as a founder and developer of fundamental analysis, and for his pioneering analysis of stock prices as reflecting their “intrinsic value”. He is best known for his 1938 text "The Theory of Investment Value", based on his Ph.D. thesis, which was amongst the first to articulate the theory of Discounted Cash Flow (DCF) based valuation, and in particular, dividend based valuation.