Ten Conceptual Revolutions That Have Shaped Financial Analysis in the 20th and 21st Centuries

This article traces the major conceptual revolutions that have transformed financial analysis over the last century. Beginning with the introduction of the time value of money and culminating in the emergence of the Potential Payback Period (PPP), each shift reflects an evolving understanding of value, risk, behavior, and performance. These ten revolutions mark distinct turning points in the way academics, investors, and institutions approach asset valuation, portfolio construction, and investment decision-making. Their chronological and conceptual sequencing highlights the increasingly integrative, dynamic, and behavioral dimensions of modern finance.