Expectations Investing: Reading Stock Prices for Better Returns, Revised and Updated

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Michael J. Mauboussin (Legg Mason, Inc) Alfred Rappaport

Expectations Investing

Reading Stock Prices for Better Returns, Revised and Updated

Michael J. Mauboussin (Legg Mason, Inc), Alfred Rappaport

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English

Columbia University Press
05 October 2021

Stocks & shares

Series: Heilbrunn Center for Graham & Dodd Investing Series

Most investment books try to assess the attractiveness of a stock price by estimating the value of the company. Expectations Investing provides a powerful and insightful alternative to identifying gaps between price and value.

Michael J. Mauboussin and Alfred Rappaport suggest that an investor start with a known quantity, the stock price, and ask what it implies for future financial results. After showing how to read expectations, Mauboussin and Rappaport provide a guide to rigorous strategic and financial analysis to help investors assess the likelihood of revisions to these expectations. Their framework traces value creation from the triggers that shape a company's performance to the impact on the value drivers. This allows a practitioner of expectations investing to determine whether a stock is an attractive buy or sell candidate.

Investors who read this book will be able to evaluate stocks of companies in any sector or geography more effectively than those who use the standard approaches of most investors. Managers can use the book's principles to devise, adjust, and communicate their company's strategy in light of shareholder expectations.

This revised and updated edition reflects the many changes in accounting and the business landscape since the book was first published and provides a wealth of new examples and case studies.

By: Michael J. Mauboussin (Legg Mason Inc), Alfred Rappaport
Imprint: Columbia University Press
Country of Publication: United States
Edition: Revised and Updated Edition
Dimensions: Height: 229mm, Width: 152mm,
ISBN: 9780231203043
ISBN 10: 0231203047
Series: Heilbrunn Center for Graham & Dodd Investing Series
Pages: 272
Publication Date: 05 October 2021
Audience: Professional and scholarly , General/trade , Undergraduate , ELT Advanced
Format: Hardback
Publisher's Status: Active

Foreword Preface Acknowledgments 1. The Case for Expectations Investing Part I. Gathering the Tools 2. How the Market Values Stocks 3. The Expectations Infrastructure 4. Analyzing Competitive Strategy Part II. Implementing the Process 5. How to Estimate Price-Implied Expectations 6. Identifying Expectations Opportunities 7. Buy, Sell, or Hold? 8. Beyond Discounted Cash Flow 9. Across the Economic Landscape Part III. Reading Corporate Signals and Sources of Opportunities 10. Mergers and Acquisitions 11. Share Buybacks 12. Sources of Expectations Opportunities Notes Index

Michael J. Mauboussin is head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management. He is an adjunct professor of finance at Columbia Business School. His books include More Than You Know: Finding Financial Wisdom in Unconventional Places (Columbia, updated and expanded edition, 2007); Think Twice: Harnessing the Power of Counterintuition (2009); and The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing (2012). Alfred Rappaport is the Leonard Spacek Professor Emeritus at Northwestern University’s Kellogg School of Management. He is the author of Creating Shareholder Value (revised edition, 1997) and Saving Capitalism from Short-Termism: How to Build Long-Term Value and Take Back Our Financial Future (2011). Rappaport has been a guest columnist for the Wall Street Journal, the New York Times, the Financial Times, Fortune, and BusinessWeek.

Reviews for Expectations Investing: Reading Stock Prices for Better Returns, Revised and Updated

One of the few investing books that gave me an 'ah-ha' moment and changed how I think about investing. -- Morgan Housel, Partner, The Collaborative Fund, and author of The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness In this book Mauboussin and Rappaport teach readers how to achieve an investing edge by inverting a conventional investing process. The market's expectations as implied by the current stock price are assessed before an analysis about how that price might change in the future. This method is straight up Charlie Munger-style inversion. Since margin of safety can be restated as a discount to expected value, understanding this process is invaluable. -- Tren Griffin, author of Charlie Munger: The Complete Investor and A Dozen Lessons for Entrepreneurs