Expectations Investing

Reading Stock Prices for Better Returns, Revised and Updated

AvMichael J. Mauboussin,Alfred Rappaport

Inbunden, Engelska, 2021

Del i serien Heilbrunn Center for Graham & Dodd Investing Series

287 kr

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Beskrivning

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.

Produktinformation

Utgivningsdatum:2021-10-05
Mått:154 x 230 x 28 mm
Vikt:522 g
Format:Inbunden
Språk:Engelska
Serie:Heilbrunn Center for Graham & Dodd Investing Series
Antal sidor:272
Förlag:Columbia University Press
ISBN:9780231203043

Utforska kategorier

Finansiering inom Ekonomi och Ledarskap

Mer om författaren

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.

Recensioner i media

As I read the new edition of the book, it is clear that Al and Michael are writing a book for the times that we are in, with much more attention paid to disruption, and the value it creates and destroys, and user/subscriber platforms, which can be exploited for gain and thus provide optionality.

Innehållsförteckning

ForewordPrefaceAcknowledgments1. The Case for Expectations InvestingPart I. Gathering the Tools2. How the Market Values Stocks3. The Expectations Infrastructure4. Analyzing Competitive StrategyPart II. Implementing the Process5. How to Estimate Price-Implied Expectations6. Identifying Expectations Opportunities7. Buy, Sell, or Hold?8. Beyond Discounted Cash Flow9. Across the Economic LandscapePart III. Reading Corporate Signals and Sources of Opportunities10. Mergers and Acquisitions11. Share Buybacks12. Sources of Expectations OpportunitiesNotesIndex