Expectations Investing: Reading Stock Prices for Better Returns

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Expectations Investing: Reading Stock Prices for Better Returns
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Trade Paper, Harvard Business School Press, 2003, ISBN# 159139127X

About this item

There are plenty of mispriced stocks in the market, but the key to successfully finding them is knowing what to look for. When scouting for mispriced stocks, investors realize that they should be valuing assets according to their discounted future cash flows -- but they avoid doing it because of the difficulty of forecasting long-term cash flows. Instead, investors deal with the uncertainty of the future largely by ignoring it, choosing to emphasize suboptimal measures such as current earnings and price-earnings multiples as benchmarks to select stocks.

Expectations Investing offers a unique and powerful alternative for identifying value-price gaps. Rappaport and Mauboussin provide everything the reader needs to utilize the discounted cash flow model successfully. And they add an important twist: they suggest that rather than forecasting cash flows, investors should begin by estimating the expectations embedded in a company's stock price. An investor who has a fix on the market's expectations can then assess the likelihood of expectations revisions. To help investors anticipate such revisions, Rappaport and Mauboussin introduce an "expectations infrastructure" framework for tracing the process of value creation from the basic economic forces that shape a company's performance to the resulting impact on sales, costs, and investment.

Investors who use Expectations Investing will have a fundamentally new way to evaluate all stocks, setting them on the path to success. Managers will be able to use the book to devise, adjust, and communicate their company's strategy in light of shareholder expectations.

About this item

There are plenty of mispriced stocks in the market, but the key to successfully finding them is knowing what to look for. When scouting for mispriced stocks, investors realize that they should be valuing assets according to their discounted future cash flows -- but they avoid doing it because of the difficulty of forecasting long-term cash flows. Instead, investors deal with the uncertainty of the future largely by ignoring it, choosing to emphasize suboptimal measures such as current earnings and price-earnings multiples as benchmarks to select stocks.

Expectations Investing offers a unique and powerful alternative for identifying value-price gaps. Rappaport and Mauboussin provide everything the reader needs to utilize the discounted cash flow model successfully. And they add an important twist: they suggest that rather than forecasting cash flows, investors should begin by estimating the expectations embedded in a company's stock price. An investor who has a fix on the market's expectations can then assess the likelihood of expectations revisions. To help investors anticipate such revisions, Rappaport and Mauboussin introduce an "expectations infrastructure" framework for tracing the process of value creation from the basic economic forces that shape a company's performance to the resulting impact on sales, costs, and investment.

Investors who use Expectations Investing will have a fundamentally new way to evaluate all stocks, setting them on the path to success. Managers will be able to use the book to devise, adjust, and communicate their company's strategy in light of shareholder expectations.

Specifications

Contributed by: Bernstein, Peter L.
Publisher: Perseus Distribution Services
Publish Date: Feb 2003
ISBN-13: 9781591391272
ISBN-10: 159139127X
Format: Paperback
Number of Pages: 256
Shipping Weight (in pounds): 0.85
Product in Inches (L x W x H): 6.0 x 9.0 x 0.75
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