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Expectations Investing

Expectations Investing About percent of active investors consistently deliver returns below those of passive index funds Why In part it s because proven methods for valuing assets are too complex to apply causing invest

  • Title: Expectations Investing
  • Author: Alfred Rappaport Michael J. Mauboussin
  • ISBN: 9783527500352
  • Page: 122
  • Format: None
  • About 75 percent of active investors consistently deliver returns below those of passive index funds Why In part, it s because proven methods for valuing assets are too complex to apply causing investors to rely on commonly used benchmarks such as current earnings and price earnings multiples that simply don t reflect how the market prices stocks Now, leading valuationAbout 75 percent of active investors consistently deliver returns below those of passive index funds Why In part, it s because proven methods for valuing assets are too complex to apply causing investors to rely on commonly used benchmarks such as current earnings and price earnings multiples that simply don t reflect how the market prices stocks Now, leading valuation experts Alfred Rappaport and Michael J Mauboussin argue that the secret to beating the market stands in plain sight Embedded in the stock price the most accessible piece of information in the investment arena lies all investors need to know about how the market expects a company to perform By correctly decoding that information, say the authors, investors are on the way to anticipating changes in a company s competitive position that the current stock price doesn t reflect and making informed buy, hold, or sell decisions before the rest of the crowd This proven approach, expectations investing, holds the potential to change the rules and improve the odds of the stock selection game forever.The beauty of expectations investing is that it harnesses the power of the market s own tried and true pricing model discounted cash flow without requiring difficult and often dubious long term forecasting Highly practical, the book provides a strategic framework and corresponding tools for using price implied expectations PIE to Interpret current prices and anticipate revisions in expectations Monitor signals from managerial actions such as mergers and acquisitions and share buybacks and estimate their impact on shareholder value Devise, adjust, and communicate management strategy in light of shareholder expectations In addition, a unique expectations infrastructure helps track value creation from the initial triggers that shape performance to the resulting impact on sales, operating profit margins, and investment efficiency.Universally applicable to public companies across the economic landscape, Expectations Investing will enable professional investors, analysts, and executives to translate heightened uncertainty into lucrative opportunity.Alfred Rappaport is the Leonard Spacek Professor Emeritus at Northwestern s Kellogg School and is Shareholder Value Adviser to L.E.K Consulting He originated the Shareholder Scoreboard for the Wall Street Journal He can be contacted at al.rappaport expectationsinvesting Michael J Mauboussin is a Managing Director and Chief U.S Investment Strategist at Credit Suisse First Boston He is also an Adjunct Professor at Columbia Business School He can be contacted at michaeluboussin expectationsinvesting Visit the book s dedicated Web site at expectationsinvesting

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    About "Alfred Rappaport Michael J. Mauboussin"

    1. Alfred Rappaport Michael J. Mauboussin

      Michael J Mauboussin is Chief Investment Strategist at Legg Mason Capital Management Prior to joining LMCM in 2004, Michael was a Managing Director and Chief U.S Investment Strategist at Credit Suisse Michael joined CS in 1992 as a packaged food industry analyst He is a former president of the Consumer Analyst Group of New York and was repeatedly named to Institutional Investors All America Research Team and The Wall Street Journal All Star survey in the food industry group.Michael is the author of Think Twice Harnessing the Power of Counterintuition Harvard Business Press, 2009 and More Than You Know Finding Financial Wisdom in Unconventional PlacesUpdated and Expanded New York Columbia Business School Publishing, 2008 More Than You Know was named one of The 100 Best Business Books of All Time by 800 CEO READ, one of the best business books by BusinessWeek 2006 and best economics book by Strategy Business 2006 He is also co author, with Alfred Rappaport, of Expectations Investing Reading Stock Prices for Better Returns Harvard Business School Press, 2001.Michael has been an adjunct professor of finance at Columbia Business School since 1993 and is on the faculty of the Heilbrunn Center for Graham and Dodd Investing In 2009, Michael received the Deans Award for Teaching Excellence BusinessWeeks Guide to the Best Business Schools 2001 highlighted Michael as one of the schools Outstanding Faculty, a distinction received by only seven professors.Michael earned an A.B from Georgetown University He is also affiliated with the Santa Fe Institute, a leading center for multi disciplinary research in complex systems theory, and is on the board of directors of Sermo, an online community for physicians.

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