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Expectations Investing Reading Stock Prices for Better Returns

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ISBN-10: 159139127X

ISBN-13: 9781591391272

Edition: 2003

Authors: Alfred Rappaport, Michael J. Mauboussin, Peter L. Bernstein

List price: $25.00
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Offering a fundamental change in the way professional managers and individual investors select stock, this book provides guidance on cracking the investment market.
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Book details

List price: $25.00
Copyright year: 2003
Publisher: Harvard Business Review Press
Publication date: 9/1/2001
Binding: Paperback
Pages: 256
Size: 6.00" wide x 9.00" long x 0.75" tall
Weight: 0.924
Language: English

Author Profile Alfred Rappaportis the Leonard Spacek Professor Emeritus at Northwestern University's J.L. Kellogg Graduate School of Management where he was a member of the faculty for twenty-eight years.His widely acclaimed, pioneering book,Creating Shareholder Value: The New Standard for Business Performance, was published in 1986 and revised in 1998.Expectations Investing: Reading Stock Prices for Better Returns, co-authored with Michael Mauboussin, was published in 2001.Dr. Rappaport is the author of over seventy articles focusing on applying shareholder value methodology to equity investing, corporate planning and performance evaluation, executive compensation, mergers and acquisitions, and corporate governance issues. He has been a guest columnist forThe Wall Street Journal, The New York Times, Fortune, andBusiness Week.Rappaport's teaching, research and consulting activities focus on applying shareholder value methodology to equity investing, corporate planning and performance evaluation, executive compensation, M&A and corporate governance issues. He has consulted for a wide range of major corporations, financial advisors, and government agencies and has served as an expert witness on valuation issues. His shareholder value framework serves as the foundation for LEK Consulting's worldwide financial consulting practice. He created and designed The Wall Street Journal Shareholder Scoreboard, an annual ranking by total shareholder returns of the 1,000 most valuable U.S. corporations, published annually from 1995 to 2008.

Michael J. Mauboussin is chief investment strategist at Legg Mason Capital Management and an adjunct professor at Columbia Business School. He is the author (with Alfred Rappaport) of Expectations Investing: Reading Stock Prices for Better Returns.

Peter L. Bernstein graduated magna cum laude from Harvard College with a degree in economics. After serving as a member of the research staff at the Federal Reserve Bank of New York and at the Office of Strategic Services in Washington, Bernstein joined the the Air Force, attaining the rank of captain serving in World War II, and assigned to the Office of Strategic Services. After the war, Bernstein taught economics for many years as an adjunct professor on the Graduate Faculty of the New School for Social Research in New York. In 1951, after teaching economics at Williams College and spending five years in commercial banking, Bernstein became Chief Executive of a nationally known investment counsel firm He retired in 1973 to launch Peter L. Bernstein, Inc. Bernstein was the first Editor of The Journal of Portfolio Management in 1974,and is now Consulting Editor of the Journal. He served on the Visiting Committee to the Economics Department at Harvard University, as a Trustee and member of the Finance Committee of the College Retirement Equities Fund, and as a Trustee of the Investment Management Workshop sponsored by the Association for Investment Management & Research. Bernstein is the author of nine books in economics and finance and he has also written articles in professional journals such as The Harvard Business Review and the Financial Analysts Journal, and in the press, including The New York Times, The Wall Street Journal, Worth Magazine, and Bloomberg publications. He has contributed to collections of articles published by Perseus and FT Mastering. He is also a lecturer on risk management, asset allocation, portfolio strategy, and market history. Bernstein has received three major awards from the Association for Investment Management & Research, which include; The Award for Professional Excellence, The Graham & Dodd Award, given annually for the outstanding article in the Financial Analysts Journal for the previous year, and The James R. Vertin Award, recognizing individuals who have produced a body of research notable for its relevance and enduring value to investment professionals.

The Case for Expectations Investing Active Management: Challenge and Opportunity
The Expectations Investing Process
The Twilight of Traditional Analysis Essential Ideas
Appendix: Earnings Growth and Value Creation
Gathering the Tools
How the Market Values Stocks
The Right Expectations Shareholder
Value Road Map Free
Cash Flow Cost of Capital
Forecast Period From Corporate Value to Shareholder
Value Summary Illustration
Essential Ideas
Appendix: Estimating Residual Value
The Perpetuity Method
The Perpetuity-with-Inflation Method
The Expectations Infrastructure
The Expectations
Infrastructure Not All Expectations
Revisions Are Equal Essential Ideas
Analyzing Competitive Strategy
The Dual Uses of Competitive Strategy
Analysis Historical Analysis
Competitive Strategy Frameworks
Essential Ideas
Implementing the Process
How to Estimate
Price-Implied Expectations
Reading Expectations
Gateway Case Study
Why Revisit Expectations?
Essential Ideas
Appendix: Employee Stock Options and Expectations Investing Valuing ESOs
Identifying Expectations
Opportunities Searching for Expectations
Opportunities Pitfalls to Avoid
Gateway Case Study Essential Ideas
Buy, Sell, or Hold?
Expected-Value Analysis
Gateway Case Study
The Buy Decision
The Sell Decision
The Role of Taxes
Essential Ideas
Beyond Discounted Cash Flow Real Options
When to Use Real-Options Analysis in Expectations Investing
The Value of Real Options in Reflexivity Essential Ideas
Across the Economic Landscape Business Categories
Business Categories and the Value Factors Essential Ideas
Reading Corporate Signals
Mergers and Acquisitions
How Acquiring Companies
Add Value Evaluating Synergies
What to Do When a Deal Is Announced
Essential Ideas
Share Buybacks The Golden Rule of Share Buybacks Four Popular Motivations for Share Buybacks Essential Ideas
Compensation CEO and Other Corporate-Level Executives
Operating-Unit Executives
Middle Managers and Frontline Employees
Essential Ideas
About the Authors