---
product_id: 32779235
title: "Expectations Investing: Reading Stock Prices for Better Returns Paperback – February 18, 2003"
brand: "alfred rappaportmichael j. mauboussinpeter l. bernstein"
price: "¥1006"
currency: JPY
in_stock: false
reviews_count: 7
url: https://www.desertcart.jp/products/32779235-expectations-investing-reading-stock-prices-for-better-returns-paperback-february
store_origin: JP
region: Japan
---

# Expectations Investing: Reading Stock Prices for Better Returns Paperback – February 18, 2003

**Brand:** alfred rappaportmichael j. mauboussinpeter l. bernstein
**Price:** ¥1006
**Availability:** ❌ Out of Stock

## Quick Answers

- **What is this?** Expectations Investing: Reading Stock Prices for Better Returns Paperback – February 18, 2003 by alfred rappaportmichael j. mauboussinpeter l. bernstein
- **How much does it cost?** ¥1006 with free shipping
- **Is it available?** Currently out of stock
- **Where can I buy it?** [www.desertcart.jp](https://www.desertcart.jp/products/32779235-expectations-investing-reading-stock-prices-for-better-returns-paperback-february)

## Best For

- alfred rappaportmichael j. mauboussinpeter l. bernstein enthusiasts

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## Description

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## Customer Reviews

### ⭐⭐⭐⭐⭐ Good Primer on Fundamental Equity Analysis
*by B***A on May 13, 2019*

The authors provide a thorough examination of the fundamental analysis process. The first part of the book goes through the steps in creating a discounted cash flow model:Sales growth combined with operating profit margin = Operating ProfitOperating profit - cash taxes = NOPATNOPAT - investments in working/fixed capital = Free Cash FlowFCF discounted at cost of capital = Corporate ValueCorporate Value + non-operating less market value of debt = Shareholder ValueCost of Capital calculation weights debt from equity based on a companies financing mix:CC of Debt = yield to maturity of your debt * (1 - tax rate)CC of Equity = Risk free rate + Beta * (Expected market rate of return - risk free rate of return)Expected rate of return would be backed into by a market index.While this sounds confusing, the book gives easy examples to illustrate their points. From this, the authors speak to other considerations such as Porter's Five Forces and competitive analyses that can be used to tweak a DCF model. Other issues are then extrapolated out of this foundation:- When to take on new investments? (when they yield more than the cost of capital)- How do you add in stock options? (add issued options as debt and future options as expenses)- How do you look at a merger? (Use Shareholder Value at Risk which uses the premium paid / the market value of the acquiror).This all makes the book well worth reading. I admire the focus on first understanding the basics and then seeing how you can tweak the market's expectations to get better returns. I would caution that I do not think this book, nor any other, will lead to superior alpha but this book does a great showing how many considerations must be made for proper valuation.

### ⭐⭐⭐⭐⭐ Must read for investors who invest in individual companies
*by J***S on January 29, 2007*

I am an individual investor investing primarily in individual companies. "Expectation investing" provides me with an effective process that I can trust, believe and most importantly to follow in my decision makings.Armed with this process, and the blackjack winning strategy (you bet big when you have favorable odds), it becomes evdient to me that in the long run, small ivestors can achieve excessive returns. "More than you know" is another book you MUST read. The favorable odds likely happen when investors' indenpendence break down as a result of some legitimate big events.I have read all of the articles written by Michael Mauboussin that can be found on the internet. It is one of the best gifts I give to myself.

### ⭐⭐⭐⭐ Good
*by C***G on February 3, 2013*

I love the sense that its was a thin book. But I never really read a entire paragragh. Haha.. I like finance!

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*Product available on Desertcart Japan*
*Store origin: JP*
*Last updated: 2026-02-11*