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Expectations Investing: Reading Stock Prices for Better Returns
by Alfred Rappaport, Michael J. Mauboussin
from Harvard Business School Press
Customer Reviews:
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Avg. Customer Rating: 4.0 / 5.0 
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Must read for investors who invest in individual companies 
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... more info
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An interesting read
An interesting read for the serious investor. The central tenet of the book might be stated as "investors do not earn superior rates of return on stocks that are priced fully to reflect future performance - even for the best value-creating companies - which is why great companies are not great stocks." This book posits that investors can read market expectations contained in a stock's price and anticipate revisions in those expectations to achieve superior returns. It book provides a detailed, step-by-step... more info
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A Refreshing Look at Market Performance
There is no question stock prices climb and fall based on investors' current perceptions of their future performance.
Identify an error in those perceptions; you, as an investor, have uncovered a catapult to superior performance. In Expectations Investing, Alfred Rappaport and Michael J. Mauboussin argue current stock prices express investors' collective expectations. A change in those expectations lies at the heart of investment success.
This is a tall task. Approximately 75 per cent of all... more info
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Is it just me 
Seeing the other 5-star reviews makes me wonder, eihter those reviewers are clueless or I might have missed something big.
The main idea of the book is that if you can figure out the expectations incorporated in a market price and then evaluate the likelihood that (the more important of) those expectations may be wrong, you may actually find mispriced stocks and thus uncover good investment opportunities. Which I think is a nice idea, but is much easier said than done. The way the authors propose to... more info
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