Expectations Investing

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, this book provides a strategic framework and corresponding tools for using price-implied expectations.

Preface
Acknowledgments
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 Amazon.com 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
Incentive
Compensation CEO and Other Corporate-Level Executives
Operating-Unit Executives
Middle Managers and Frontline Employees
Essential Ideas
Notes
Index
About the Authors
Table of Contents provided by Publisher. All Rights Reserved.

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