Endorsements

“In Expectations Investing, Michael Mauboussin and Al Rappaport break down investing into its component parts, explaining what makes for good companies and attractively-priced stocks.  Which isn’t to say they make it easy.  This is second-level thinking: a graduate-level course in intelligent investing.” 
—Howard Marks, Chairman and Cofounder, Oaktree Capital Management, and author of The Most Important Thing

“Mauboussin and Rappaport’s approach to corporate valuation is as relevant and intelligent today as ever. Understanding expectations, assessing competitive strategy, appreciating optionality, and a laser focus on cash flow will make you a more effective investor in private or public markets.”
—Bill Gurley, General Partner, Benchmark Capital

”In Expectations Investing, Michael Mauboussin and Al Rappaport build off of the simple yet powerful observation that certain expectations are embedded in any company’s stock price are certain to offer investors a rigorous method to identify gaps between stock price and value. Truly a must have in any investor’s library.”
—Annie Duke, author of Thinking in Bets and How to Decide

”One of the few investing books that gave me an 'ah-ha' moment and changed how I think about investing.”
—Morgan Housel, Partner, The Collaborative Fund, and author of The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness

”Expectations Investing was one of the first books that sparked my interest in investing. The core idea is as powerful as any, and the authors explain it in a way that makes it unforgettable. This excellent update to the original classic is a must read for all investors.”
—Patrick O'Shaughnessy, CFA, CEO, O'Shaughnessy Asset Management, and author of Millennial Money: How Young Investors can Build a Fortune