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Centennial Speaker Series: Michael Mauboussin on Expectations Investing: Reading Stock Prices for Better Returns

Thursday, November 4, 2021, 121 p.m.


Most investment books try to assess the attractiveness of a stock price by estimating the value of the company. Expectations Investing, by Michael Mauboussin and Alfred Rappaport, provides a powerful and insightful alternative to identifying gaps between price and value. The authors suggest that an investor start with a known quantity, the stock price, and ask what it implies for future financial results. After showing how to read expectations, they provide a guide to rigorous strategic and financial analysis to help investors assess the likelihood of revisions to these expectations.

Investors who read this book will be able to evaluate stocks of companies in any sector or geography more effectively than those who use the standard approaches of most investors. This revised and updated edition reflects the many changes in accounting and the business landscape since the book was first published, and provides a wealth of new examples and case studies.

12 p.m.: Welcome Remarks: Sris Chatterjee, chair, Gabelli Center for Global Security Analysis

12:03 p.m.: Speaker Introductions: David Cowen, president and CEO, Museum of American Finance

12:08: p.m.: Presentation: Michael Mauboussin

12:45 p.m.: Audience Q&A

1 p.m.: Closing Remarks: David Cowen

About the Speaker
Michael J. Mauboussin is head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management. He is an adjunct professor of finance at Columbia Business School. In addition to Expectations Investing, his books include More Than You Know: Finding Financial Wisdom in Unconventional Places (Columbia, updated and expanded edition, 2007); Think Twice: Harnessing the Power of Counterintuition (2009); and The Success Equation: Untangling Skill and Luck in Business, Sports and Investing (2012).

Copies of Expectations Investing will be raffled off to attendees.

This event is co-sponsored with the CFA Society New York, the Gabelli Center for Global Security Analysis, and the Museum of American Finance.