Expectations investing: reading stock prices for better returns
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Boston, Mass.
Harvard Business School Press
2001
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XX, 224 S. |
| ISBN: | 1578512522 |
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| adam_text | contents
Greater Expectations: How Investing Differs
from Art Collecting by Peter L Bernstein xi
Preface xv
Acknowledgments xix
1 The Case for Expectations Investing 1
Active Management: Challenge and Opportunity 4
The Expectations Investing Process 7
The Twilight of Traditional Analysis 8
Essential Ideas 14
Appendix: Earnings Growth and Value Creation 15
Part I Gathering the Tools 17
2 How the Market Values Stocks 19
The Right Expectations 19
Shareholder Value Road Map 21
Free Cash Flow 22
Cost of Capital 28
Forecast Period 33
From Corporate Value to Shareholder Value 33
Summary Illustration 34
Essential Ideas 35
Appendix: Estimating Residual Value 36
The Perpetuity Method 36
The Perpetuity with Inflation Method 37
vii
3 The Expectations Infrastructure 39
The Expectations Infrastructure 40
Not All Expectations Revisions Are Equal 46
Essential Ideas 49
4 Analyzing Competitive Strategy 51
The Dual Uses of Competitive Strategy Analysis 51
Historical Analysis 52
Competitive Strategy Frameworks 53
Essential Ideas 65
Part II Implementing the Process 67
5 How to Estimate Price Implied Expectations 69
Reading Expectations 71
Gateway Case Study 73
Why Revisit Expectations? 76
Essential Ideas 76
Appendix: Employee Stock Options and
Expectations Investing 78
Valuing ESOs 78
6 Identifying Expectations Opportunities 85
; Searching for Expectations Opportunities 86
I Pitfalls to Avoid 90
Gateway Case Study 92
(i ^ Essential Ideas 104
I 7 Buy, Sell, or Hold? 105
I Expected Value Analysis 105
I Gateway Case Study 108
The Buy Decision 110
v The Sell Decision 112
L. The Role of Taxes 114
Essential Ideas 115
8 Beyond Discounted Cash Flow 117
Real Options ijg
When to Use Real Options Analysis in
Expectations Investing 125
rontpnt ;
The Value of Real Options in Amazon.com 128
Reflexivity 132
Essential Ideas 134
9 Across the Economic Landscape 135
Business Categories 136
Business Categories and the Value Factors 140
Essential Ideas 149
Part III Reading Corporate Signals 151
10 Mergers and Acquisitions 153
How Acquiring Companies Add Value 154
Evaluating Synergies 155
What to Do When a Deal Is Announced 157
Essential Ideas 168
11 Share Buybacks 171
The Golden Rule of Share Buybacks 173
Four Popular Motivations for Share Buybacks 175
Essential Ideas 183
12 Incentive Compensation 185
CEO and Other Corporate Level Executives 186
Operating Unit Executives 191
Middle Managers and Frontline Employees 193
Essential Ideas 195
Notes 197
Index 213
About the Authors 223
|
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| isbn | 1578512522 |
| language | English |
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| spelling | Rappaport, Alfred 1932- Verfasser (DE-588)120893908 aut Expectations investing reading stock prices for better returns Alfred Rappaport ; Michael J. Mauboussin Boston, Mass. Harvard Business School Press 2001 XX, 224 S. txt rdacontent n rdamedia nc rdacarrier Kapitalanlage (DE-588)4073213-7 gnd rswk-swf Portfoliomanagement (DE-588)4115601-8 gnd rswk-swf Finanzanalyse (DE-588)4133000-6 gnd rswk-swf Wertpapieranalyse (DE-588)4124458-8 gnd rswk-swf Portfoliomanagement (DE-588)4115601-8 s Finanzanalyse (DE-588)4133000-6 s DE-604 Kapitalanlage (DE-588)4073213-7 s Wertpapieranalyse (DE-588)4124458-8 s Mauboussin, Michael J. 1964- Verfasser (DE-588)124176984 aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009546122&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Rappaport, Alfred 1932- Mauboussin, Michael J. 1964- Expectations investing reading stock prices for better returns Kapitalanlage (DE-588)4073213-7 gnd Portfoliomanagement (DE-588)4115601-8 gnd Finanzanalyse (DE-588)4133000-6 gnd Wertpapieranalyse (DE-588)4124458-8 gnd |
| subject_GND | (DE-588)4073213-7 (DE-588)4115601-8 (DE-588)4133000-6 (DE-588)4124458-8 |
| title | Expectations investing reading stock prices for better returns |
| title_auth | Expectations investing reading stock prices for better returns |
| title_exact_search | Expectations investing reading stock prices for better returns |
| title_full | Expectations investing reading stock prices for better returns Alfred Rappaport ; Michael J. Mauboussin |
| title_fullStr | Expectations investing reading stock prices for better returns Alfred Rappaport ; Michael J. Mauboussin |
| title_full_unstemmed | Expectations investing reading stock prices for better returns Alfred Rappaport ; Michael J. Mauboussin |
| title_short | Expectations investing |
| title_sort | expectations investing reading stock prices for better returns |
| title_sub | reading stock prices for better returns |
| topic | Kapitalanlage (DE-588)4073213-7 gnd Portfoliomanagement (DE-588)4115601-8 gnd Finanzanalyse (DE-588)4133000-6 gnd Wertpapieranalyse (DE-588)4124458-8 gnd |
| topic_facet | Kapitalanlage Portfoliomanagement Finanzanalyse Wertpapieranalyse |
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