About Expectations Investing
Why It Works
Frequently Asked Questions
Mauboussin on Strategy
The Consilient Observer

The Book
Excerpts from the Book
Special Site Extras

The Authors
About the Authors
Contact the Authors
Interview with the Authors

Tools and Other Resources
Online Tutorial Introduction
Online Tutorials
Online Footnotes
Recommended Books
Buy the Book


"Expectations Investing presents a theoretically sound, practical, and lucidly articulated strategy for investment analysis. A paradigm-setting book of this quality emerges within a field only once in a generation."

- Clayton Christensen
  Professor, Harvard Business School
  Author, The Innovator's Dilemma

"With brilliant simplicity, this powerful treatise sets forth a sound strategy for successful investing. Expectations Investing will force institutional investors--especially mutual fund managers--to open their eyes to the failure of discredited strategies that have been followed over the past decade. I've rarely read such an impressive, manageable, and common sense book."

- John C. Bogle
  Founder, The Vanguard Group

"In an elegant blend of theory and practice, Rappaport and Mauboussin show why the most important question in investing is one most people never ask: What is discounted? Successful investing involves exploiting the difference between what the market expects and what actually happens. If you want to learn what it takes to beat the market, this is the book to get."

- Bill Miller
  CEO, Legg Mason Capital Management

"Rappaport and Mauboussin do a beautiful job of clearly presenting a novel way of blending market facts with the most recent theoretical developments. Any serious investor--regardless of his or her level of expertise--can learn a great deal from this well-structured and highly readable volume."

- Martin L. Leibowitz
  Former Vice Chairman and Chief Investment Officer, TIAA-CREF

"Many authors have described strategic planning, finance and market expectations as separate disciplines. For the first time, Rappaport and Mauboussin have brought them all together in one dynamic model. This is a must read for any business leader who wants to create shareholder value."

- Harry Kraemer
Former Chairman and Chief Executive Officer, Baxter International

"Rappaport and Mauboussin have put forth the most cogent, succinct, and intelligent perspective on corporate valuation ever written. This is the cutting edge of corporate valuation methodology."

- Bill Gurley
  General Partner, Benchmark Capital


“Moving away from the unproductive debate on the shortcomings of the market, Rappaport and Mauboussin put forward the necessary framework for CEOs and investors to understand the managerial implications behind market expectations. For the smart manager, Expectations Investing is groundbreaking reading.

- James Lawrence
Executive Vice President and CFO, General Mills

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