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


In this section of the site, we present a collection of online tutorials and downloadable spreadsheets to supplement Expectations Investing. Our goal here is to offer a supplement to the book by providing the following:

  • Data. Using Gateway, Inc. (as of April 21, 2000) as our primary case study, we explain where to find the finance and accounting data that power the expectations investing toolkit.
  • Spreadsheets. We also include spreadsheets for the major topics covered in the book. Each spreadsheet contains an "Input" worksheet that explains the data needed for each analytical tool presented in the book--and automatically calculates the relevant ratios and figures.
  • Detail. The tutorials also delve into topics--such as Employee Stock Options--in more detail. Also, select tutorials include Sidebars with detailed information on relevant topics and adjustments.

In addition to reviewing basic concepts--such as present value--the first nine tutorials walk through the steps needed to perform the Price-Implied Expectations (PIE) analysis introduced in the book. We pay special attention to calculating the three Operating Value Drivers--Sales Growth Rate, Operating Profit Margin, and Incremental Investment Rate--and the three Other Value Determinants--the Cash Tax Rate, Cost of Capital, and Forecast Period.

We also offer separate tutorials on how to analyze M&A deals and the value of a company's real option to enter a new business.

Click here to see the 11 online tutorials to explore a topic or to download a spreadsheet. Also, you can download a single compressed file containing all of our tutorial spreadsheets files.

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