xv
preface
Stock prices are the clearest and most reliable signal of the market’s
expectations about a company’s future performance. The key to suc-
cessful investing is to estimate the level of expected performance
embedded in the current stock price and then to assess the likelihood of
a revision in expectations. Investors who properly read market expecta-
tions and anticipate revisions increase their odds of achieving superior
investment results. The expectations investing process allows you to
identify the right expectations and effectively anticipate revisions in a
company’s prospects.
The expectations investing process represents a fundamental shift ...