"Expectations Investing" by Michael Mauboussin overturns conventional investment wisdom, offering a groundbreaking approach that focuses not on the elusive task of valuation, but on the relationship between a stock's price and the future financial outcomes it implies. This innovative strategy empowers investors to decode market expectations and identify where the real value lies, marking a departure from traditional methods that often lead to misjudgment. Through a meticulous exploration of how to interpret and adjust these expectations in light of a company's potential for performance, Mauboussin and co-author Alfred Rappaport provide a comprehensive framework for investment analysis. Their method bridges the gap between strategic and financial insights, allowing investors to pinpoint stocks that are genuinely undervalued or overvalued. Revised and updated to reflect the dynamic changes in accounting standards and the business environment, this edition of "Expectations Investing" enriches its readers with contemporary examples and case studies that bring its concepts to life. Beyond its utility to investors, the book serves as a critical tool for managers aiming to navigate their companies through the complex terrain of shareholder expectations. Whether you're looking to refine your investment portfolio or seeking strategies to enhance corporate value creation, Mauboussin and Rappaport's work is an indispensable guide that challenges and changes how we think about investing in today's market.