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Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least

Cover of Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least

In 1938, John Burr Williams published a book called The Theory of Investment Value, a seminal articulation of the usefulness

Michael J. Mauboussin • Expectations Investing: Reading Stock Prices for Better Returns, Revised and Updated (Heilbrunn Center for Graham & Dodd Investing Series)

Richard Zeckhauser in his famous essay, “Investing in the Unknown and Unknowable.”

Gautam Baid • The Joys of Compounding: The Passionate Pursuit of Lifelong Learning, Revised and Updated (Heilbrunn Center for Graham & Dodd Investing Series)

Every Interesting Outcom...

Patrick OShaughnessy

Now simply compare this with the expected returns from the other investment opportunities available to you.

Gautam Baid • The Joys of Compounding: The Passionate Pursuit of Lifelong Learning, Revised and Updated (Heilbrunn Center for Graham & Dodd Investing Series)

“reverse discounted cash flow”

Gautam Baid • The Joys of Compounding: The Passionate Pursuit of Lifelong Learning, Revised and Updated (Heilbrunn Center for Graham & Dodd Investing Series)

Capital Returns:

Gautam Baid • The Joys of Compounding: The Passionate Pursuit of Lifelong Learning, Revised and Updated (Heilbrunn Center for Graham & Dodd Investing Series)

We are therefore left with a useless tautology: To estimate value, we require an estimate of value.

Michael J. Mauboussin • Expectations Investing: Reading Stock Prices for Better Returns, Revised and Updated (Heilbrunn Center for Graham & Dodd Investing Series)

“cash flow return on investment.”)

Gautam Baid • The Joys of Compounding: The Passionate Pursuit of Lifelong Learning, Revised and Updated (Heilbrunn Center for Graham & Dodd Investing Series)