Updates

  1. Person pages list letters, writing, profiles and links as sortable tables with filters, and show each person's companies as links; Fund letters show each letter's description in its own column.
  2. Experts show a checked job title and a short description of each person; 30 more people have photographs.
  3. Every company, fund, university and publication the experts work for has a page listing the people there.
  4. Fund letters show each letter's thesis and filter by it; 225 person pages list the essays, columns and newsletter issues the person wrote.
  5. Person pages list every essay and newsletter issue a person wrote, and their own books as a table in List view.
  6. Recommends shows the five largest kinds of book and the rest under More; browse pictures load sooner.
  7. Podcasts and talks link the original episode, filter by Audio and video or Press, and list each publisher once.
  8. Pages are wider, Recommends has List and Grid, and a filter clicked again turns off.
  9. Book cards sit in a ruled grid with Open Library and Goodreads links and each book's one-line note.
  10. Funds is now Investors; each investor's styles are buttons that filter the table.
  11. Podcasts and talks on a person's page filter by year and publisher and show as a list or a grid of pictures.
  12. Quotes show only people's own words: 472 summaries written by list sites are gone.
  13. Country pages open from Browse again, and every link on the shelf lands on a page.
  14. Subject and person pages show their sections as tabs, and each book appears once on a person's page.
  15. Book cards show the quote, who said it and the source; grids show five cards to a row.
  16. On a phone, a menu holds the sections, search, Updates, Feedback and dark mode.
  17. Feedback takes a screenshot of the page with no browser prompt, opens a screenshot full size when you click it, and clears itself once sent.
  18. Book cards are centred, search names the topic each book sits in, and any text cut short shows whole on hover.
  19. Search groups its results by kind: people, companies, geographies, subjects, topics, books, funds, fund letters and papers.
  20. The Books table lists who recommended each book by name, and the browser tab names the section you are in.
  21. Feedback can take a screenshot of the page, or one you paste or choose, and opens in the corner beside Updates.
  22. Each rail button reopens its section where you left it, and Browse, Table and People show on every book and subject page.
  23. Filters grey out choices that hold nothing instead of hiding them, and Books › People filters by authors or recommenders.
  24. Feedback takes a subject line and up to three screenshots.
  25. Biographies are grouped by the person they are about: 41 new pages, from Abraham Lincoln to Lee Kuan Yew.
  26. Sport splits into 23 sports, and Religion into one topic per faith.
  27. Book lists show as cards: the cover, one recommendation quote and every recommender by name.
  28. Seventeen subjects that had two or three pages under different names now have one page each.
  29. Every page lists its Experts as authors and recommenders, with a link to them on the Experts tab.
  30. Economics, Financial history, Financial panics and Accounting are subjects of their own, with one page per financial crisis.
  31. Book, person and subject pages open inside the app, so the tabs stay in view.
  32. 996 more book covers, and photographs or logos for 227 more people and companies.
  33. Books › Browse shows every subject as cards, and the rail holds Fund letters, Papers, Experts, Books and Funds.
  34. Every topic over 150 books splits into narrower topics, each with a page of its own.

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AR

Alfred Rappaport

T2AcademicsValuation and business analysis

Developed shareholder-value analysis, set out in his 1986 book Creating Shareholder Value; chaired the Chicago consultancy The Alcar Group.

Kellogg School of Management, Northwestern UniversityThe Alcar Group

Creating Shareholder Value demonstrated that reported earnings and accounting growth do not measure value creation, and identified the cash flow drivers that do - a framework corporate finance departments still run on. Expectations Investing, written with Michael Mauboussin, inverts the exercise: read the expectations already priced into a stock, then judge whether the business can beat them.

3 books of their own · 2 articles

Books 3Writing 2

Start here

  1. Creating Shareholder Value: A Guide for Managers and InvestorsAlfred Rappaport, 1986
  2. Expectations Investing: Reading Stock Prices for Better ReturnsAlfred Rappaport, 2001
  3. Saving Capitalism From Short-Termism: How to Build Long-Term Value and Take Back Our Financial FutureAlfred Rappaport
Creating Shareholder Value: A Guide for ManaCreating Shareholder Value: A Guide for Managers and Investors
T2 Creating Shareholder Value: A Guide for Managers and Investors
Alfred Rappaport · 1986
Open LibraryGoodreads

Value is discounted future cash flow, not earnings per share or return on equity.

“I read that book and the light bulbs all went off for me personally.” — Michael Mauboussin

Source: The Tim Ferriss Show #659 — official transcript

Recommended by: Michael Mauboussin, Mohnish Pabrai

Expectations Investing: Reading Stock PricesExpectations Investing: Reading Stock Prices for Better Returns
T2 Expectations Investing: Reading Stock Prices for Better Returns
Alfred Rappaport · 2001
Open LibraryGoodreads

Start from the share price and ask what results it expects a company to deliver.

Recommended by: Mohnish Pabrai

Saving Capitalism From Short-Termism: How to
T2 Saving Capitalism From Short-Termism: How to Build Long-Term Value and Take Back Our Financial Future
Alfred Rappaport
Goodreads

How the chase for short-term share prices corrupted shareholder value, and fixes.

Recommended by: Patrick O'Shaughnessy

Creating Shareholder Value: A Guide for Managers and InvestorsValue is discounted future cash flow, not earnings per share or return on equity.1986T2Michael Mauboussin, Mohnish Pabrai
Expectations Investing: Reading Stock Prices for Better ReturnsStart from the share price and ask what results it expects a company to deliver.2001T2Mohnish Pabrai
Saving Capitalism From Short-Termism: How to Build Long-Term Value and Take Back Our Financial FutureHow the chase for short-term share prices corrupted shareholder value, and fixes.T2Patrick O'Shaughnessy

Tags

michael-mauboussinvaluationshareholder-valuecapital-allocationfree-cash-flowexpectations-investingshort-termism