There are certain businesses that have option value, right?

Which is an option is the right but not the obligation to do that.

If there are market leaders in uncertain markets with smart management teams and access

to capital, they may be able to see opportunities as they present themselves and take advantage

of them.

So we wrote about it in 2001 and ended up being lucky more than the impression, but Amazon.com

was a great case in point.

I'm Chris Hill and that's Michael Mobison.

He's an author, a professor of finance at Columbia Business School, head of research at

Counterpoint Global, a division of Morgan Stanley.

But at the Motley Fool, we like to think of Mobison as the Investors Investor.

There are other investors who are more famous.

There are certainly other investors who spend more time on television, but if we could grab

coffee with any investor, Mobison would be the first pick for a lot of us.

At our full-fest investing conference last week, Bill Mann interviewed Mobison in front

of a live audience.

They talked about the approach of expectations investing.

Why a company's base case for growth is so important and much more.

One of your most famous pieces of work is expectations investing and it's a wonderful

process.

I think that one of the great things that you have brought to the table and a lot of people

call you the Investors Investor is the thought of having the market inform you what it is

...