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Wall Street’s Blind Spots: A Unique Perspective on Value Investing, Valuation and Capital Allocation
Wall Street’s Blind Spots teaches you why conventional valuation methods can be flawed—and offers a grounded, intuitive framework to replace them.
Identifying undervalued stocks shouldn’t be as hard as investing gurus and academics make it seem. But doing so requires knowing how to properly value a business—something even sophisticated investors often misunderstand.
This book’s valuation framework is based on common sense and simple logic rather than formulaic, overcomplicated models. Most importantly, it exposes what investors routinely overlook—their blind spots—and explains why failing to address them can weaken the entire investment thesis.
It’s surprising that these ideas remain misunderstood, especially given that value investing has been around for nearly a century. Equally striking is how often they’re ignored, despite being rooted in basic math and clear logic.
With its timeless lessons, Wall Street’s Blind Spots will be valuable to both curious beginners and sophisticated investors. Beginners will appreciate its accessibility and practical clarity. Professionals and academics will value how it challenges many of the anchored assumptions behind their current investment decisions.
Jose Mayora, a CFA® Charterholder, is the co-founder of a long-term public equities fund, which he leads with the mindset and principles presented in this book.
If you’re ready to learn from an approach that stays true to value investing’s core principles—yet is surprisingly innovative in its thinking—this book is the perfect fit for you.
Identifying undervalued stocks shouldn’t be as hard as investing gurus and academics make it seem. But doing so requires knowing how to properly value a business—something even sophisticated investors often misunderstand.
This book’s valuation framework is based on common sense and simple logic rather than formulaic, overcomplicated models. Most importantly, it exposes what investors routinely overlook—their blind spots—and explains why failing to address them can weaken the entire investment thesis.
It’s surprising that these ideas remain misunderstood, especially given that value investing has been around for nearly a century. Equally striking is how often they’re ignored, despite being rooted in basic math and clear logic.
With its timeless lessons, Wall Street’s Blind Spots will be valuable to both curious beginners and sophisticated investors. Beginners will appreciate its accessibility and practical clarity. Professionals and academics will value how it challenges many of the anchored assumptions behind their current investment decisions.
Jose Mayora, a CFA® Charterholder, is the co-founder of a long-term public equities fund, which he leads with the mindset and principles presented in this book.
If you’re ready to learn from an approach that stays true to value investing’s core principles—yet is surprisingly innovative in its thinking—this book is the perfect fit for you.
256 pages, Kindle Edition
Published August 26, 2025
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6 people want to read
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Displaying 1 - 3 of 3 reviews
September 4, 2025
I could easily say this book is a must-read for anyone interested in the world of investing. I loved how Jose Andres Mayora, CFA, emphasizes that we shouldn’t waste time trying to build every possible assumption, reminding us of Keynes’ idea: “It’s better to be approximately right than precisely wrong.”
Some of the key points that impacted me the most:
1. The public market is more irrational than the private one because it gives you prices minute by minute. As Peter Lynch says: “Behind every stock is a company. Find out what they are doing.”
2. Accounting matters: without understanding depreciation, stock-based comp, and maintenance CapEx, you simply can’t invest.
3. Buffett was right: “It’s better to buy a wonderful company at a fair price than a fair company at a wonderful price.”
4. Be careful with high-growth stocks: they require infinite patience and a strong stomach. The market can take years to prove you right.
5. ROE ≠ reinvestment rate: the first is just a snapshot, the second is the movie over 30–40 years.
6. Buybacks = reinvestment: if done at high prices, they destroy value; if done at low prices, they create it.
José even shares one of his investment theses at the end of the book. I struggled to hold back, but I devoured the book in just one week—and it was absolutely worth it.
Some of the key points that impacted me the most:
1. The public market is more irrational than the private one because it gives you prices minute by minute. As Peter Lynch says: “Behind every stock is a company. Find out what they are doing.”
2. Accounting matters: without understanding depreciation, stock-based comp, and maintenance CapEx, you simply can’t invest.
3. Buffett was right: “It’s better to buy a wonderful company at a fair price than a fair company at a wonderful price.”
4. Be careful with high-growth stocks: they require infinite patience and a strong stomach. The market can take years to prove you right.
5. ROE ≠ reinvestment rate: the first is just a snapshot, the second is the movie over 30–40 years.
6. Buybacks = reinvestment: if done at high prices, they destroy value; if done at low prices, they create it.
José even shares one of his investment theses at the end of the book. I struggled to hold back, but I devoured the book in just one week—and it was absolutely worth it.
January 2, 2026
Very easy to read book, anyone without knowledge on investing will understand the main points its trying to transmit. Loved that the author is a non wacc lover like myself. There are better ways to evaluate investments.
The examples he uses makes understanding very seamless and his writing style makes you feel like you are having a conversation with him.
The examples he uses makes understanding very seamless and his writing style makes you feel like you are having a conversation with him.
December 31, 2025
Great book!
Displaying 1 - 3 of 3 reviews