This study used data from High School and Beyond to explore lost talent among U.S. youths in the late high school and post-high school years and the extent to which it varies by gender, race, and class. Lost talent occurs when students who show signs of early talent (1) have educational expectations that fall short of their aspirations, (2) have reduced expectations over time, or (3) are not able to realize their earlier expectations. The study found that the loss of talent through mismatched aspirations and expectations and especially through reduced expectations was considerable: 16 percent of the youths had expectations that were lower than their aspirations, and 27 percent had reduced expectations in the period under question. Of the three characteristics, class had the largest and most consistent effect on lost talent; membership in a lower socioeconomic group sometimes doubled the risk of the loss of talent.