Hoppa till sidans huvudinnehåll

Capital Returns

Investing Through the Capital Cycle: A Money Manager’s Reports 2002-15

Inbunden, Engelska, 2015

AvEdward Chancellor

999 kr

Beställningsvara. Skickas inom 5-8 vardagar. Fri frakt för medlemmar vid köp för minst 249 kr.

We live in an age of serial asset bubbles and spectacular busts. Economists, policymakers, central bankers and most people in the financial world have been blindsided by these busts, while investors have lost trillions. Economists argue that bubbles can only be spotted after they burst and that market moves are unpredictable. Yet Marathon Asset Management, a London-based investment firm managing over $50 billion of assets has developed a relatively simple method for identifying and potentially avoiding them: follow the money, or rather the trail of investment. Bubbles whether they affect a whole economy or merely a single industry, tend to attract a splurge of capital spending. Excessive investment drives down returns and leads inexorably to a bust. This was the case with both the technology bubble at the turn of the century and the US housing bubble which followed shortly after. More recently, vast sums have been invested in mining and energy. From an investor's perspective, the trick is to avoid investing in sectors, or markets, where investment spending is unduly elevated and competition is fierce, and to put one's money to work where capital expenditure is depressed, competitive conditions are more favourable and, as a result, prospective investment returns are higher. This capital cycle strategy encourages investors to eschew the simple 'growth' and 'value' dichotomy and identify firms that can deliver superior returns either because capital has been taken out of an industry, or because the business has strong barriers to entry (what Warren Buffett refers to as a 'moat'). Some of Marathon's most successful investments have come from obscure, sometimes niche operations whose businesses are protected from the destructive forces of the capital cycle. Capital Returns is a comprehensive introduction to the theory and practical implementation of the capital cycle approach to investment. Edited and with an introduction by Edward Chancellor, the book brings together 60 of the most insightful reports written between 2002 and 2014 by Marathon portfolio managers. Capital Returns provides key insights into the capital cycle strategy, all supported with real life examples from global brewers to the semiconductor industry - showing how this approach can be usefully applied to different industry conditions and how, prior to 2008, it helped protect assets from financial catastrophe. This book will be a welcome reference for serious investors who looking to maximise portfolio returns over the long run.

Produktinformation

  • Utgivningsdatum2015-11-25
  • Mått155 x 235 x 23 mm
  • Vikt520 g
  • FormatInbunden
  • SpråkEngelska
  • Antal sidor211
  • FörlagPalgrave Macmillan
  • ISBN9781137571649

Tillhör följande kategorier

Hoppa över listan

Du kanske också är intresserad av

Linda Yueh, David Wootton, Adrian Wooldridge, Rikard Westerberg, Paul Tucker, Mick Ryan, Sergey Radchenko, Alina Polyakova, Mario Pisani, Jade McGlynn, Iain Martin, Nicklas Berild Lundblad, Ian Leslie, Charlie Laderman, Kwasi Kwarteng, Knut N. Kjaer, Shashank Joshi, William Inboden, Magnus Henrekson, Francis J. Gavin, Ulrike Franke, Eloise Davies, Marie Kawthar Daouda, Edward Chancellor, David Butterfield, Caroline Burt, Mary Bridges, Richard Bratby, Ali Ansari, David Abulafia, Francis J Gavin - The market : money, states and ideas for a free world, Inbunden

The market : money, states and ideas for a free world

Linda Yueh, David Wootton, Adrian Wooldridge, Rikard Westerberg, Paul Tucker, Mick Ryan, Sergey Radchenko, Alina Polyakova, Mario Pisani, Jade McGlynn, Iain Martin, Nicklas Berild Lundblad, Ian Leslie, Charlie Laderman, Kwasi Kwarteng, Knut N. Kjaer, Shashank Joshi, William Inboden, Magnus Henrekson, Francis J. Gavin, Ulrike Franke, Eloise Davies, Marie Kawthar Daouda, Edward Chancellor, David Butterfield, Caroline Burt, Mary Bridges, Richard Bratby, Ali Ansari, David Abulafia, Francis J Gavin

Inbunden, 2025

299 kr

David Abulafia, Ali Ansari, Richard Bratby, Mary Bridges, Caroline Burt, David Butterfield, Edward Chancellor, Marie Kawthar Daouda, Eloise Davies, Ulrike Franke, Francis J. Gavin, Magnus Henrekson, William Inboden, Shashank Joshi, Knut N. Kjaer, Kwasi Kwarteng, Charlie Laderman, Ian Leslie, Nicklas Berild Lundblad, Iain Martin, Jade McGlynn, Mario Pisani, Alina Polyakova, Sergey Radchenko, Mick Ryan, Paul Tucker, Rikard Westerberg, Adrian Wooldridge, David Wootton, Linda Yueh - Marknaden : kapital, stater och tankar om en fri värld, Inbunden

Marknaden : kapital, stater och tankar om en fri värld

David Abulafia, Ali Ansari, Richard Bratby, Mary Bridges, Caroline Burt, David Butterfield, Edward Chancellor, Marie Kawthar Daouda, Eloise Davies, Ulrike Franke, Francis J. Gavin, Magnus Henrekson, William Inboden, Shashank Joshi, Knut N. Kjaer, Kwasi Kwarteng, Charlie Laderman, Ian Leslie, Nicklas Berild Lundblad, Iain Martin, Jade McGlynn, Mario Pisani, Alina Polyakova, Sergey Radchenko, Mick Ryan, Paul Tucker, Rikard Westerberg, Adrian Wooldridge, David Wootton, Linda Yueh

Inbunden, 2026

299 kr