Capital Returns: Investing Through the Capital Cycle: A Money Manager’s Reports 2002-15
| Author | : | |
| Rating | : | 4.76 (855 Votes) |
| Asin | : | B01FYBLG9I |
| Format Type | : | |
| Number of Pages | : | 295 Pages |
| Publish Date | : | 2016-05-14 |
| Language | : | English |
DESCRIPTION:
We live in an age of serial asset bubbles and spectacular busts. 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. Excessive investment drives down returns and leads inexorably to a bust. Economists, policymakers, central bankers and most people in the
He is a former member of the asset allocation team at GMO, a Boston-based investment firm. Marathon Asset Management (trading in the United States as Marathon-London) is an independent owner managed investment firm based in London. Mr. Chancellor is an award-winning financial journalist, who has written for the Financial Times, Wall Street Journ
OK. Read only the introduction if you can. I think this is an OK book.The idea behind it is interesting: that we should focus on the supply side when evaluating cyclical companies and markets (like commodities, but also applicable to other industries).But the way the author defends this idea is a bit poorly executed (apart from the introduction). The book is a collection of Marathon's monthly lette. An investment Gem Truly a joy to read. A more holistic and complete harnessing of Marathon's investment philosophy than Capital Account. Practical wisdom exudes from these well-written pages of recent market history. Essential reading for a fundamentally-driven investor. Poignant discussions around key value drivers; capital allocation, sustainable competitive advantage, bu. RT said Wisdom Amongst Letters. Marathon's capital cycle mindset is helpful and accurate, but the endless write ups and make believe letters are overkill. The capital wasted on the extra pages is akin to their thesis, ironically.
Bernstein, CFA Institute Publications, cfapubs, Vol. 11 (1), 2016). “Capital Returns brings together industrial economics, Michael Porter’s competitive analysis and behavioral finance, into a powerful long-term investment approach that Marathon Asset Management calls ‘capital cycle’ analysis. It will prove profitable reading for any finance professional, and for the securities analyst, it is essential reading.” (William J. … Capital Returns explores an oft-neglected mechanism in the capital markets. … This is one of the best investing books I’ve read. Second, it contains a superb introduction by one of the great financial writers of our era, Edward Chancellor. Highly recommended!” (Strictly Value, strictlyvalue.wordpress, January, 2016)“First, it covers an important and underappreciated subject, the capital cycle