Capital Returns 在线电子书 图书标签: 投资 金融 finance 资本周期 周期 资本配置 马拉松公司 证券
发表于2025-02-16
Capital Returns 在线电子书 pdf 下载 txt下载 epub 下载 mobi 下载 2025
基于资本周期的投资
评分后面就生拉硬凑了,前70%不错。常识性书籍。
评分supply-side driven cycle from a capital perspective
评分很清晰的论述了资本流动对长期投资价值的影响,分享了Marathon的价值投资哲学,尤其是对于优秀公司管理层的认知。
评分很清晰的论述了资本流动对长期投资价值的影响,分享了Marathon的价值投资哲学,尤其是对于优秀公司管理层的认知。
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.
Marathon是伦敦的一家股票基金管理公司,管理的资产超过500亿美元。他们每年会给投资者写8封信/投资回顾(Global Investment Review),每封信有五、六篇文章,谈谈他们对市场和股票的看法。这本书是他们在2002-2015年期间部分投资回顾基础上编写的。编辑Edward Chancellor此前...
评分 评分2019年3月,吴小莉女士和曹德旺先生进行了一番对话。期间,吴问曹,现在经济回暖,是否看到了春天呢?曹回答说,都是人工吹起来的,你说是真的暖吗?你现在只是感觉有些冷,真正的冬天,还没有到来。 福耀玻璃恐怕是中国制造的良心,而曹德旺从80年代草创福耀一路走来,几乎每...
评分Marathon是伦敦的一家股票基金管理公司,管理的资产超过500亿美元。他们每年会给投资者写8封信/投资回顾(Global Investment Review),每封信有五、六篇文章,谈谈他们对市场和股票的看法。这本书是他们在2002-2015年期间部分投资回顾基础上编写的。编辑Edward Chancellor此前...
Capital Returns 在线电子书 pdf 下载 txt下载 epub 下载 mobi 下载 2025