Capital Returns 在線電子書 圖書標籤: 投資 金融 finance 資本周期 周期 資本配置 馬拉鬆公司 證券
發表於2024-11-05
Capital Returns 在線電子書 pdf 下載 txt下載 epub 下載 mobi 下載 2024
Marathon Asset Management 2002-2015年給投資者的信
評分基於資本周期的投資
評分非常簡單而傳統的投資理念,基於周期(均值迴歸)、供需、價值與增長之間的轉換。第一章鱈魚的例子非常深刻,專門寫中國的一章有一定的參考價值,最後一章描述華爾街的投資銀行傢也十分有趣。
評分supply-side driven cycle from a capital perspective
評分後麵就生拉硬湊瞭,前70%不錯。常識性書籍。
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.
分析师和投资人员习惯于外推当前趋势。在一个周期性的世界中,他们的思维却是线性的。 公司与资产扩张相关的行为——例如并购、新股发行和新的贷款,常常会伴以此后的低回报。相反,与资产收缩相关的行为——包括分立、股票回购、偿债和分配股利,常常会伴以此后正的超额回报。...
評分 評分 評分 評分相比对需求的预测,分析业已发生的供给侧因素更加靠谱,从资本驱动的供给侧变动来观察行业格局、竞争策略、定价策略和资本回报,这是马拉松公司提出的资本周期理论方法论。提及的分析指标包括ROE、CFROI、市值与自由现金流比率、现金流利润转化率等。 过度的资本涌入带来资本支...
Capital Returns 在線電子書 pdf 下載 txt下載 epub 下載 mobi 下載 2024