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2025-02-02
Capital Returns 在線電子書 pdf 下載 txt下載 epub 下載 mobi 下載 2025
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。
評分標題和周期這個主題很棒,但是對於書來說,隻編撰,沒有洞見,就爛瞭
評分supply-side driven cycle from a capital perspective
評分基於資本周期的投資
評分supply-side driven cycle from a capital perspective
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.
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...
評分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...
評分Capital Returns 在線電子書 pdf 下載 txt下載 epub 下載 mobi 下載 2025