Summary ä Capital Returns

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Summary ä Capital Returns ´ ➚ [KINDLE] ❄ Capital Returns By Edward Chancellor ➤ – 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 We live in an age of serial as[KINDLE] Capital Returns By Edward Chancellor 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 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 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 indu.

Edward Chancellor Ò 8 Free read

Ers 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 of the most insightful reports written between and 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 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.

review à eBook, ePUB or Kindle PDF Ò Edward Chancellor

Capital ReturnsStry 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 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 ref.

10 Comments on "Summary ä Capital Returns"

  • Duy Nguyen

    Summary ä Capital Returns Capital ReturnsPlease do yourself a favor and study this book Then never forget that thinking about supply is so much easier and important than thinking about demand growth Buffett's style is rested on this premise Cheap valuation gives you room in case there is no demand growth; moats makes supply growth irrelevant

  • Karen Zhang

    Summary ä Capital Returns Capital ReturnsIt provides a new perspective to look at investment opportunities I learned 3 things here1 analysts should focus on the supply side than the demand analysis of industries; demand side is moving by so many factors while supply side has less uncertainty2 on cyclical sectors we should invest when there is no new capital coming in; one of the articles talked about the cod f

  • Manan

    Summary ä Capital Returns Capital ReturnsProvides a much needed lens to view understand and hopefully benefit from the cycles playing out across sectors Just what the doctor ordered

  • Nam KK

    Summary ä Capital Returns Capital ReturnsThe first twenty pages are just perfect The rest are collection of newsletters sent to the fund investors Should have hired an editor for a large part of those

  • Jan Van

    Summary ä Capital Returns Capital ReturnsOne of my all time favoritesDo yourself a favor and enjoy the writing of the Marathon team Thought provoking as only they can deliver Jan


    Summary ä Capital Returns Capital ReturnsThis is the even brilliant seuel to the already superb 2004 book Capital Account Edward Chancellor the author of the classic Devil Takes the Hindmost picks and chooses among the 2002 to 2015 Global Investment Reviews written by money manager Marathon Asset Management The essays are sorted into themes The benefits for us all of keeping some sort of diary writing monthly investment letters or in some other way document happenings the zeitgeist thoughts and feelings become than apparent This wasn’t too long ago but things that shouldn’t be forgotten are starting to fade away from ones memory Here Marathon lets anybody peak into their diaryCapital Returns has three important sections The first one is what sets this book apart from its preuel; Edward Chancellor has written a terrific introduction that spot on describes the main features of Marathon’s investment philosophy The next section presents essays that dive deeper int

  • Joel Gray

    Summary ä Capital Returns Capital ReturnsTHE REAL UESTION IS DO COMPANIES REDEPLOY FREE CASHFLOW EFFECTIVELY OR DO THEY WASTE ITCapital is attracted into high return businesses and leaves when returns fall below the cost of capitalEvents associated with asset expansion such as MA euity issuances and new loans tend to be followed by low returns Conversely events associated with asset contraction including spin offs share buybacks debt repayments and dividend initiations are followed by positive excess returnsOur portfolios have tended to be skewed towards companies where successful entrepreneurs turn their companies and retain sizeable shareholdingsOur job is to create goodwill not pay other people for goodwillThe most common successful corporate trait is an emphasis on cost controlIf managers have budget targets it becomes difficult to stay out of the market when pricing is unfavourable particularly important not to

  • Madhur Rao

    Summary ä Capital Returns Capital ReturnsA very nice book talking about the supply side economics driven by Schumpeter's famous argument around creative destruction The book highlights that instead of focusing on Demand which is subject to narratives and large variations around estimates one should try and focus on Supply which can be uantified depending on what competitors are doing Prisonner's Dilemma is another thought which leads to generally tit for tat behaviour amongst peers A lot of examples in industries like COD shipping mining banking testing services brands etc from a European perspective but the lessons are applicable globally A book which I will revisit again for sure

  • Tag

    Summary ä Capital Returns Capital ReturnsThis book is a great read because it’s a compilation of actual letters written at the time akin to Howard Marks’ letters as opposed to a look back analysis written at a specific time The topics here are wide ranging and all encompassing from Irish banks German banks beers airlines commodities to Chinese SOEs and semiconductors — all with the same thesis that 1 we should focus on supply rather than demand 2 best economics appear when the cost of product is low relative to its importance eg semiconductor chips for airbags 3 the ability of managers to allocate capital efficiently is underrated A necessary read for long term investors

  • Justin

    Summary ä Capital Returns Capital ReturnsIntelligent but mostly over my head at least at the rate I read this book which was in turn driven by its seemingly low amount of actionable material The introduction was uite useful and the rest of the book might be useful to stock pickers but for a mutual fund user like me the introductory chapters were the only useful ones That being said the introductory chapters were actionable than many of the other money books I've read