Capital Account

书名：Capital AccountAFundManagerReportsonaTurbulentDecade,1993-2002
作者：EdwardChancellor
译者：
ISBN：9781587991806
出版社：Texere
出版时间：2004-04-22
格式：epub/mobi/azw3/pdf
页数：272
豆瓣评分： 9.3

书籍简介：

Capital Account relates the story of the world's greatest investment bubble from the perspective of professional investors. The book, comprised of selected reports from Marathon Asset Management, a successful global investment firm, explains how shareholder value the notion that companies should be run in the interests of their shareholders became corrupted in this era of frenzied finance. Senior managers, succumbing to the lure of stock option fortunes, took to manipulating their company's earnings. Professional investors, interested only in maintaining their investment performance over the next quarter, were willing abettors. The croupiers' of Wall Street, also know as investment bankers, whipped up the euphoria and peddled to investors superficially plausible stories, MacGuffins', in order to generate huge fees for themselves. As a result, by the turn of the century almost the entire investment community had become fixated with chasing short-term profits at the expense of long-term returns for clients. By the end of 2002 this cynical game had ended in investment disaster the world's stock markets having produced more than $15 trillion of losses since their peak. Yet to a large extent, the outcome was predictable to those investors who had retained a disciplined approach to investment analysis throughout the bull market. This book introduces the capital cycle' approach to investment an approach that brings together ideas from the fields of behavioral finance, economic theory and business analysis. Capital cycle analysis – based on the apparently simple insight that investor euphoria leads to excessive investment in the real world and subsequent poor returns for shareholders – enabled Marathon to identify at an early stage the inevitable collapse of the technology and telecoms bubble.

作者简介：

书友短评：

@ 目送飞鸿 和资本周期内容差不多 @ 马中昊 这个档口读这个书更有滋味。 @ 小米汤牛排 和资本周期内容差不多 @ 鲁恒 这个档口读这个书更有滋味。 @ 目送飞鸿 2012年读过，重读。最近写的一本书更有趣味。今日的成长股和价值股的spread和98-99年很像，只是更多泡沫在private market。附录写得很好。对今天有一定启发。

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