Capital Returns

书名：Capital ReturnsInvestingThroughtheCapitalCycle:AMoneyManager'sReports2002-15
作者：EdwardChancellor
译者：
ISBN：9781137571649
出版社：PalgraveMacmillan
出版时间：2016-5-30
格式：epub/mobi/azw3/pdf
页数：224
豆瓣评分： 8.9

书籍简介：

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.

作者简介：

爱德华.钱塞勒(Edward Chancellor)：《金融投机史》（FSG，1999）的作者，该书被评为《纽约时报》年度重要图书：曾编辑马拉松公司前一本书《资本账户：一个资产管理人在动荡十年的报告》（Thomson Texere，2004）。

作为一名获奖的财金记者，他曾经为《金融时报》《华尔街日报》路透社和很多其他出版机构供稿。曾是位于波士顿的投资公司GMO资产配置团队中的一员。钱塞勒曾在剑桥和牛津研读历史。20世纪90年代早期，他进入拉扎德投资银行工作，之后为《金融时报》和《经济学人》撰稿。

书友短评：

@ xhxyfd Marathon Asset Management 周期#2 边看边感叹写得真好 资本周期分析值得反复咀嚼 一家外国资管公司能在21世纪头10年不被中国高速发展的经济所蒙蔽 把中国公司剖析得那么透彻 令我五体投地 @ 宝宝TWO 标题和周期这个主题很棒，但是对于书来说，只编撰，没有洞见，就烂了 @ yupenn gut @ 不靠谱青年小麦 没有干货 @ Echizen 周期#2 边看边感叹写得真好 资本周期分析值得反复咀嚼 一家外国资管公司能在21世纪头10年不被中国高速发展的经济所蒙蔽 把中国公司剖析得那么透彻 令我五体投地 @ jin.bighit 去年怎么没标记，昨晚第二次看意识到上回读是真没读懂

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