Compare Prices | Create Shopping Lists with Price Drop Alerts | Set Coupons, Promo Codes & Sales Alerts | Get Access to Exclusive Deals and Much More... All in One Place | Read all about it here

Capital Returns

Capital Returns

Brand
Springer Nature
Manufacturer
N/A
Part Number
0
GTIN
9781137571649
Condition
New
Product Description

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.

Available Colors
Available Sizes
1 Offer Price Range: $29.99 - $54.99
BEST PRICE

Single Product Purchase

$29.99
@ Link.springer.com     BUY Now

Price Comparison

Seller Contact Seller List Price On Sale Shipping Best Promo Final Price Volume Discount Financing Availability Seller's Page
BEST PRICE
1 Product Purchase
@ Link.springer.com
Contact Store Call Store Contact Support
$54.99 $29.99

$29.99
See Site In stock Visit Store

Similar Products

Mathematical Theory and Computational Practice

$39.99

Evolution and Diversity of Sex Ratio in Insects and Mites

$329.99

Cross-Cultural Design. Applications in Health, Learning, Communication, and Creativity

$39.99

Palgrave Handbook of International Trade

$219.99

Cancers of the Head and Neck

$169.00

The Changing Faces of Ireland

$49.99

Multi-dimensional Approaches Towards New Technology

$59.99

Stress Concentration at Notches

$109.99

Lebensraum Universum

$29.99

Heat Shock

$84.99

Boolean Differential Equations

$29.99

Equilibrium and Efficiency in Production Economies

$39.99

Entscheidungstheoretische Planung

$59.99

CAD*I Drafting Model

$109.99

Sminaire de Probabilits XLIX

$79.99

Soft Computing: Methodologies and Applications

$219.99

A Comparative Study of Minority Development in China and Canada

$54.99

The Critique of Work in Modern French Thought

$99.99

Expression, Purification, and Structural Biology of Membrane Proteins

$199.99

Handbuch Faserverbundkunststoffe/Composites

$149.00

Whistleblowing in the World

$59.99

Public Sector Management in a Globalized World

$89.99

Mapping Cultures

$109.99

Schwimmen Vom Anfnger bis zum Schwimmer

$29.99

Monitoring and Modelling Lakes and Coastal Environments

$84.99

Design fr Testbarkeit, Fehlersuche und Zuverlssigkeit

$119.99

RNA Editing

$169.99

Medien - Event - Religion

$39.99

Water in Biological Systems

$39.99

Biology and Biotechnology of the Plant Hormone Ethylene

$84.99

Advanced Topics in Artificial Intelligence

$39.99

Tumor Cell Metabolism

$84.99

Ernhrung in der Altenbetreuung

$19.99

Large-Scale Scientific Computing

$54.99

Plant Phenology as a Biomonitor for Climate Change in Germany

$54.99

Chromatographic Fingerprint Analysis of Herbal Medicines

$329.99

Convex Analysis and Minimization Algorithms I

$159.99

Unlikely History

$109.99

Pulsating Stars

$54.99

Environmental Geotechnology

$169.00