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Capital Returns de Edward Chancellor

Capital Returns

Editat de Edward Chancellor
en Limba Engleză Hardback – 25 noi 2015

Subliniem de la început autoritatea incontestabilă a acestei lucrări, care provine din experiența practică a Marathon Asset Management, o firmă londoneză ce gestionează active de peste 50 de miliarde de dolari. Editorul volumului, Edward Chancellor, este deja o figură centrală în literatura financiară, cunoscut pentru analiza sa istorică a speculațiilor. În timp ce în Devil Take the Hindmost Chancellor explora psihologia maniei de-a lungul secolelor, în Capital Returns el distilează o metodologie pragmatică: analiza ciclului de capital. Descoperim aici o perspectivă care sfidează abordările economice tradiționale. Notăm cu interes teza centrală a cărții: bulele financiare nu sunt imprevizibile, ci pot fi detectate urmărind traseul banilor. Atunci când un sector atrage investiții masive de capital, randamentele scad inevitabil, ducând la prăbușire. Dacă Boombustology de Vikram Mansharamani v-a oferit cadrul teoretic pentru înțelegerea extremelor financiare, această carte oferă instrumentele practice prin care investitorii pot evita sectoarele supraîncălzite și pot identifica oportunități acolo unde capitalul este deficitar. Structura volumului este una riguroasă, fiind împărțită în secțiuni ce vizează filozofia de investiții, valoarea în creștere și importanța managementului. Prin cele 60 de rapoarte de portofoliu incluse, cititorul are acces la o cronică a deciziilor luate în timp real între 2002 și 2014. Analizele nu sunt doar teoretice; ele acoperă studii de caz concrete, de la industria semiconductorilor la sectorul energetic, demonstrând cum barierele de intrare și disciplina capitalului protejează activele pe termen lung. Este o continuare firească a preocupărilor lui Chancellor din The Price of Time, mutând accentul de pe rata dobânzii pe dinamica investițiilor industriale.

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Specificații

ISBN-13: 9781137571649
ISBN-10: 1137571640
Pagini: 211
Ilustrații: XIV, 211 p.
Dimensiuni: 161 x 241 x 25 mm
Greutate: 0.51 kg
Ediția:1st ed. 2015
Editura: Palgrave Macmillan UK
Locul publicării:London, United Kingdom

De ce să citești această carte

Recomandăm această carte investitorilor serioși care doresc să depășească dihotomia simplistă dintre „growth” și „value”. Veți învăța cum să utilizați indicatorii de capital expenditure pentru a anticipa corecțiile pieței și cum să identificați acele „șanțuri de apărare” (moats) care protejează afacerile de forțele distructive ale competiției. Este un manual esențial pentru conservarea și multiplicarea capitalului în perioade de volatilitate extremă.

Despre autor

Edward Chancellor este un distins istoric financiar și jurnalist britanic, recunoscut la nivel mondial pentru expertiza sa în domeniul bulelor speculative. Lucrarea sa, Devil Take the Hindmost, a fost desemnată „New York Times Notable Book of the Year” și este considerată o lectură clasică în domeniu. Chancellor a contribuit constant la publicații de prestigiu precum Financial Times, The Wall Street Journal și The Economist. În prezent, este editorialist pentru Breakingviews, oferind analize tăioase asupra piețelor globale. Colaborarea sa cu Marathon Asset Management pentru acest volum subliniază puntea dintre rigoarea academică și succesul investițional practic.

Descriere scurtă

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.

Cuprins

Contents
List Of Charts And Tables
Foreword
Editor '' ''s Note
Introduction
PART I: INVESTMENT PHILOSOPHY
1. Capital Cycle Revolution
1.1 Evolution Of Cooperation (February 2004)
1.2 Cod Philosophy (August 2004)
1.3 This Time '' ''s No Different (May 2006)
1.4 Supercycle Woes (May 2011)
1.5 No Small Beer (February 2010)
1.6 Oil Peak (February 2012)
1.7 Major Concerns (March 2014)
1.8 A Capital Cycle Revolution (March 2014)
1.9 Growth Paradox (September 2014)
2. Value In Growth
2.1 Warning Labels (September 2002)
2.2 Long Game (March 2003)
2.3 Double Agents (June 2004)
2.4 Digital Moats (August 2007)
2.5 Quality Time (August 2011)
2.6 Escaping The Semis '' '' Cycle (February 2013)
2.7 Research Enabler (March 2013)
2.8 Value In Growth (August 2013)
2.9 Quality Control (May 2014)
2.10 Under The Radar (February 2015)
3. Management Matters
3.1 Food For Thought (September 2003)
3.2 Meet The Management (March 2007)
3.3 Cyclical Misteps (August 2010)
3.4 A Capital Allocator (September 2010)
3.5 Northern Stars (March 2011)
3.6 Say On Pay (February 2012)
3.7 Happy Families (March 2012)
3.8 The Wit And Wisdom Of Johann Rupert (June 2013)
3.9a Meeting Of Minds (June 2014)
3.10 Culture Vulture (February 2015)
PART II - BOOM, BUST, BOOM
4. Accidents-In-Waiting
4.1 Accidents-In-Waiting (2002-08)
4.2 The Builders '' '' Bank (May 2004)
4.3 Insecuritization (November 2002)
4.4 Carry On Private Equity (December 2004)
4.5 Blowing Bubbles (May 2006)
4.6 Pass The Parcel (February 2007)
4.7 Property Fiesta (February 2007)
4.8 Conduit Street (August 2007)
4.9 On The Rocks (September 2007)
4.10 Seven Deadly Sins (November 2009)
5. The Living Dead
5.1 Right To Buy (November 2008)
5.2 Spanish Deconstruction (November 2010)
5.3 Piigs Can Fly (November 2011)
5.4 Broken Banks (September 2012)
5.5 Twilight Zone (November2012)
5.6 Capital Punishment (March 2013)
5.7 Living Dead (November 2013)
5.8 Relax, Mr Piketty (August 2014)
6. China Syndrome
6.1 Oriental Tricks (February 2003)
6.2 Dressed To Impress (November 2003)
6.3 Game Of Loans (March 2005)
6.4 What Lies Beneath (February 2014)
6.5 Value Traps (September 2014)
7. Inside The Mind Of Wall Street
7.1 A Complaint (December 2003)
7.2 Private Party (December 2005)
7.3 Christmas Cheer (December 2008)
7.4 Former Greedspin Boss Flees China (December 2010)
7.5 Occupy Bundestag (December 2011)
7.6 Season '' ''s Greetings (December 2012)
7.7 Lunch With The Gir (December 2013)
7.8 All Change (December 2014) 

Recenzii

“Capital Returns brings together industrial economics, Michael Porter’s competitive analysis and behavioral finance, into a powerful long-term investment approach that Marathon Asset Management calls ‘capital cycle’ analysis. … This is one of the best investing books I’ve read. Highly recommended!” (Strictly Value, strictlyvalue.wordpress.com, January, 2016)
“First, it covers an important and underappreciated subject, the capital cycle. Second, it contains a superb introduction by one of the great financial writers of our era, Edward Chancellor. … Capital Returns explores an oft-neglected mechanism in the capital markets. It will prove profitable reading for any finance professional, and for the securities analyst, it is essential reading.” (William J. Bernstein, CFA Institute Publications, cfapubs.org, Vol. 11 (1), 2016)


Notă biografică

Edward Chancellor (editor and introduction) is the author of Devil Take the Hindmost: A History of Financial Speculation (FSG, 1999), a New York Times 'Notable Book of the Year' and editor of Marathon's previous book, Capital Account: A Money Manager's Reports on a Turbulent Decade (Thomson Texere, 2004). Mr. Chancellor is an award-winning financial journalist, who has written for the Financial Times, Wall Street Journal, Reuters and many other publications. He is a former member of the asset allocation team at GMO, a Boston-based investment firm.

Marathon Asset Management (trading in the United States as Marathon-London) is an independent owner managed investment firm based in London. Founded in 1986, Marathon has successfully applied longer-term and often contrarian investment strategies around the globe.