000			02096nam a22002057a 4500
003			OSt
005			20250519153327.0
008			250519b |||||||| |||| 00| 0 eng d
020			_a9781349959020
040			_cAACR-II
082			_a332.041 CAP
245			_aCapital returns investing through the capital cycle: a money manager's reports 2002-15
260			_aNew York _bPalgrave _c2016
300			_a211p.
520			_aThis book provides expert, example-driven guidance on the crash-beating capital cycle approach to investing, successfully deployed by Marathon Asset Management over the past two decades. 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.
600			_aEconomic Sector _910748
650			_aEconomics-Money-Capital _910749
710			_aChancellor, Edward ed. _910750
942			_2ddc _cB
999			_c358318 _d358318