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Ebook Free Capital Returns: Investing Through the Capital Cycle: A Money Manager’s Reports 2002-15
Ebook Free Capital Returns: Investing Through the Capital Cycle: A Money Manager’s Reports 2002-15
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Capital Returns: Investing Through the Capital Cycle: A Money Manager’s Reports 2002-15
Ebook Free Capital Returns: Investing Through the Capital Cycle: A Money Manager’s Reports 2002-15
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Review
“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)
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'I read Capital Returns in one sitting. I wish this book had been available when I started in the business. One of the best books on investment I've ever read.'-Russell Napier, author of Anatomy of the Bear'Capital Returns shows how excess investment drives mean reversion in the stock market. Investors who wish to understand bubbles should read this book.'-Jeremy Grantham, Founder and Chief Investment Strategist, Grantham, Mayo, van Otterloo'Forget Warren Buffett. If you really want to know how markets work read this.'-Merryn Somerset-Webb, Editor, MoneyWeek'Investors, fancying themselves capitalists, have long ignored the vital role of capital investment in driving investment success. This wonderful book may change that. Delve into its readable and informative even revelatory pages, and let the scales fall from your eyes.'-James Grant, Grant's Interest Rate Observer'This book exemplifies the simple but sadly unrecognised idea that long term investment success depends on understanding business models.'John Kay, author of Other People's Money and the Kay Review of UK Equity Markets
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Product details
Hardcover: 211 pages
Publisher: Palgrave Macmillan; 1st ed. 2015 edition (January 5, 2016)
Language: English
ISBN-10: 1137571640
ISBN-13: 978-1137571649
Product Dimensions:
6.2 x 0.8 x 9.2 inches
Shipping Weight: 1.1 pounds (View shipping rates and policies)
Average Customer Review:
4.6 out of 5 stars
21 customer reviews
Amazon Best Sellers Rank:
#129,904 in Books (See Top 100 in Books)
I think this is an OK book.The idea behind it is interesting: that we should focus on the supply side when evaluating cyclical companies and markets (like commodities, but also applicable to other industries).But the way the author defends this idea is a bit poorly executed (apart from the introduction). The book is a collection of Marathon's monthly letters to investors, which are quite short and often present less than finished arguments, with many a large leap of faith. The connections the author makes between, for example, "management" and the central thesis of the book, is not very obvious.In essence, I think not a lot of time and love were devoted to putting together a book from disconnected investor letters.
Marathon's capital cycle mindset is helpful and accurate, but the endless write ups and make believe letters are overkill. The capital wasted on the extra pages is akin to their thesis, ironically.
This Is such an undervalued Book - one of the best for understanding commodity and investment cycles. One of a kind for investors. Helped me significantly with my portfolio
Overall, the book was solid, however, some of the memos became redundant. I'd recommend to anyone with a deep interest in investing.
Truly a joy to read. A more holistic and complete harnessing of Marathon's investment philosophy than Capital Account. Practical wisdom exudes from these well-written pages of recent market history. Essential reading for a fundamentally-driven investor. Poignant discussions around key value drivers; capital allocation, sustainable competitive advantage, business model, investor psychology and industry capital cycles. Honest discussions via client communications adds a layer of authenticity. Take your time with this book, you will be well served. Capital Returns enters a worthy list of my favorite investment/business books: Charlie Munger the Complete Investor, More Than You Know, Origin of Wealth, Antifragile & Capital Returns. Enjoy!
Wow! This is a highly refreshing finance book. Being in the finance industry for several years, I have ready countless finance books. Most don't add much new and refreshing information. Capital Returns was extremely refreshing and made me see and think about new things. This is one I will definitely need to reread again and again. The sections are short (pieces of Marathon's letters over the years), so you could read a section a day.
Definitively a must have in any value investor’s library. It is especially valuable if you are sick and tired of reading those useless value investing books that just rehash Warren Buffett quotes. Capital Returns is focused on cyclical stocks and narrow most stocks value investing, and as such, it offers a glimpse into a more inefficient market, beyond the (by now) mainstream wide moat value investing popularized by our dear Buffett.
Do yourself a favor and enjoy the writing of the Marathon team. Thought provoking as only they can deliver. Jan
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