Picture 1 of 1
Capital Returns 9781137571649 - Free Tracked Delivery
Condition:
Postage:
Located in: Eastbourne, East Sussex, United Kingdom
Delivery:
Varies
Returns:
Payments:
Shop with confidence
Seller information
- 100% positive Feedback
Registered as a business seller
Seller assumes all responsibility for this listing.
eBay item number:285733141409
Item specifics
- Condition
- ISBN
- 9781137571649
- Subject Area
- Organizational Sociology
- Publication Name
- Capital Returns: Investing Through the Capital Cycle: a Money Manager's Reports 2002-15
- Publisher
- Palgrave Macmillan
- Subject
- Finance, Business
- Publication Year
- 2015
- Type
- Textbook
- Format
- Hardcover
- Language
- English
- Item Height
- 235mm
- Item Width
- 155mm
- Item Weight
- 499g
- Number of Pages
- 211 Pages
About this product
Product Information
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.
Product Identifiers
Publisher
Palgrave Macmillan
ISBN-13
9781137571649
eBay Product ID (ePID)
216662520
Product Key Features
Subject Area
Organizational Sociology
Publication Name
Capital Returns: Investing Through the Capital Cycle: a Money Manager's Reports 2002-15
Format
Hardcover
Language
English
Subject
Finance, Business
Publication Year
2015
Type
Textbook
Number of Pages
211 Pages
Dimensions
Item Height
235mm
Item Width
155mm
Item Weight
499g
Additional Product Features
Editor
Edward Chancellor
Country/Region of Manufacture
United Kingdom
Item description from the seller
Business seller information
Paladin Media
First Floor
85 Great Portland Street
London
London
W1W 7LT
United Kingdom
Value added tax number:
- GB 424532516
Trade registration number:
- 14239249
I certify that all my selling activities will comply with all EU laws and regulations.
Seller assumes all responsibility for this listing.
eBay item number:285733141409
Postage and packaging
Item doesn't post to United States
Item location:
Eastbourne, East Sussex, United Kingdom
Posts to:
Austria, Belgium, Denmark, European Union, France, Germany, Guernsey, Ireland, Italy, Jersey, Netherlands, Portugal, Spain, United Kingdom
Excludes:
PO Box, Afghanistan, Africa, Albania, Andorra, Asia, Belarus, Bosnia and Herzegovina, Bulgaria, Central America and Caribbean, Cyprus, Czech Republic, Estonia, Finland, Gibraltar, Greece, Hungary, Iceland, Latvia, Libya, Liechtenstein, Lithuania, Luxembourg, Macedonia, Malta, Middle East, Moldova, Monaco, Montenegro, Nauru, North America, Norway, Oceania, Poland, Republic of Croatia, Romania, Russian Federation, San Marino, Serbia, Slovakia, Slovenia, Somalia, South America, South East Asia, Svalbard and Jan Mayen, Sweden, Switzerland, Ukraine, Vatican City State, Yemen
| Taxes |
|---|
| Taxes may be applicable at checkout. Learn moreLearn more about paying tax on eBay purchases. |
Sales tax for an item #285733141409
Sales tax for an item #285733141409
Seller collects sales tax/VAT for items dispatched to the following states:
| County | VAT rate |
|---|
Returns policy
| After receiving the item, cancel the purchase within | Return postage |
|---|---|
| 30 days | Buyer pays for return postage |
The buyer is responsible for return postage costs.
| Return policy details |
|---|
| Returns accepted |
Most Buy It Now purchases are protected by the Consumer Rights Directive, which allow you to cancel the purchase within seven working days from the day you receive the item. Find out more about your rights as a buyer and exceptions.
Payment details
Payment methods
Registered as a business seller
Seller Feedback (6,607)
l***3 (1288)- Feedback left by buyer.
Past month
Verified purchase
fab thank you, very fast delivery
d***u (335)- Feedback left by buyer.
Past month
Verified purchase
Book arrived promptly we'll packaged and as described
4***4 (51)- Feedback left by buyer.
Past month
Verified purchase
Pristine condition hardback but cheaper than RRP.
Quick delivery
More to explore:
- The Return of the King Fiction Fiction & Books,
- The Return of the King Fiction Paperback Fiction & Books,
- J.R.R. Tolkien The Return of the King Fiction Fiction & Books,
- The Lord of the Rings The Return of the King Fiction Fiction & Books,
- Back Track Magazines,
- Road & Track Magazines,
- The Return of the King Fiction HarperCollins Fiction & Non-Fiction Books,
- Back Track Trains Magazines,
- Back Track Magazines in English,
- October Back Track Magazines