Capital Returns - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Capital Returns write by Edward Chancellor. This book was released on 2016-05-04. Capital Returns available in PDF, EPUB and Kindle. 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.
Returns to capital in microenterprises : evidence from a field experiment
Returns to capital in microenterprises : evidence from a field experiment - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Returns to capital in microenterprises : evidence from a field experiment write by Christopher Woodruff, David McKenzie, Suresh de Mel. This book was released on 2007. Returns to capital in microenterprises : evidence from a field experiment available in PDF, EPUB and Kindle. Abstract: Small and informal firms account for a large share of employment in developing countries. The rapid expansion of microfinance services is based on the belief that these firms have productive investment opportunities and can enjoy high returns to capital if given the opportunity. However, measuring the return to capital is complicated by unobserved factors such as entrepreneurial ability and demand shocks, which are likely to be correlated with capital stock. The authors use a randomized experiment to overcome this problem and to measure the return to capital for the average microenterprise in their sample, regardless of whether they apply for credit. They accomplish this by providing cash and equipment grants to small firms in Sri Lanka, and measuring the increase in profits arising from this exogenous (positive) shock to capital stock. After controlling for possible spillover effects, the authors find the average real return to capital to be 5.7 percent a month, substantially higher than the market interest rate. They then examine the heterogeneity of treatment effects to explore whether missing credit markets or missing insurance markets are the most likely cause of the high returns. Returns are found to vary with entrepreneurial ability and with measures of other sources of cash within the household, but not to vary with risk aversion or uncertainty.
Capital in the Twenty-First Century
Capital in the Twenty-First Century - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Capital in the Twenty-First Century write by Thomas Piketty. This book was released on 2017-08-14. Capital in the Twenty-First Century available in PDF, EPUB and Kindle. What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In this work the author analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings transform debate and set the agenda for the next generation of thought about wealth and inequality. He shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality--the tendency of returns on capital to exceed the rate of economic growth--today threatens to generate extreme inequalities that stir discontent and undermine democratic values if political action is not taken. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, the author says, and may do so again. This original work reorients our understanding of economic history and confronts us with sobering lessons for today.
Venture Capital Due Diligence
Venture Capital Due Diligence - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Venture Capital Due Diligence write by Justin J. Camp. This book was released on 2002-02-21. Venture Capital Due Diligence available in PDF, EPUB and Kindle. Due Diligence ist ein Prüfverfahren, mit dessen Hilfe Investoren die wirtschaftliche und finanzielle Situation des zu finanzierenden Unternehmens genau durchleuchten, um solide Investmententscheidungen zu treffen. "Venture Capital Due Diligence" ist ein praktischer Leitfaden zum Due Diligence Prozess. Er erläutert ausführlich das strenge Regelwerk dieses Prüfverfahrens und zeigt dem Leser, wie er diese Technik in der Praxis einsetzt, um damit Investmentchancen zu bewerten und die Rentabilität seiner Kapitalanlage (ROI - Return on Investment) einzuschätzen. Mit Tipps, Ratschlägen und Checklisten, die von den international erfolgreichsten Wagniskapitalgebern zusammengestellt wurden sowie einem Fragenkatalog, der die wichtigsten Kriterien des Due Diligence Prozesses beinhaltet. "Venture Capital Due Diligence" ist ein unentbehrlicher Ratgeber für alle Venture Capitalists, professionelle Investoren und Finanzgeber.
Capital Account
Capital Account - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Capital Account write by Edward Chancellor. This book was released on 2004. Capital Account available in PDF, EPUB and Kindle. "The essays contained in this book have been selected from the Global investment review (GIR) of Marathon Asset Management Ltd ..."--Page xix Includes bibliographical references and index. Introduction -- Ch. 1. Capital thoughts -- Ch. 2. The rise of shareholder value -- Ch. 3. The two-tier market -- Ch. 4. Blind capital -- Ch. 5. Fibre-optical illusions -- Ch. 6. The croupier's take -- Ch. 7. Making up the numbers -- Ch. 8. Mismanagement -- Appendix: Valuing the dream -- Glossary -- Index.
