Capital Returns: Investing Through the Capita... - Edward Chancellor
Capital Returns: Investing Through the Capita... - Edward Chancellor We live in an age of serial asset bubbles and spectacular busts. Economists argue that bubbles can only be spotted after they…
Specifikacia Capital Returns: Investing Through the Capita... - Edward Chancellor
Capital Returns: Investing Through the Capita... - Edward Chancellor
We live in an age of serial asset bubbles and spectacular busts. Economists argue that bubbles can only be spotted after they burst and that market moves are unpredictable. Economists, policymakers, central bankers and most people in the financial world have been blindsided by these busts, while investors have lost trillions.
Bubbles whether they affect a whole economy or merely a single industry, tend to attract a splurge of capital spending. 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. 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
The Chancellor - Kati Marton
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