Read Capital Returns: Investing Through the Capital Cycle: A Money Manager's Reports 2002-15 book online now. You also can download other books, magazine and also comics. Get online Capital Returns: Investing Through the Capital Cycle: A Money Manager's Reports 2002-15 today. Are you Looking Download or read Capital Returns: Investing Through the Capital Cycle: A Money Manager's Reports 2002-15 for free..? enjoy it.
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 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 inves
