Capital Account: A Fund Manager Reports on a Turbulent Decade, 1993-2002 / Edition 1

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Overview

Capital Account relates the story of the world's greatest investment bubble from the perspective of professional investors. The book, comprised of selected reports from Marathon Asset Management, a successful global investment firm, explains how shareholder value - the notion that companies should be run in the interests of their shareholders - became corrupted in this era of frenzied finance. Senior managers, succumbing to the lure of stock option fortunes, took to manipulating their company's earnings. Professional investors, interested only in maintaining their investment performance over the next quarter, were willing abettors. The 'croupiers' of Wall Street, also know as investment bankers, whipped up the euphoria and peddled to investors superficially plausible stories, 'MacGuffins', in order to generate huge fees for themselves. As a result, by the turn of the century almost the entire investment community had become fixated with chasing short-term profits at the expense of long-term returns for clients. By the end of 2002 this cynical game had ended in investment disaster- the world's stock markets having produced more than $15 trillion of losses since their peak. Yet to a large extent, the outcome was predictable to those investors who had retained a disciplined approach to investment analysis throughout the bull market. This book introduces the 'capital cycle' approach to investment - an approach that brings together ideas from the fields of behavioral finance, economic theory and business analysis. Capital cycle analysis - based on the apparently simple insight that investor euphoria leads to excessive investment in the real world and subsequent poor returns for shareholders - enabled Marathon to identify at an early stage the inevitable collapse of the technology and telecoms bubble.

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Product Details

  • ISBN-13: 9781587991806
  • Publisher: Cengage Learning
  • Publication date: 4/22/2004
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 272
  • Product dimensions: 6.28 (w) x 9.54 (h) x 1.07 (d)

Meet the Author

Edward Chancellor is the author of Devil Take the Hindmost: A History of Financial Speculation (FSG, 1999), a New York Times 'Notable Book of the Year' and recently ranked as one of six indispensable investment classics by Money magazine. He has contributed to a variety of publications including The Economist, Financial Times and The Wall Street Journal and is currently a columnist for Breakingviews, the award-winning financial commentary service.


Marathon Asset Management (trading in the United States as Marathon-London) is an independent, owner-managed investment firm based in London. Founded in 1986 by William Arah, Jeremy Hosking and Neil Ostrer, Marathon has successfully applied longer-term and often contrarian investment strategies around the globe.

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Table of Contents

List of Charts List of Tables Foreword by Jeremy Hosking Editor's Note Introduction Chapter One: Capital Thoughts Chapter Two: The Rise of Shareholder Value Chapter Three: The Two-Tier Market Chapter Four: Blind Capital Chapter Five: Fibre-Optical Illusions Chapter Six: The Croupier's Take Chapter Seven: Making Up the Numbers Chapter Eight: Mismanagement Appendix: Valuing the Dream Glossary Index

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