Money and Finance
From Capital Account (and written by Marathon in December 2002):
And in case anyone has missed it, the more recent set of Marathon letters is available in the book Capital Returns: Investing Through the Capital Cycle: A Money Manager's Reports 2002-15.
- The Tenets Of Capital Cycle Analysis
From Ed Chancellor in his introduction to Capital Returns: Investing Through the Capital Cycle: A Money Manager's Reports 2002-15: The essence of capital cycle analysis can thus be reduced to the following key tenets: Most investors devote more time...
- Ed Chancellor On The Capital Cycle...
From his introduction to Capital Returns: Investing Through the Capital Cycle: A Money Manager's Reports 2002-15, which was released in hardcover today: Typically, capital is attracted into high-return businesses and leaves when returns fall...
- Keys To Successful Investing...
From Marathon Asset Management's Neil Ostrer in an interview with Vanguard last year, and probably worth taping on a wall next to your desk: There are three keys to successful investing. First, being a contrarian with a long-term perspective...
- The Characteristics Of Easy And Difficult Turnarounds
In his 1979 letter to shareholders, Warren Buffett wrote: Both our operating and investment experience cause us to conclude that “turnarounds” seldom turn, and that the same energies and talent are much better employed in a good business purchased...
- Misguided Guidance
MANY MANAGERS DON'T UNDERSTAND the difference between promoting their products and touting their companies' stock.- The best managers increase shareholder value by operating the business smartly and allocating capital wisely, so that intrinsic...
Money and Finance
Avoiding promotional management...
From Capital Account (and written by Marathon in December 2002):
We suspect that business leaders who are busy promoting themselves or their stock are not properly focused on running their companies. We go out of our way to look for management that cares about shareholder value but doesn't hype its stock. In this respect we admire Johann Rupert, the CEO of Richemont, the luxury products group, who advises against the corporate hard sell on the grounds that 'if you talk up the stock, when the price comes down, the folks come looking for you!' All too often, however, denial and a desire to 'spin' the most optimistic message gets the better of truth in meetings with shareholders. Bad news is rarely telegraphed in advance. One learns to apply a filter to all promotional noises and avoid those companies whose executives seem most talented in the art of spin.……………….
And in case anyone has missed it, the more recent set of Marathon letters is available in the book Capital Returns: Investing Through the Capital Cycle: A Money Manager's Reports 2002-15.
- The Tenets Of Capital Cycle Analysis
From Ed Chancellor in his introduction to Capital Returns: Investing Through the Capital Cycle: A Money Manager's Reports 2002-15: The essence of capital cycle analysis can thus be reduced to the following key tenets: Most investors devote more time...
- Ed Chancellor On The Capital Cycle...
From his introduction to Capital Returns: Investing Through the Capital Cycle: A Money Manager's Reports 2002-15, which was released in hardcover today: Typically, capital is attracted into high-return businesses and leaves when returns fall...
- Keys To Successful Investing...
From Marathon Asset Management's Neil Ostrer in an interview with Vanguard last year, and probably worth taping on a wall next to your desk: There are three keys to successful investing. First, being a contrarian with a long-term perspective...
- The Characteristics Of Easy And Difficult Turnarounds
In his 1979 letter to shareholders, Warren Buffett wrote: Both our operating and investment experience cause us to conclude that “turnarounds” seldom turn, and that the same energies and talent are much better employed in a good business purchased...
- Misguided Guidance
MANY MANAGERS DON'T UNDERSTAND the difference between promoting their products and touting their companies' stock.- The best managers increase shareholder value by operating the business smartly and allocating capital wisely, so that intrinsic...