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Valuing the Future - A Conversation About Investment (Hardcover)
Loot Price: R815
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Valuing the Future - A Conversation About Investment (Hardcover)
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The book is a dialogue between a money manager and a young man who
asks whether or not he should invest. Their conversation explores
How for money and not-for-money investment differ; How accounting
and economic assets compare with social and natural assets; How
time is central to all of investment, building capabilities in the
present which can deliver resources in the future; How banks
collectively create and destroy money; How the yield curve shows
the market interest rates for financial assets of different
durations; How competitive advantage is important in determining
the returns achieved on real assets; How fundamental value differs
from price, or what someone is prepared to pay; How fundamental
analysis and technical analysis of price data provide insights into
risk; How mean-variance analysis of price data is the conventional
approach to risk; How the economic ecosystem creates prices How
capitalism may be a lousy system and yet the best available as it
adapts continuously to align money prices and human values. The
book is for people who want to know how investment works and how
they can invest their savings. I think of it as an amalgam of an
everyman's guide to business and economics, an introduction to
investment, and an apology for 'capitalism'. Ben Paton
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