Rendimientos del capital: La inversión a lo largo del ciclo del capital: informes de un gestor de fondos (2002-2015)

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Rendimientos del capital: La inversión a lo largo del ciclo del capital: informes de un gestor de fondos (2002-2015)

Written by Edward Chancellor
4.85 88,440 ratings
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About this ebook:
Vivimos en una era en la que estallan burbujas que provocan pérdidas de miles de millones a los inversores. Los economistas sostienen que éstas sólo pueden detectarse una vez han explotado y que los movimientos del mercado son impredecibles. Pero Marathon Asset Management, una firma londinense que gestiona 50.000 millones de dólares en activos, ha desarrollado un método sencillo para identificar y evitar las burbujas: seguir el rastro de la inversión.Para el inversor, sea grande o pequeño, la clave está en no invertir en sectores en los que el gasto inversor es excesivo y existe una competición feroz, y en su lugar colocar el dinero allí donde las condiciones competitivas son más favorables y, en consecuencia, los retornos de la inversión son más elevados.Este libro, que recoge los análisis del mercado de Marathon Asset Management, que le han permitido lograr grandes retornos en operaciones poco conocidas y al margen de las fuerzas destructivas del ciclo del capital, ofrece claves para comprender y desarrollar la estrategia del ciclo del capital. Y lo hace a partir de ejemplos reales en sectores que van desde fábricas de cerveza hasta la industria de los semiconductores.

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Pages 336
Language Spa
Publisher Deusto
Published December 23, 2015
ISBN 55383967
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Edward Chancellor
About the Author
Edward Chancellor

Edward Chancellor is a writer and avid reader based in the Pacific Northwest. Before pursuing writing full-time, they spent over a decade working in education. When not working on their next book, Edward Chancellor can usually be found hiking with their dog or trying out new coffee shops in their neighborhood.

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Richard Thomas
Richard Thomas May 30, 2025
A decent, if standard, experience. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. A fair 3 stars.
Sandra Allen
Sandra Allen March 31, 2025
A highly sophisticated read. A brilliant concept executed with flair. Just a few pacing choices I would change. I would highly recommend this to discerning readers.
Kimberly Campbell
Kimberly Campbell May 12, 2024
Exceeded all my expectations. I became deeply invested in the protagonist's journey. A masterclass in storytelling. Worth every moment spent reading.
Karen Adams
Karen Adams May 21, 2025
Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I am now a lifelong fan of this author.
Laura Hall
Laura Hall September 25, 2025
A very strong entry. The protagonist was compelling, though some subplots felt slightly overshadowed. A very distinguished novel.
Betty Thomas
Betty Thomas February 05, 2024
Took a moment to build, but the payoff was spectacular. A brilliant concept executed with flair. Just a few pacing choices I would change. A wonderful companion for a quiet weekend.
Michelle Lopez
Michelle Lopez January 09, 2025
Masterpiece from start to finish. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I am now a lifelong fan of this author.
Emily Campbell
Emily Campbell November 01, 2025
I was completely blown away. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I will undoubtedly revisit this masterpiece.
John Anderson
John Anderson November 08, 2024
Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece.
David Johnson
David Johnson October 04, 2024
Such a rich narrative. The prose is exquisite. It’s accessible yet undeniably sophisticated. An effortless 5 stars.
Emily Thompson
Emily Thompson January 29, 2025
A highly sophisticated read. The protagonist was compelling, though some subplots felt slightly overshadowed. A wonderful companion for a quiet weekend.
Ryan Reyes
Ryan Reyes February 06, 2025
Excellent, though slightly flawed. The protagonist was compelling, though some subplots felt slightly overshadowed. A very distinguished novel.
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Michelle Rivera July 07, 2024
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Melissa Robinson July 05, 2024
Took a moment to build, but the payoff was spectacular. It held my rapt attention, even when certain twists were telegraphed. A very distinguished novel.
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Brian Campbell August 30, 2024
I find myself somewhat conflicted. It verged on repetitive in the second act. A more concise edit would have served it well. A fair 3 stars.
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I find myself somewhat conflicted. It verged on repetitive in the second act. A more concise edit would have served it well. Perhaps more aligned with a different audience's tastes.
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Exceeded all my expectations. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An effortless 5 stars.
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Absolutely brilliant. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece.
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I was completely blown away. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem.
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I was completely blown away. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. A true literary gem.
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Exceeded all my expectations. I became deeply invested in the protagonist's journey. A masterclass in storytelling. A true literary gem.
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Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem.
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Such a rich narrative. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. Worth every moment spent reading.
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Such a rich narrative. The author orchestrated a breathtaking finale. Truly a work of art. An absolute must-read for connoisseurs of the genre.
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Masterpiece from start to finish. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An absolute must-read for connoisseurs of the genre.
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Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. Worth every moment spent reading.
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A profoundly satisfying read. The author orchestrated a breathtaking finale. Truly a work of art. An effortless 5 stars.
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Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece.
Steven Smith
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Took a moment to build, but the payoff was spectacular. The middle had a deliberate pace, but the climax was phenomenal. A very distinguished novel.
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Took a moment to build, but the payoff was spectacular. The protagonist was compelling, though some subplots felt slightly overshadowed. Quite impressive overall.
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Honestly one of the most premium reading experiences lately. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre.
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A profoundly satisfying read. I became deeply invested in the protagonist's journey. A masterclass in storytelling. A true literary gem.
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Masterpiece from start to finish. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. Worth every moment spent reading.
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Such a rich narrative. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I am now a lifelong fan of this author.
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Masterpiece from start to finish. I became deeply invested in the protagonist's journey. A masterclass in storytelling. A true literary gem.
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Honestly one of the most premium reading experiences lately. The author orchestrated a breathtaking finale. Truly a work of art. I am now a lifelong fan of this author.
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A highly sophisticated read. The middle had a deliberate pace, but the climax was phenomenal. I would highly recommend this to discerning readers.
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Masterpiece from start to finish. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An effortless 5 stars.
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Excellent, though slightly flawed. The protagonist was compelling, though some subplots felt slightly overshadowed. A very distinguished novel.
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I was completely blown away. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I will undoubtedly revisit this masterpiece.
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I was completely blown away. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem.
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Edward Miller
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A profoundly satisfying read. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece.
Nancy Miller
Nancy Miller October 21, 2025
Masterpiece from start to finish. The prose is exquisite. It’s accessible yet undeniably sophisticated. An effortless 5 stars.
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Exceeded all my expectations. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I am now a lifelong fan of this author.
Margaret Garcia
Margaret Garcia January 19, 2024
Excellent, though slightly flawed. The protagonist was compelling, though some subplots felt slightly overshadowed. A wonderful companion for a quiet weekend.
Linda Gonzalez
Linda Gonzalez July 28, 2024
Excellent, though slightly flawed. A brilliant concept executed with flair. Just a few pacing choices I would change. A solid 4 stars from me.
Ryan Reyes
Ryan Reyes June 24, 2024
Exceeded all my expectations. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I will undoubtedly revisit this masterpiece.
Sarah Hall
Sarah Hall November 29, 2024
Not entirely to my refined tastes. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. A fair 3 stars.
Joseph Johnson
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Absolutely brilliant. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem.
Lisa Diaz
Lisa Diaz June 14, 2025
A highly sophisticated read. The protagonist was compelling, though some subplots felt slightly overshadowed. I would highly recommend this to discerning readers.
David Hernandez
David Hernandez February 15, 2025
Absolutely brilliant. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem.
Melissa Evans
Melissa Evans February 11, 2024
Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. A true literary gem.
Amanda Mitchell
Amanda Mitchell January 23, 2024
Masterpiece from start to finish. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars.
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David Johnson May 11, 2025
Not entirely to my refined tastes. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. Suitable if your reading queue is empty.
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Masterpiece from start to finish. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I am now a lifelong fan of this author.
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Excellent, though slightly flawed. It held my rapt attention, even when certain twists were telegraphed. Quite impressive overall.
John Roberts
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Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I am now a lifelong fan of this author.
Jacob Diaz
Jacob Diaz January 16, 2024
Absolutely brilliant. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. Worth every moment spent reading.
Daniel Gonzalez
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A highly sophisticated read. A brilliant concept executed with flair. Just a few pacing choices I would change. Quite impressive overall.
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Such a rich narrative. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An effortless 5 stars.
Jennifer Martin
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A very strong entry. A brilliant concept executed with flair. Just a few pacing choices I would change. A solid 4 stars from me.
Joshua Turner
Joshua Turner September 19, 2024
I thoroughly enjoyed the elegance of it. The protagonist was compelling, though some subplots felt slightly overshadowed. A wonderful companion for a quiet weekend.
Jacob Nguyen
Jacob Nguyen July 10, 2024
Absolutely brilliant. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An absolute must-read for connoisseurs of the genre.
Mary King
Mary King January 14, 2025
I thoroughly enjoyed the elegance of it. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. Quite impressive overall.
Margaret Flores
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A very strong entry. A brilliant concept executed with flair. Just a few pacing choices I would change. Quite impressive overall.
Mary Sanchez
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Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I am now a lifelong fan of this author.
Paul Scott
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Exceeded all my expectations. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I will undoubtedly revisit this masterpiece.
Kevin Rodriguez
Kevin Rodriguez December 22, 2024
Masterpiece from start to finish. The prose is exquisite. It’s accessible yet undeniably sophisticated. An effortless 5 stars.
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Patricia White February 28, 2024
Honestly one of the most premium reading experiences lately. I became deeply invested in the protagonist's journey. A masterclass in storytelling. Worth every moment spent reading.
Sharon Edwards
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A profoundly satisfying read. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem.
Mark Gonzalez
Mark Gonzalez October 02, 2025
Such a rich narrative. The prose is exquisite. It’s accessible yet undeniably sophisticated. Worth every moment spent reading.
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I was completely blown away. I became deeply invested in the protagonist's journey. A masterclass in storytelling. Worth every moment spent reading.
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Donna Phillips May 13, 2025
A very strong entry. It held my rapt attention, even when certain twists were telegraphed. A wonderful companion for a quiet weekend.
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Absolutely brilliant. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre.
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Jacob Edwards September 10, 2024
Such a rich narrative. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem.
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Deborah Ramirez February 07, 2024
A profoundly satisfying read. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An absolute must-read for connoisseurs of the genre.
Margaret Taylor
Margaret Taylor December 03, 2025
Absolutely brilliant. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An absolute must-read for connoisseurs of the genre.
John Roberts
John Roberts September 05, 2024
Absolutely brilliant. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. Worth every moment spent reading.
Melissa Cruz
Melissa Cruz June 10, 2025
Excellent, though slightly flawed. The middle had a deliberate pace, but the climax was phenomenal. A wonderful companion for a quiet weekend.
Michael Campbell
Michael Campbell February 01, 2025
Such a rich narrative. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An effortless 5 stars.
Deborah Thompson
Deborah Thompson January 25, 2024
Not entirely to my refined tastes. It verged on repetitive in the second act. A more concise edit would have served it well. Suitable if your reading queue is empty.
Sharon Campbell
Sharon Campbell August 13, 2025
Such a rich narrative. I became deeply invested in the protagonist's journey. A masterclass in storytelling. A true literary gem.
Mark Moore
Mark Moore June 03, 2025
It was adequate. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. A fair 3 stars.
George Adams
George Adams October 10, 2025
I thoroughly enjoyed the elegance of it. It held my rapt attention, even when certain twists were telegraphed. A wonderful companion for a quiet weekend.
Nicholas White
Nicholas White August 13, 2025
A decent, if standard, experience. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. Suitable if your reading queue is empty.
William Carter
William Carter May 05, 2025
Honestly one of the most premium reading experiences lately. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An effortless 5 stars.
Jennifer Hill
Jennifer Hill November 04, 2024
Masterpiece from start to finish. The author orchestrated a breathtaking finale. Truly a work of art. An absolute must-read for connoisseurs of the genre.
Karen Carter
Karen Carter May 16, 2025
Absolutely brilliant. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I will undoubtedly revisit this masterpiece.
Lisa Diaz
Lisa Diaz September 06, 2024
Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An absolute must-read for connoisseurs of the genre.
Donna Lee
Donna Lee March 05, 2024
I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. I will undoubtedly revisit this masterpiece.
Carol Thomas
Carol Thomas July 23, 2024
I thoroughly enjoyed the elegance of it. A brilliant concept executed with flair. Just a few pacing choices I would change. A wonderful companion for a quiet weekend.
Donna Reyes
Donna Reyes September 02, 2025
Exceeded all my expectations. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I am now a lifelong fan of this author.
Anthony  Davis
Anthony Davis November 07, 2024
Such a rich narrative. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An effortless 5 stars.
Kimberly Evans
Kimberly Evans October 16, 2024
Took a moment to build, but the payoff was spectacular. It held my rapt attention, even when certain twists were telegraphed. A solid 4 stars from me.
Stephanie Scott
Stephanie Scott May 27, 2024
Exceeded all my expectations. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I am now a lifelong fan of this author.
Joseph Garcia
Joseph Garcia August 13, 2024
Not entirely to my refined tastes. It verged on repetitive in the second act. A more concise edit would have served it well. Suitable if your reading queue is empty.
Rebecca Lee
Rebecca Lee October 30, 2025
Excellent, though slightly flawed. The middle had a deliberate pace, but the climax was phenomenal. A wonderful companion for a quiet weekend.
William Clark
William Clark June 23, 2025
Such a rich narrative. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars.
Brian Harris
Brian Harris October 22, 2025
I thoroughly enjoyed the elegance of it. It held my rapt attention, even when certain twists were telegraphed. Quite impressive overall.
Joseph Scott
Joseph Scott September 14, 2024
Honestly one of the most premium reading experiences lately. I became deeply invested in the protagonist's journey. A masterclass in storytelling. A true literary gem.
Daniel Thomas
Daniel Thomas August 11, 2025
A profoundly satisfying read. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An absolute must-read for connoisseurs of the genre.
Margaret Taylor
Margaret Taylor July 04, 2024
Took a moment to build, but the payoff was spectacular. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A solid 4 stars from me.
Mary Walker
Mary Walker April 03, 2024
Took a moment to build, but the payoff was spectacular. It held my rapt attention, even when certain twists were telegraphed. A very distinguished novel.
Rebecca Torres
Rebecca Torres August 20, 2024
Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. An absolute must-read for connoisseurs of the genre.
Jacob Evans
Jacob Evans June 15, 2025
An acceptable diversion. The prose was competent, yet the characters lacked the depth I usually seek. Perfectly average.
Carol Miller
Carol Miller May 28, 2025
Not entirely to my refined tastes. It verged on repetitive in the second act. A more concise edit would have served it well. Unlikely to reread, but a reasonable expenditure of time.
Thomas Evans
Thomas Evans July 04, 2025
I was completely blown away. The prose is exquisite. It’s accessible yet undeniably sophisticated. I am now a lifelong fan of this author.
Jessica Thompson
Jessica Thompson May 23, 2025
Absolutely brilliant. The prose is exquisite. It’s accessible yet undeniably sophisticated. An absolute must-read for connoisseurs of the genre.
Joseph Cruz
Joseph Cruz November 06, 2025
Excellent, though slightly flawed. The middle had a deliberate pace, but the climax was phenomenal. A solid 4 stars from me.
Cynthia Lewis
Cynthia Lewis January 16, 2024
Took a moment to build, but the payoff was spectacular. A brilliant concept executed with flair. Just a few pacing choices I would change. A wonderful companion for a quiet weekend.
Emily Gomez
Emily Gomez March 09, 2024
Masterpiece from start to finish. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I am now a lifelong fan of this author.
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