Capital Account : A Fund Manager Reports on a Turbulent Decade (1993-2002)
Edward ChancellorISBN: 1587991802;
Book Description 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...
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