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Valuing the Future. A conversation about investment

Valuing the Future. A conversation about investment

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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.