Valuing the Future: A Conversation About Investment - Softcover

Paton, Ben

Softcover

ISBN 10: 0957039611 ISBN 13: 9780957039612

Publisher: Sociables Publishing, 2012

Synopsis

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.

About this title

About the Authors

Ben Paton is an investment management professional. He worked for Fidelity Investments in London for thirteen years where he specialized in equity investment. Between 2004 and 2008 he was the lead fund manager for the Fidelity International Smaller Companies Fund, a US mutual fund which significantly outperformed its benchmark.

Ben is particularly interested in creating economic value by developing projects in smaller companies and has a track record of successfully backing management in the resources and technology sectors.

He has broad experience advising on capital raising and business development.

Professional experience
Ben worked for Fidelity Investments in London between 1995 and 2008. He launched the Fidelity Enterprise Value Fund in June 2002, a UK equity fund with a value mandate which re ran until 2008. He took over management on the European and EMEA portion of the Fidelity International Small Cap Fund, a US mutual fund in January, 2004. He was responsible for Pan European equity research on the Leisure and Hotels sector, the Insurance sector, the Software and Computer Services sector and the Defence and Aerospace sectors.

Education
Ben has an MBA from London Business School prior to which he worked in corporate finance and venture capital in London and Paris. He qualified as a Chartered Accountant with Peat Marwick after studying History & Economics at Christ Church, Oxford.

Ben Paton is an investment management professional. He worked for Fidelity Investments in London for thirteen years where he specialized in equity investment. Between 2004 and 2008 he was the lead fund manager for the Fidelity International Smaller Companies Fund, a US mutual fund which significantly outperformed its benchmark.
Ben has an MBA from London Business School prior to which he worked in corporate finance and venture capital in London and Paris. He qualified as a Chartered Accountant with Peat Marwick after studying History & Economics at Oxford.
His interests include enjoying his family, taming his garden, reading, skiing and listening to music

From the Back Cover

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.

Edition details

• Publisher: Sociables Publishing
• Publication date: 2012
• Language: English
• ISBN 10: 0957039611
• ISBN 13: 9780957039612
• Binding: Paperback
• Illustrator: Duggan Chris
• Number of pages: 248