作者:
Alisdair Nairn 出版社: Harriman House 副标题: Technology Investing from Railroads to the Internet and Beyond 出版年: 2018-8-20 页数: 570 定价: GBP 49.99 装帧: Hardcover ISBN: 9780857195999
Engines That Move Markets is a comprehensive history of market-shaping industries and their impact on how we invest today. Now in its second edition, this modern investing classic highlights the history of industrial development and its impact on investors. By exploring key technological advances of the past and what they meant for investors - including electricity, the railroa...
Engines That Move Markets is a comprehensive history of market-shaping industries and their impact on how we invest today. Now in its second edition, this modern investing classic highlights the history of industrial development and its impact on investors. By exploring key technological advances of the past and what they meant for investors - including electricity, the railroad, the telephone, the computer and more - it provides vital insights on how to appraise the new technology companies of the future. A complete and deeply researched history of industries and investing, the book is filled with fascinating and instructive details, including how Thomas Edison lost control of his company, the impact of the Standard Oil breakup, the early days of the wireless industry, and the course of the computer and internet revolution. Investors looking for industry-shaping investments will undoubtedly use Engines That Move Markets as their guide. This revised and updated second edition is the most definitive and comprehensive version yet.
作者简介
· · · · · ·
Alasdair (Sandy) Nairn is Investment Partner and CEO of Edinburgh Partners, an independent fund management company which was acquired by Franklin Templeton in 2018. He is Chairman of the Templeton Global Equity Group and one of the founders of Edinburgh Partners.
He has won multiple perfiormance awards for the management of global equity portfolios.
Alasdair (Sandy) Nairn is Investment Partner and CEO of Edinburgh Partners, an independent fund management company which was acquired by Franklin Templeton in 2018. He is Chairman of the Templeton Global Equity Group and one of the founders of Edinburgh Partners.
He has won multiple perfiormance awards for the management of global equity portfolios.
He is the author of Engines That Move Markets (ISBN: 9780857195999) and co-authored Templeton’s Way With Money (ISBN: 9781118149614).
By the mid-1870s, almost 40% of American railroad bonds were in default and by 1879 some $234m ($19bn) had foreclosed. In the six years up to 1879, it is estimated that European investors alone lost some $600m ($50bn) as a result of bankruptcies and fraud. (查看原文)
The Internet has spawned scores of individual millionaires, but we are still adding up whether investors in aggregate will prove to have made money from the technology, given how much capital was committed to its development. The past experience of the railways, motor car and aircraft industries is salutory in this respect. Many of the potential gains from these new technologies were competed away through a surfeit of investment, to the benefit of consumers but at the expense of investors. (查看原文)
Not an easy read, while I would say it worth the time if you are a serious tech investor since you need to understand the tech history. Overall as the book rightly points out that “we tend to overesti...Not an easy read, while I would say it worth the time if you are a serious tech investor since you need to understand the tech history. Overall as the book rightly points out that “we tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run”.(展开)
Not an easy read, while I would say it worth the time if you are a serious tech investor since you need to understand the tech history. Overall as the book rightly points out that “we tend to overesti...Not an easy read, while I would say it worth the time if you are a serious tech investor since you need to understand the tech history. Overall as the book rightly points out that “we tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run”.(展开)
写的像公众号文章，每一句都很有道理，回头想，好像等于没说一样…… 1. Many big breakthroughs in new technology are derided when they first appear. 2. As a result, many pioneers of new technologies have to struggle in order to win initial acceptance for their ...
(展开)
MUKSHA
0 有用 MUKSHA 2022-04-13 09:53:27
商业角度的鲜活历史，非常值得深度阅读
0 有用 _adagio 2022-07-15 16:55:37
history rhymes..
0 有用 目送飞鸿 2024-04-14 22:35:28 北京
这本书写的是历史上突破性技术与投资之间的关系。芒格说过：“ 首先要发现科技变革，然后要看这个行业是否拥有强大的壁垒。拥有强大的壁垒，才不至于出现惨烈的竞争。航空行业和铁路行业属于科技变革的产物，但这两个行业没有竞争壁垒。电视行业也是科技变革的产物，它的不同之处在于，拥有竞争壁垒。找到类似电视行业这样的科技变革，那才真是好风凭借力，送我上青云。”，“本·格雷厄姆告诫过我们：’大家都不看好的机会，投资... 这本书写的是历史上突破性技术与投资之间的关系。芒格说过：“ 首先要发现科技变革，然后要看这个行业是否拥有强大的壁垒。拥有强大的壁垒，才不至于出现惨烈的竞争。航空行业和铁路行业属于科技变革的产物，但这两个行业没有竞争壁垒。电视行业也是科技变革的产物，它的不同之处在于，拥有竞争壁垒。找到类似电视行业这样的科技变革，那才真是好风凭借力，送我上青云。”，“本·格雷厄姆告诫过我们：’大家都不看好的机会，投资者的亏损不至于特别严重。越是大家都看好的机会，投资者的亏损越惨烈。’”读这本书对理解科技投资会有一些帮助。书中提到历史上很多新科技出现后纯粹以圈钱为目的的融资，在我们这个时代也在不断重复上演。如果感到意外，那只是因为不知道历史罢了。 (展开)
2 有用 rhythmzz 2021-03-28 15:06:06
Not an easy read, while I would say it worth the time if you are a serious tech investor since you need to understand the tech history. Overall as the book rightly points out that “we tend to overesti... Not an easy read, while I would say it worth the time if you are a serious tech investor since you need to understand the tech history. Overall as the book rightly points out that “we tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run”. (展开)
0 有用 目送飞鸿 2024-04-14 22:35:28 北京
这本书写的是历史上突破性技术与投资之间的关系。芒格说过：“ 首先要发现科技变革，然后要看这个行业是否拥有强大的壁垒。拥有强大的壁垒，才不至于出现惨烈的竞争。航空行业和铁路行业属于科技变革的产物，但这两个行业没有竞争壁垒。电视行业也是科技变革的产物，它的不同之处在于，拥有竞争壁垒。找到类似电视行业这样的科技变革，那才真是好风凭借力，送我上青云。”，“本·格雷厄姆告诫过我们：’大家都不看好的机会，投资... 这本书写的是历史上突破性技术与投资之间的关系。芒格说过：“ 首先要发现科技变革，然后要看这个行业是否拥有强大的壁垒。拥有强大的壁垒，才不至于出现惨烈的竞争。航空行业和铁路行业属于科技变革的产物，但这两个行业没有竞争壁垒。电视行业也是科技变革的产物，它的不同之处在于，拥有竞争壁垒。找到类似电视行业这样的科技变革，那才真是好风凭借力，送我上青云。”，“本·格雷厄姆告诫过我们：’大家都不看好的机会，投资者的亏损不至于特别严重。越是大家都看好的机会，投资者的亏损越惨烈。’”读这本书对理解科技投资会有一些帮助。书中提到历史上很多新科技出现后纯粹以圈钱为目的的融资，在我们这个时代也在不断重复上演。如果感到意外，那只是因为不知道历史罢了。 (展开)
0 有用 _adagio 2022-07-15 16:55:37
history rhymes..
0 有用 MUKSHA 2022-04-13 09:53:27
商业角度的鲜活历史，非常值得深度阅读
2 有用 rhythmzz 2021-03-28 15:06:06
Not an easy read, while I would say it worth the time if you are a serious tech investor since you need to understand the tech history. Overall as the book rightly points out that “we tend to overesti... Not an easy read, while I would say it worth the time if you are a serious tech investor since you need to understand the tech history. Overall as the book rightly points out that “we tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run”. (展开)