Capital Returns: Investing Through the Capital Cycle: A Money Manager’s Reports 2002-15

11 (1), 2016). Bernstein, CFA Institute Publications, cfapubs, Vol. … This is one of the best investing books I’ve read. Second, it contains a superb introduction by one of the great financial writers of our era, Edward Chancellor. Highly recommended!” (Strictly Value, strictlyvalue.wordpress, January, 2016)“First, it covers an important and underappreciated subject, the capital cycle. It will prove profitable reading for any finance professional, and for the securities analyst, it is essential reading.” (William J. … Capital Returns explores an oft-neglected mechanism in the capital markets. “Capital Returns brings together industrial

Chancellor is an award-winning financial journalist, who has written for the Financial Times, Wall Street Journal, Reuters and many other publications. Marathon Asset Management (trading in the United States as Marathon-London) is an independent owner managed investment firm based in London. Mr. Edward Chancellor (editor and introduction) is the author of Devil Take the Hindmost: A History of Financial Speculation (FSG, 1999), a New York Times 'Notable

Avid Reader said OK. Read only the introduction if you can.. I think this is an OK book.The idea behind it is interesting: that we should focus on the supply side when evaluating cyclical companies and markets (like commodities, but also applicable to other industries).But the way the author defends this idea is a bit poorly executed (apart from the introduction). The book is a collection of Marathon's monthly letters to investors, which are quite short and often present less than finished arguments, with many a large leap of faith. The connections the author makes between, for example, "management" and the central thesis of the book, is not very obvious.In . An investment Gem David Shepley Truly a joy to read. A more holistic and complete harnessing of Marathon's investment philosophy than Capital Account. Practical wisdom exudes from these well-written pages of recent market history. Essential reading for a fundamentally-driven investor. Poignant discussions around key value drivers; capital allocation, sustainable competitive advantage, business model, investor psychology and industry capital cycles. Honest discussions via client communications adds a layer of authenticity. Take your time with this book, you will be well served. Capital Returns enters a worthy list of my favorite i. RT said Wisdom Amongst Letters. Marathon's capital cycle mindset is helpful and accurate, but the endless write ups and make believe letters are overkill. The capital wasted on the extra pages is akin to their thesis, ironically.

From an investor's perspective, the trick is to avoid investing in sectors, or markets, where investment spending is unduly elevated and competition is fierce, and to put one's money to work where capital expenditure is depressed, competitive conditions are more favourable and, as a result, prospective investment returns are higher. Edited and with an introduction by Edward Chancellor, the book brings together 60 of the most insightful reports written between 2002 and 2014 by Marathon portfolio managers. This book will be a welcome reference for serious investors who looking to maximise portfolio returns over the long run.. Economists, policymakers, central bankers and most people in the financial world have been blindsided by these busts, while investors have lost trillions. Capital Returns is a comprehensive introduction to the theory and practical implementation of the capital cycle approach to investment. Capital Returns provides key insights into the capital cycle strategy, all supported with real life examples from global brewers to the semiconductor industry - showing