“Capital Returns brings together industrial economics, Michael Porter’s competitive analysis and behavioral finance, into a powerful long-term investment approach that Marathon Asset Management calls ‘capital cycle’ analysis. … This is one of the best investing books I’ve read. Highly recommended!” (Strictly Value, strictlyvalue.wordpress.com, January, 2016)
“First, it covers an important and underappreciated subject, the capital cycle. Second, it contains a superb introduction by one of the great financial writers of our era, Edward Chancellor. … Capital Returns explores an oft-neglected mechanism in the capital markets. It will prove profitable reading for any finance professional, and for the securities analyst, it is essential reading.” (William J. Bernstein, CFA Institute Publications, cfapubs.org, Vol. 11 (1), 2016)
'I read Capital Returns in one sitting. I wish this book had been available when I started in the business. One of the best books on investment I've ever read.'
-Russell Napier, author of Anatomy of the Bear
'Capital Returns shows how excess investment drives mean reversion in the stock market. Investors who wish to understand bubbles should read this book.'
-Jeremy Grantham, Founder and Chief Investment Strategist, Grantham, Mayo, van Otterloo
'Forget Warren Buffett. If you really want to know how markets work read this.'
-Merryn Somerset-Webb, Editor, MoneyWeek
'Investors, fancying themselves capitalists, have long ignored the vital role of capital investment in driving investment success. This wonderful book may change that. Delve into its readable and informative even revelatory pages, and let the scales fall from your eyes.'-James Grant, Grant's Interest Rate Observer
'This book exemplifies the simple but sadly unrecognised idea that long term investment success depends on understanding business models.'
John Kay, author of Other People's Money and the Kay Review of UK Equity Markets
About the Author
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 Book of the Year' and editor of Marathon's previous book, Capital Account: A Money Manager's Reports on a Turbulent Decade (Thomson Texere, 2004). Mr. Chancellor is an award-winning financial journalist, who has written for the Financial Times, Wall Street Journal, Reuters and many other publications. He is a former member of the asset allocation team at GMO, a Boston-based investment firm.
Marathon Asset Management (trading in the United States as Marathon-London) is an independent owner managed investment firm based in London. Founded in 1986, Marathon has successfully applied longer-term and often contrarian investment strategies around the globe.
