--- product_id: 27629859 title: "Capital Returns: Investing Through the Capital Cycle: A Money Manager’s Reports 2002-15" price: "369.64 DT" currency: TND in_stock: true reviews_count: 13 url: https://www.desertcart.tn/products/27629859-capital-returns-investing-through-the-capital-cycle-a-money-manager store_origin: TN region: Tunisia --- # Capital Returns: Investing Through the Capital Cycle: A Money Manager’s Reports 2002-15 **Price:** 369.64 DT **Availability:** ✅ In Stock ## Quick Answers - **What is this?** Capital Returns: Investing Through the Capital Cycle: A Money Manager’s Reports 2002-15 - **How much does it cost?** 369.64 DT with free shipping - **Is it available?** Yes, in stock and ready to ship - **Where can I buy it?** [www.desertcart.tn](https://www.desertcart.tn/products/27629859-capital-returns-investing-through-the-capital-cycle-a-money-manager) ## Best For - Customers looking for quality international products ## Why This Product - Free international shipping included - Worldwide delivery with tracking - 15-day hassle-free returns ## Description We live in an age of serial asset bubbles and spectacular busts. Economists, policymakers, central bankers and most people in the financial world have been blindsided by these busts, while investors have lost trillions. Economists argue that bubbles can only be spotted after they burst and that market moves are unpredictable. Yet Marathon Asset Management, a London-based investment firm managing over $50 billion of assets has developed a relatively simple method for identifying and potentially avoiding them: follow the money, or rather the trail of investment. Bubbles whether they affect a whole economy or merely a single industry, tend to attract a splurge of capital spending. Excessive investment drives down returns and leads inexorably to a bust. This was the case with both the technology bubble at the turn of the century and the US housing bubble which followed shortly after. More recently, vast sums have been invested in mining and energy. 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. This capital cycle strategy encourages investors to eschew the simple 'growth' and 'value' dichotomy and identify firms that can deliver superior returns either because capital has been taken out of an industry, or because the business has strong barriers to entry (what Warren Buffett refers to as a 'moat'). Some of Marathon's most successful investments have come from obscure, sometimes niche operations whose businesses are protected from the destructive forces of the capital cycle. Capital Returns is a comprehensive introduction to the theory and practical implementation of the capital cycle approach to investment. 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. Capital Returns provides key insights into the capital cycle strategy, all supported with real life examples from global brewers to the semiconductor industry - showing how this approach can be usefully applied to different industry conditions and how, prior to 2008, it helped protect assets from financial catastrophe. This book will be a welcome reference for serious investors who looking to maximise portfolio returns over the long run. Review: Most accessible book on capital cycles - Forget technicals and momentum. You want to understand how supply affects capital markets. Whether you are a stock picker, a manager deciding on growth projects, or anyone who allocates capital, this book gives you real-world examples of the ups and downs of capital cycles. It helps you to realize that things are too frothy (too pricey) and when the market is oversold (value picking). Combine this with Understanding Michael Porter by Joan Magretta and Value by McKinsey and you have most of what you need for a Strategy Development playbook. (Expectations Investing by Mauboussin is quickly closing in on being included in this group). Capital Returns is accessible, insightful, and fun to read. Review: Useful insights with counter intuitive observations - Well done despite numerous references to the company. Accurate even handed descriptive analysis. Useful insights with counter intuitive observations. Good read ## Technical Specifications | Specification | Value | |---------------|-------| | Best Sellers Rank | #58,692 in Books ( See Top 100 in Books ) #11 in Financial Services Industry #12 in Consolidation & Merger #17 in Private Equity (Books) | | Customer Reviews | 4.4 out of 5 stars 679 Reviews | ## Images ![Capital Returns: Investing Through the Capital Cycle: A Money Manager’s Reports 2002-15 - Image 1](https://m.media-amazon.com/images/I/71JQWcOTEeL.jpg) ## Customer Reviews ### ⭐⭐⭐⭐⭐ Most accessible book on capital cycles *by M***N on January 5, 2022* Forget technicals and momentum. You want to understand how supply affects capital markets. Whether you are a stock picker, a manager deciding on growth projects, or anyone who allocates capital, this book gives you real-world examples of the ups and downs of capital cycles. It helps you to realize that things are too frothy (too pricey) and when the market is oversold (value picking). Combine this with Understanding Michael Porter by Joan Magretta and Value by McKinsey and you have most of what you need for a Strategy Development playbook. (Expectations Investing by Mauboussin is quickly closing in on being included in this group). Capital Returns is accessible, insightful, and fun to read. ### ⭐⭐⭐⭐ Useful insights with counter intuitive observations *by D***O on April 24, 2016* Well done despite numerous references to the company. Accurate even handed descriptive analysis. Useful insights with counter intuitive observations. Good read ### ⭐⭐⭐⭐⭐ An investment Gem *by D***Y on July 25, 2016* 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 investment/business books: Charlie Munger the Complete Investor, More Than You Know, Origin of Wealth, Antifragile & Capital Returns. Enjoy! ## Frequently Bought Together - Capital Returns: Investing Through the Capital Cycle: A Money Manager’s Reports 2002-15 - The Price of Time: The Real Story of Interest - Devil Take the Hindmost: A History of Financial Speculation --- ## Why Shop on Desertcart? - 🛒 **Trusted by 1.3+ Million Shoppers** — Serving international shoppers since 2016 - 🌍 **Shop Globally** — Access 737+ million products across 21 categories - 💰 **No Hidden Fees** — All customs, duties, and taxes included in the price - 🔄 **15-Day Free Returns** — Hassle-free returns (30 days for PRO members) - 🔒 **Secure Payments** — Trusted payment options with buyer protection - ⭐ **TrustPilot Rated 4.5/5** — Based on 8,000+ happy customer reviews **Shop now:** [https://www.desertcart.tn/products/27629859-capital-returns-investing-through-the-capital-cycle-a-money-manager](https://www.desertcart.tn/products/27629859-capital-returns-investing-through-the-capital-cycle-a-money-manager) --- *Product available on Desertcart Tunisia* *Store origin: TN* *Last updated: 2026-09-22*