A collection of Marathon Asset Management's investor letters edited by Edward Chancellor — presenting the 'capital cycle' framework for equity investing: focusing on supply (capital allocation) rather than demand to identify investment opportunities.
Capital cycle analysis: the returns available in any industry are determined by the supply side — when capital floods into an industry, returns fall; when capital flees, returns recover. This insight allows investors to identify opportunities that demand-focused analysis misses. Case studies across multiple industries and market cycles. The framework integrates industrial economics with investment practice.
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