Capital Returns: Investing Through The Capital Cycle was published in 2015 and outlines the capital cycle approach to investing used by Marathon Asset Management. Introduced and edited by financial historian and investment strategist Edward Chancellor the book includes a number of Marathon client essays published between 2002 and 2015. As pointed out by Chancellor, the essays are unashamedly a cherry picked list of client notes chosen with a big dose of hindsight bias. That being said they offer a useful way of illustrating the points made in the introductory chapters and so many of them are also worth a read.

Peter Sainsbury

I write about commodity markets at www.materials-risk.com. Author of a book about the power of media narratives and reclaiming your thinking.

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