“This book provides expert, example-driven guidance on the crash-beating capital cycle approach to investing, successfully deployed by Marathon Asset Management over the past two decades.

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.”