Capital Returns: Investing Through the Capital Cycle: A Money Manager’s Reports 2002-15

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.

Well done despite numerous references to the company. Accurate even handed descriptive analysis. Useful insights with counter intuitive observations. Good read

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!

Wow! This is a highly refreshing finance book. Being in the finance industry for several years, I have ready countless finance books. Most don't add much new and refreshing information. Capital Returns was extremely refreshing and made me see and think about new things. This is one I will definitely need to reread again and again. The sections are short (pieces of Marathon's letters over the years), so you could read a section a day.

I think this is an OK book. The idea behind it is interesting: that we should focus on the supply side when evaluating cyclical companies and markets (like commodities, but also applicable to other industries). But the way the author defends this idea is a bit poorly executed (apart from the introduction). The book is a collection of Marathon's monthly letters to investors, which are quite short and often present less than finished arguments, with many a large leap of faith. The connections the author makes between, for example, "management" and the central thesis of the book, is not very obvious. In essence, I think not a lot of time and love were devoted to putting together a book from disconnected investor letters.

Highly recommended.

A few very good insights make this collection of older letters continue to be relevant today.

Definitively a must have in any value investor’s library. It is especially valuable if you are sick and tired of reading those useless value investing books that just rehash Warren Buffett quotes. Capital Returns is focused on cyclical stocks and narrow most stocks value investing, and as such, it offers a glimpse into a more inefficient market, beyond the (by now) mainstream wide moat value investing popularized by our dear Buffett.

A good read on market cycles, asset growth anamoly and mean reversion

I loved the various examples of how capital cycles have played out in history across various regions and industries.

Interesante pero sin más. Muchos libros mejores sobre ese tema.

Interessante Beobachtungen.

Detail and practical insight from one of the top funds in the world. Worth every penny.