The Capital Cycle Podcast
Edward Chancellor, a distinguished financial historian, author, and journalist, interviews investors from Marathon Asset Management about their latest views on the investment landscape. The podcast delves into capital cycle investing and provides insights from Marathon's London-based team.
Episodes
Where's the Cash?
Deals based on dreams in the AI world versus cash transactions in the Old World.Edward Chancellor talks to Charles Carter, a European Equities Portfolio Manager. For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more informati
Knock on Wood
Two Capital Cycles for the price of one in US forestry. Edward Chancellor talks to Rob Anstey, a US Equities Portfolio Manager.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more information.
Exchange Trade
Derivative exchanges appear under threat. Are fears justified? Edward Chancellor talks to Ian Deacon, a US Equities Portfolio Manager. For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more information.
Auto Heaven & Hell
While the capital cycle in autos appears dire, auto glass-making looks altogether different. Edward Chancellor talks to Yixuan Yang, an Emerging Markets Equities Analyst.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more i
Buyback Heaven
How buybacks are delivering value to shareholders in Japan. Edward Chancellor talks to Justin Hill, a Japanese Equities Portfolio Manager.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more information.
RealKapital
De-globalisation and the steel industry. Edward Chancellor talks to Tytus Zurawski, a European Equities Analyst.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more information.
Passive’s Massive AI Gamble
Relatively less liquid mega-cap stocks and sector concentration have led to unintended risks for passive investors.Edward Chancellor talks to Tom Wharram, a North American Equities Analyst.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast
DeepSequel
How Chinese innovators and imitators are threatening Western businesses. Edward Chancellor talks to Laura Fyfe, an Emerging Markets Analyst.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more information.
AI and the Material World
As the AI theme goes global, opportunity arises in undervalued, tangible assets. Edward Chancellor talks to Alex Duffy, an Emerging Markets Fund Manager. For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy f
AI Disruptees
Opportunities among companies deemed AI losers. Edward Chancellor talks to Charles Carter, a European Equities Fund Manager. For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more information.
Aircraft Leasing Lift-Off
A shortage of planes is a boon for leasing companies. Edward Chancellor talks to Tom Wharram, a North American Equities Analyst. For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more information.
Masters of the Air
How European aerospace companies lead the world in an attractive capital cycle. Edward Chancellor talks to Ben Slingsby, an European Equities Analyst.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more i
AI Eats Software?
Rising investment appears to be leading to increasing capacity and competition. Edward Chancellor talks to Tom Wharram, a North American Equities Analyst. For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.co
The Tyranny of the Index
History tells us that long-term equity returns depend on the starting valuation level. Edward Chancellor talks to Alex Duffy, an Emerging Markets Portfolio Manager.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com
Capital Account Book
A discussion of Marathon’s first book, published in 2004.Edward Chancellor talks to Charles Carter, a European portfolio manager. For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more information.
Boxing Day Gift
The capital cycle in the cardboard box industry. Edward Chancellor talks to Rob Anstey, a North American Portfolio Manager. For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more information.
Job Lot on Sale
The rise of Kanzhun’s online recruitment business, Boss Zhipin, in China. Edward Chancellor talks Kai Chen, an Emerging Markets Analyst.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more informatio
Churn Chat
A satire imagining a heated boardroom discussion of AI funding challenges. Edward Chancellor introduces Stanley Churn’s latest business venture. Disclaimer: All characters, names and organisations portrayed are entirely fictional and are not intended to represent or be modelled on any real persons or companies.For more information, or to access select articles from Marathon’s Global
A Different Network Effect
The long-term appeal of European utility networks. Edward Chancellor talks to Ben Slingsby, a European Analyst. For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more information.
Barbarous Relics
Absolute return potential in Emerging Market stocks. Edward Chancellor talks Laura Fyfe, an Emerging Markets Analyst.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more information.
AI: Mad Maths?
Applying some cold logic to a hot sector. Edward Chancellor talks to Charles Carter, a European Portfolio Manager. For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more information.
The Long Tail
How a book inspired strategy at Richelieu Hardware. Edward Chancellor talks to Tom Wharram, a North American Analyst.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more information.
Chinese Property Opportunity
The industry appears to be entering a favourable turn in its capital cycle. Edward Chancellor talks to Kai Chen, an Emerging Markets Analyst.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more
Mucky Business
Waste management can be a highly lucrative endeavour. Edward Chancellor talks to Robert Anstey, a North American Portfolio Manager.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more information.
Greek Banking Odyssey
The remarkable revival of Greek banks following a turn in the capital cycle. Edward Chancellor talks to Laura Fyfe, an Emerging Markets Analyst.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for mo
Japan Merger Mania
Three contrasting bids in Japan and what this says about evolving shareholder capitalism. Edward Chancellor talks to Justin Hill, a Developed Asia Portfolio Manager.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/pri
Platinum Bombed
Investors appear highly pessimistic about the value of Platinum Group Metals. They may be wrong. Edward Chancellor talks to Alex Duffy, an Emerging Markets Portfolio Manager.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See
US Small Caps: Margin of Safety
The underperformance of smaller capitalisation US stocks leaves valuation multiples at historically high discounts to larger companies. Counter-intuitively, this may reverse in an economic downturn. Edward Chancellor talks to Tom Wharram, a US analyst at Marathon.For more information, or to access select articles from Marathon’s Global Investment Review publications which accom
Founder’s Story
Neil Ostrer reflects on his long career since founding Marathon in 1986. Topics include; the importance of maintaining a long-term investment horizon, the (low) value of broker/banker advice, the false dichotomy between value and growth investment styles, Marathon's investment in industry 'clusters' and how meetings with company management are vital for successful capital-
Fish Tales
The attractions of the salmon farming industry.Edward Chancellor talks to Nick Longhurst.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more information.
Whitbread
The capital cycle in the UK budget hotel industry.Edward Chancellor talks to Tytus Żurawski.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more information.
Robustness Ratio Revisited
How companies which share the benefits of scale with customers win in the long-run compared with value extractive rivals. Presented by Edward Chancellor with Alice Li, an investment analyst.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on
Dassault Systèmes
A French technology champion which has undergone a valuation de-rating and merits investor attention. Presented by Edward Chancellor with Jordane Guillot, an investment analyst.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See a
Fishing in Uncrowded Waters
A review of several smaller capitalization Emerging Markets investments which remain out of favour in today’s highly concentrated markets.Presented by Edward Chancellor with Laura Fyfe, Analyst Emerging MarketsFor more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecap
Investment Bankers and the Capital Cycle
A look back at how the investment banking species has evolved into its modern day form of alternative investment manager. The story is told through the career of Stanley Churn, Marathon’s satirical archetype of an investment banker.Presented by Edward Chancellor with Charles Carter, Portfolio Manager EuropeFor more information, or to access select articles from Marathon’s Global Investme
AI: Scaling Flaw
The risks behind the biggest gamble in business history. Presented by Edward Chancellor with Kai Chen, Analyst Emerging Markets.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acast. See acast.com/privacy for more information.
US Small Caps: One Size Fits All
Are we any nearer to the end of a long cycle of small cap relative underperformance in the US? Presented by Edward Chancellor with Robert Anstey, Portfolio Manager North America.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on A
China vs. India
Investor sentiment towards these two Emerging Markets is now widely divergent. Where does the best value lie? Presented by Edward Chancellor With Alex Duffy, Portfolio Manager Emerging MarketsFor more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.
Shareholder Value in Japan
Slowly but surely, shareholder interests are becoming more important in corporate Japan, in part reflected in rising M&A activity. Presented by Edward Chancellor With Bill Arah, Marathon founder and Portfolio Manager JapanFor more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, pl
Japanese Crown Jewels
How are corporate governance reforms in Japan working in reality? The discussion focuses on one particular company – Olympus. Presented by Edward ChancellorWith Toma Kobayashi, Portfolio Manager JapanFor more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Telecom-Moditization
Examining the chequered history of the European telecoms industry and what it teaches us about the capital cycle. Presented by Edward ChancellorWith Charles Carter, Portfolio Manager EuropeFor more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on
When Two Worlds Collide
A discussion on the massive investment boom in artificial intelligence that is currently underway and its environmental consequences. Presented by Edward Chancellor.With Robert Anstey, Portfolio Manager North America.For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thec
Copper Turns To Gold
An exploration of the capital cycle in copper, how long it might last, and the investment implications. Presented by Edward ChancellorWith Alex Duffy, Portfolio Manager Emerging MarketsFor more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk Hosted on Acas
