
"Capital Returns" reveals Marathon Asset Management's revolutionary approach to investing through capital cycles. Praised by top financial minds and ranked among the top 20 investment books, it exposes how tracking capital flows predicts returns better than traditional metrics - a secret weapon for savvy investors.
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Picture a celebrated CEO on the cover of Fortune magazine, flanked by headlines about record profits and revolutionary growth. Five years later, that same executive resigns in disgrace, the company hemorrhaging cash, its stock price in freefall. This isn't a cautionary tale about fraud or incompetence-it's the predictable rhythm of capitalism itself. What if the very success that earns accolades today plants the seeds of tomorrow's failure? This counterintuitive insight forms the backbone of Marathon Asset Management's investment philosophy, detailed in "Capital Returns." While most investors obsess over forecasting demand-will consumers want more smartphones? Will China keep building?-Marathon focuses on something far more reliable: supply. Specifically, how capital floods into profitable industries, inevitably destroying the very returns that attracted it in the first place. In a world where Robinhood traders and hedge fund titans alike chase hot sectors, understanding this capital cycle offers a rare edge.
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Creato da alumni della Columbia University a San Francisco
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Creato da alumni della Columbia University a San Francisco

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