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Capital Account Book (February 2026)
The Capital Cycle is the official podcast that Marathon Asset Management (the London firm founded in 1986) launched in 2024, hosted by financial historian Edward Chancellor, who interviews Marathon's investors about each Global Investment Review letter — applying the firm's long-term, contrarian "capital cycle" supply-side approach.
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This note discusses the first book published by Marathon Asset Management in 2004, co-authored by Edward Chancellor and European portfolio manager Charles Carter. The core argument revolves around the capital cycle investment framework, emphasizing the role of supply-side dynamics—such as excessive