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.
In an October 2026 podcast hosted by Edward Chancellor, Jefferies global head of equity strategy Chris Wood argued that the world was experiencing the “mother of all capex cycles,” an unprecedented capital spending wave. He posed “Where’s the Cash?” as a key question for tracking market flows. Wood traced Asian capital cycles from 1980s Japan to China at the time, providing historical context for his assessment of the current cycle.
In this episode, host Edward Chancellor is joined by Chris Wood, Global Head of Equity Strategy at Jefferies, to discuss the history and current state of the Asian capital cycle. Chris Wood reviews the evolution of capital cycles from Japan in the 1980s to China today, and puts forward the core thesis that the world is currently experiencing the "Mother of all Capex Cycles." He also emphasizes the key question "Where's the Cash?" as a starting point for understanding current market dynamics. This chapter primarily establishes the discussion framework and does not cover specific companies or data.
Host Edward Chancellor introduces the guest Chris Wood and outlines the core topic: the Asian capital cycle, particularly its historical evolution from Japan to China. Chris Wood proposes two core themes as the starting point for the discussion:
Chris Wood notes that his analytical framework is based on a long-term observation of Asian capital cycles, spanning from Japan in the 1980s to the present-day China. This indicates that his views are grounded in a deep understanding of the rise-and-fall patterns of Asian markets over the past few decades. By reviewing these historical cycles, he provides context and a reference point for understanding the current "Mother of all Capex Cycles."
This chapter serves as an introduction to the discussion and does not mention any specific investable companies or positions.