Capital Returns brings together industrial economics, Michael Porter's competitive analysis and behavioral finance, into a powerful long-term investment approach that Marathon Asset Management calls 'capital cycle' analysis. ... This is one of the best investing books I've read. Highly recommended! (Strictly Value, strictlyvalue.wordpress.com, January, 2016)
First, it covers an important and underappreciated subject, the capital cycle. Second, it contains a superb introduction by one of the great financial writers of our era, Edward Chancellor. ... Capital Returns explores an oft-neglected mechanism in the capital markets. It will prove profitable reading for any finance professional, and for the securities analyst, it is essential reading. (William J. Bernstein, CFA Institute Publications, cfapubs.org, Vol. 11 (1), 2016)