The Capital Cycle Podcast

A Different Network Effect

Barbarous Relics

AI: Mad Maths?

In this episode of The Capital Cycle Podcast, Edward Chancellor interviews Charles Carter, a European Portfolio Manager at Marathon, about the significant capital spending boom in artificial intelligence (AI). They draw parallels to the dot-com mania, expressing concerns about excessive investment and competition. They...

The Long Tail

Chinese Property Opportunity

In this episode of The Capital Cycle Podcast, Edward Chancellor interviews Kai Chen, an emerging markets analyst from Marathon, about China's real estate market. They discuss the deflation of China's property bubble following President Xi Jinping's tightening measures in 2020, comparing it to the aftermath of real esta...

Mucky Business

Greek Banking Odyssey

In this episode of The Capital Cycle Podcast, Edward Chancellor interviews Laura Fyfe, an Emerging Markets Analyst at Marathon, about investment opportunities in Greek banks. Laura introduces the concept of "essentialism" as a cognitive bias that can hinder dynamic investment approaches. The discussion transitions to G...

Japan Merger Mania

Platinum Bombed

US Small Caps: Margin of Safety

Founder’s Story

In this episode of the Capital Cycle podcast, Edward Chancellor interviews Neil Osterer, a founding partner of Marathon Asset Management, about his career, Marathon's investment philosophy, and significant investment periods over the last 30 years. Osterer discusses the origins of Marathon's long-term investment approa...

Fish Tales

Whitbread

In this episode of The Capital Cycle Podcast, Edward Chancellor interviews Titus Zurowski from Marathon Asset Management about Whitbread, a UK-based brewer turned hotelier. Zurowski highlights Whitbread's strategic turnaround, focusing on its Premier Inn budget hotel chain. The discussion covers the UK hotel industry's...

Robustness Ratio Revisited

In this episode of The Capital Cycle Podcast, Edward Chancellor interviews Alice Li, a research analyst at Marathon Asset Management, about the relationship between a company's value proposition to its customers and its investment potential. They discuss the "robustness ratio," which measures a company's moat by analyz...

Dassault Systèmes

Fishing in Uncrowded Waters

Investment Bankers and the Capital Cycle

AI: Scaling Flaw

In this episode of The Capital Cycle Podcast, Edward Chancellor interviews Kai Chen, an Emerging Analyst at Marathon Asset Management, about artificial intelligence. Kai discusses the market's excitement over AI, driven by the scaling law, which suggests that increased computational power leads to better models. Howeve...

US Small Caps: One Size Fits All

China vs. India