By Edward Chancellor

This ebook makes use of quite a few examples to illustrate how the capital cycle method of investments works, and the way it has supplied traders with market-beating returns during the last decade.

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Additional resources for Capital Returns: Investing Through the Capital Cycle: A Money Manager’s Reports 2002–15

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The old harbours and the Boston market went into decline. However, the new equipment was expensive; certainly, “men of no capital” were barred from entering the industry, and those that remained borrowed heavily to stay competitive. Each individual’s financial incentive was to catch more fish to repay debts, and over-fishing became commonplace. As 30 CAPITAL RETURNS the price of fish declined, fishermen became caught in a “prisoner’s dilemma” and opted to land more fish. “Cod wars” broke out over rights to fish, and the industry went into crisis.

Investment bankers drive the capital cycle, largely to the detriment of investors. • When policymakers interfere with the capital cycle, the marketclearing process may be arrested. New technologies can also disrupt the normal operation of the capital cycle. ” INTRODUCTION 21 • Generalists are better able to adopt the “outside view” necessary for capital cycle analysis. • Long-term investors are better suited to applying the capital cycle approach. A BRIEF OUTLINE OF THE BOOK I have arranged the essays from Marathon’s Global Investment Review in the following order: Chapter 1 – Capital Cycle Revolution: This chapter looks at the operation of the capital cycle in a number of industries, from fishing to wind turbines.

When the game is played several times, a successful strategy of “tit for tat” evolves in which each betrayal is met by retaliation. 26 CAPITAL RETURNS was the most successful strategy to adopt in the long-run. He pointed to an intriguing example of “tit for tat” in the trenches of World War I. When stationed for long periods opposite each other, unspoken truces emerged spontaneously between British and German troops. If either side reneged on the compact, revenge would be exacted by the injured party, after which the truce would return.

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