"Capital Returns: Investing Through the Capital Cycle" offers a revolutionary perspective in a world repeatedly blindsided by financial bubbles and busts. Edited by Edward Chancellor, a distinguished financial historian, the book compiles over a decade of insightful analyses from the investment team at Marathon Asset Management, a firm that oversees more than $50 billion in assets. Through examining the ebb and flow of capital investment across various industries—from the dot-com bubble to the housing crash, and beyond—Marathon presents a compelling strategy for identifying potential financial bubbles before they burst. This method hinges on a deceptively simple principle: avoid sectors with excessive investment and fierce competition, and seek out those where capital expenditure is low, competitive conditions are favorable, and, consequently, the potential for investment returns is higher. By challenging the traditional dichotomy of 'growth' versus 'value' investing, "Capital Returns" encourages investors to look beyond surface-level metrics and consider the underlying capital cycles that drive market dynamics. The book is filled with real-world examples, from global brewing giants to niche semiconductor firms, illustrating how investing with an eye to the capital cycle can safeguard assets and enhance returns. Chancellor's curated collection of Marathon's reports not only sheds light on a unique investment strategy but also serves as a practical guide for investors aiming to navigate the treacherous waters of global markets. For anyone looking to refine their investment approach and protect their portfolio from the next financial downturn, "Capital Returns" is an indispensable resource.