Capital Returns: Investing Through the Capital Cycle: A Money Manager’s Reports 2002-15 Hardcover – November 25, 2015

Forget technicals and momentum. You want to understand how supply affects capital markets.Whether you are a stock picker, a manager deciding on growth projects, or anyone who allocates capital, this book gives you real-world examples of the ups and downs of capital cycles.It helps you to realize that things are too frothy (too pricey) and when the market is oversold (value picking).Combine this with Understanding Michael Porter by Joan Magretta and Value by McKinsey and you have most of what you need for a Strategy Development playbook. (Expectations Investing by Mauboussin is quickly closing in on being included in this group).Capital Returns is accessible, insightful, and fun to read.

Truly a joy to read. A more holistic and complete harnessing of Marathon's investment philosophy than Capital Account. Practical wisdom exudes from these well-written pages of recent market history. Essential reading for a fundamentally-driven investor. Poignant discussions around key value drivers; capital allocation, sustainable competitive advantage, business model, investor psychology and industry capital cycles. Honest discussions via client communications adds a layer of authenticity. Take your time with this book, you will be well served. Capital Returns enters a worthy list of my favorite investment/business books: Charlie Munger the Complete Investor, More Than You Know, Origin of Wealth, Antifragile & Capital Returns. Enjoy!

Well done despite numerous references to the company. Accurate even handed descriptive analysis. Useful insights with counter intuitive observations. Good read

Highly recommended.

The insights on cyclical natured companies can be of practical use. However, it definitely isn’t a page turner, it isn’t written in a way that makes it fun to read. To be fair, the book basically compromises of letters made by analysts reporting back on situations/companies in their covered regions. Needless to say, it covers a wideee geography so because of my ignorance on some of the covered areas it was much harder to finish.

Wow! This is a highly refreshing finance book. Being in the finance industry for several years, I have ready countless finance books. Most don't add much new and refreshing information. Capital Returns was extremely refreshing and made me see and think about new things. This is one I will definitely need to reread again and again. The sections are short (pieces of Marathon's letters over the years), so you could read a section a day.

Definitively a must have in any value investor’s library. It is especially valuable if you are sick and tired of reading those useless value investing books that just rehash Warren Buffett quotes. Capital Returns is focused on cyclical stocks and narrow most stocks value investing, and as such, it offers a glimpse into a more inefficient market, beyond the (by now) mainstream wide moat value investing popularized by our dear Buffett.

Overall, the book was solid, however, some of the memos became redundant. I'd recommend to anyone with a deep interest in investing.