Marathon Asset Management
33 episodes listed below
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Edward Chancellor, the distinguished financial historian, author and journalist interviews investors from Marathon Asset Management [Marathon London] about their latest views on the investment landscape. Hosted on Acast. See acast.com/privacy for more information.
A cardboard box gets an investment thesis; your recycling pile may never look quite so boring.
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Short reviews from the PlayNext desk, based on the episodes we processed.
A measured tour of capital cycle thinking, with buybacks, advertising cuts, and executive incentives in view.
Capital Account returns to a Marathon title that helped move capital cycle analysis from a private framework into a wider investing conversation, and the episode uses the book as a springboard rather than a crutch.
A calm cyclical case that links demand weakness, substitution, and valuation without overselling the story.
Robert Anstey makes a calm case for cardboard boxes. He ties the pandemic distortions, weak housing turnover, and three years of industrial weakness to a demand picture that still sits below trend.
A sober capital-cycle view of AI pressure on software valuations.
The episode treats AI less as a buzzword than as a shock to software capacity, then uses that frame to revisit the old SaaS trade from the top of the market down.
A disciplined look at network effects, platform friction, and self-funded growth.
The discussion tracks a clear market story: a Chinese online recruitment business becomes more valuable as more people use it. Kai Chen is at his best when he moves from definition to mechanism, showing how direct chat and fee-based recommendations make the service more useful…
Demetri Kofinas interviews specialists on geopolitics, energy markets, AI, and finance at length.
BBC's daily business show, from toy-industry founders to Anthropic's Pentagon standoff.
Edward Chancellor interviews Tom Warren of Marathon Asset Management to analyze why SaaS (Software as a Service) companies have crashed from market darlings to pariahs.
The episode introduces a discussion on using historical investment data from the Global Investment Returns Yearbook to help active managers in emerging markets navigate information overload and focus on long-term trends.
Capital Account became hard to find.
Portfolio manager Robert Anstey explains his investment thesis in US cardboard box manufacturers, arguing that industry consolidation, weak post-pandemic demand, and new management focusing on value over volume create an attractive opportunity.
Edward Chancellor interviews Kai Chen, an analyst at Marathon Asset Management, who makes a detailed investment case for KanZhen, the company behind the Chinese online recruitment platform Boss Zhipin.
Edward Chancellor interviews Ben Slingsby about the capital cycle in European aerospace, focusing on aircraft engine manufacturers and starting with a history of European aviation.
A fictional board meeting of Stanley Chern, an opportunistic financier, discussing the massive scale of AI infrastructure investments and the progress of Chern GPT-6.
Edward Chancellor interviews Laura Fyfe about emerging market capital cycles and attractive investment opportunities from a capital cycle perspective.
Edward Chancellor interviews Ben Slingsby about the investment case for European utility stocks, driven by AI data center power demand.
Edward Chancellor and Charles Carter compare the AI capital-spending boom with the late-1990s dot-com cycle and question whether projected returns justify current investment.
Edward Chancellor interviews Tom Warren about Marathon's capital cycle investment philosophy and how they evaluate management's capital allocation decisions.
Rob Anstey examines Secure Waste Infrastructure, a Canadian oil-industry waste operator with about 70% of energy-waste disposal and a 3.5 billion Canadian dollar market value.
Edward Chancellor and Marathon's Kai Chen examine whether China's property slump, with prices falling continuously since August 2021, will follow the US post-2008 consolidation or Japan's post-1990 fragmentation.
Laura Fyfe presents Greek banking as a post-crisis consolidation story, with four banks now holding 95% of sector assets after more than 40 existed before the crisis.
Edward Chancellor interviews Justin Hill about the shareholder value revolution in Japan, covering macro and micro factors driving corporate change.
Edward Chancellor interviews Alex Duffy about the contrarian investment opportunity in platinum group metals mining companies due to depressed prices and demand uncertainty.
Edward Chancellor interviews Marathon co-founder Neil Ostra about the firm's founding, investment philosophy, and lessons from past market bubbles.
Edward Chancellor interviews Charles Carter about the role of investment banking from a capital cycle perspective, discussing the shift from relationship-oriented to transactional banking.
Edward Chancellor interviews Alex Duffy about using the capital cycle to analyze entire markets, explaining why China has underperformed and India has outperformed.