Friday, 12 August 2016

Capital Returns

This book is a selection essays from Marathon Asset Management over 2002 - 2015.

The book is divided into two parts: investment philosophy and a deeper look at the GFC and what the group did. In the first part, there are essays on the capital cycle, their views on value investing and management, written with real case studies of companies. The second part records their thoughts before, during and after the GFC. There is also a last set of humorous essays written fictitiously from the point-of-view of a greedy banker. The book is easy to read and each chapter is short with some dry humour injected at various sections.

Marathon's views of the capital cycle and valuation of a company are not mainstream, hence this is a good book to read to pick up new concepts. The real-life examples flesh out their ideas well. I have not come across some of their investment ideas in other books, so this would complement intermediate investors well.

Recommended: Yes

Found in NLB: Yes