The Capital Cycle Podcast
- Episodes
- 45
- Released
- monthly
- Latest episode
- Oct 30, 2026
About the podcast
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.
Episodes 45
Mother of all Capex Cycles
Chris Wood discusses the AI capital cycle. Edward Chancellor talks to guest speaker Chris Wood, Global Head of Equity Strategy at Jefferies.For more information, or to access select articles from Marathon’s …
Show notes
Chris Wood discusses the AI capital cycle.
Edward Chancellor talks to guest speaker Chris Wood, Global Head of Equity Strategy at Jefferies.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
Asian Capital Cycles
Chris Wood discusses capital cycles across Asia, from Japan to China, since the 1980s.Edward Chancellor talks to guest speaker Chris Wood, Global Head of Equity Strategy at Jefferies.For more information, or to …
Show notes
Chris Wood discusses capital cycles across Asia, from Japan to China, since the 1980s.
Edward Chancellor talks to guest speaker Chris Wood, Global Head of Equity Strategy at Jefferies.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
Where's the Cash?
Deals based on dreams in the AI world versus cash transactions in the Old World.Edward Chancellor talks to Charles Carter, a European Equities Portfolio Manager. For more information, or to access select …
Show notes
Deals based on dreams in the AI world versus cash transactions in the Old World.
Edward Chancellor talks to Charles Carter, a European Equities Portfolio Manager.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
Knock on Wood
Two Capital Cycles for the price of one in US forestry. Edward Chancellor talks to Rob Anstey, a US Equities Portfolio Manager.For more information, or to access select articles from Marathon’s Global …
Show notes
Two Capital Cycles for the price of one in US forestry.
Edward Chancellor talks to Rob Anstey, a US Equities Portfolio Manager.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
Exchange Trade
Derivative exchanges appear under threat. Are fears justified? Edward Chancellor talks to Ian Deacon, a US Equities Portfolio Manager. For more information, or to access select articles from Marathon’s Global …
Show notes
Derivative exchanges appear under threat. Are fears justified?
Edward Chancellor talks to Ian Deacon, a US Equities Portfolio Manager.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
Auto Heaven & Hell
While the capital cycle in autos appears dire, auto glass-making looks altogether different. Edward Chancellor talks to Yixuan Yang, an Emerging Markets Equities Analyst.For more information, or to access …
Show notes
While the capital cycle in autos appears dire, auto glass-making looks altogether different.
Edward Chancellor talks to Yixuan Yang, an Emerging Markets Equities Analyst.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
Buyback Heaven
How buybacks are delivering value to shareholders in Japan. Edward Chancellor talks to Justin Hill, a Japanese Equities Portfolio Manager.For more information, or to access select articles from Marathon’s …
Show notes
How buybacks are delivering value to shareholders in Japan.
Edward Chancellor talks to Justin Hill, a Japanese Equities Portfolio Manager.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
RealKapital
De-globalisation and the steel industry. Edward Chancellor talks to Tytus Zurawski, a European Equities Analyst.For more information, or to access select articles from Marathon’s Global Investment Review …
Show notes
De-globalisation and the steel industry.
Edward Chancellor talks to Tytus Zurawski, a European Equities Analyst.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
Passive’s Massive AI Gamble
Relatively less liquid mega-cap stocks and sector concentration have led to unintended risks for passive investors.Edward Chancellor talks to Tom Wharram, a North American Equities Analyst.For more information …
Show notes
Relatively less liquid mega-cap stocks and sector concentration have led to unintended risks for passive investors.
Edward Chancellor talks to Tom Wharram, a North American Equities Analyst.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
DeepSequel
How Chinese innovators and imitators are threatening Western businesses. Edward Chancellor talks to Laura Fyfe, an Emerging Markets Analyst.For more information, or to access select articles from Marathon’s …
Show notes
How Chinese innovators and imitators are threatening Western businesses.
Edward Chancellor talks to Laura Fyfe, an Emerging Markets Analyst.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
AI and the Material World
As the AI theme goes global, opportunity arises in undervalued, tangible assets. Edward Chancellor talks to Alex Duffy, an Emerging Markets Fund Manager. For more information, or to access select articles from …
Show notes
As the AI theme goes global, opportunity arises in undervalued, tangible assets.
Edward Chancellor talks to Alex Duffy, an Emerging Markets Fund Manager.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
AI Disruptees
Opportunities among companies deemed AI losers. Edward Chancellor talks to Charles Carter, a European Equities Fund Manager. For more information, or to access select articles from Marathon’s Global Investment …
Show notes
Opportunities among companies deemed AI losers.
Edward Chancellor talks to Charles Carter, a European Equities Fund Manager.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
Aircraft Leasing Lift-Off
A shortage of planes is a boon for leasing companies. Edward Chancellor talks to Tom Wharram, a North American Equities Analyst. For more information, or to access select articles from Marathon’s Global …
Show notes
A shortage of planes is a boon for leasing companies.
Edward Chancellor talks to Tom Wharram, a North American Equities Analyst.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
Masters of the Air
How European aerospace companies lead the world in an attractive capital cycle. Edward Chancellor talks to Ben Slingsby, an European Equities Analyst.For more information, or to access select articles from …
Show notes
How European aerospace companies lead the world in an attractive capital cycle.
Edward Chancellor talks to Ben Slingsby, an European Equities Analyst.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
AI Eats Software?
Rising investment appears to be leading to increasing capacity and competition. Edward Chancellor talks to Tom Wharram, a North American Equities Analyst. For more information, or to access select articles from …
Show notes
Rising investment appears to be leading to increasing capacity and competition.
Edward Chancellor talks to Tom Wharram, a North American Equities Analyst.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
The Tyranny of the Index
History tells us that long-term equity returns depend on the starting valuation level. Edward Chancellor talks to Alex Duffy, an Emerging Markets Portfolio Manager.For more information, or to access select …
Show notes
History tells us that long-term equity returns depend on the starting valuation level.
Edward Chancellor talks to Alex Duffy, an Emerging Markets Portfolio Manager.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
Capital Account Book
A discussion of Marathon’s first book, published in 2004.Edward Chancellor talks to Charles Carter, a European portfolio manager. For more information, or to access select articles from Marathon’s Global …
Show notes
A discussion of Marathon’s first book, published in 2004.
Edward Chancellor talks to Charles Carter, a European portfolio manager.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
Boxing Day Gift
The capital cycle in the cardboard box industry. Edward Chancellor talks to Rob Anstey, a North American Portfolio Manager. For more information, or to access select articles from Marathon’s Global Investment …
Show notes
The capital cycle in the cardboard box industry.
Edward Chancellor talks to Rob Anstey, a North American Portfolio Manager.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
Job Lot on Sale
The rise of Kanzhun’s online recruitment business, Boss Zhipin, in China. Edward Chancellor talks Kai Chen, an Emerging Markets Analyst.For more information, or to access select articles from Marathon’s Global …
Show notes
The rise of Kanzhun’s online recruitment business, Boss Zhipin, in China.
Edward Chancellor talks Kai Chen, an Emerging Markets Analyst.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
Churn Chat
A satire imagining a heated boardroom discussion of AI funding challenges. Edward Chancellor introduces Stanley Churn’s latest business venture. Disclaimer: All characters, names and organisations portrayed are …
Show notes
A satire imagining a heated boardroom discussion of AI funding challenges.
Edward Chancellor introduces Stanley Churn’s latest business venture.
Disclaimer:
All characters, names and organisations portrayed are entirely fictional and are not intended to represent or be modelled on any real persons or companies.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
A Different Network Effect
The long-term appeal of European utility networks. Edward Chancellor talks to Ben Slingsby, a European Analyst. For more information, or to access select articles from Marathon’s Global Investment Review …
Show notes
The long-term appeal of European utility networks.
Edward Chancellor talks to Ben Slingsby, a European Analyst.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
Barbarous Relics
Absolute return potential in Emerging Market stocks. Edward Chancellor talks Laura Fyfe, an Emerging Markets Analyst.For more information, or to access select articles from Marathon’s Global Investment Review …
Show notes
Absolute return potential in Emerging Market stocks.
Edward Chancellor talks Laura Fyfe, an Emerging Markets Analyst.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
AI: Mad Maths?
Applying some cold logic to a hot sector. Edward Chancellor talks to Charles Carter, a European Portfolio Manager. For more information, or to access select articles from Marathon’s Global Investment Review …
Show notes
Applying some cold logic to a hot sector.
Edward Chancellor talks to Charles Carter, a European Portfolio Manager.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
The Long Tail
How a book inspired strategy at Richelieu Hardware. Edward Chancellor talks to Tom Wharram, a North American Analyst.For more information, or to access select articles from Marathon’s Global Investment Review …
Show notes
How a book inspired strategy at Richelieu Hardware.
Edward Chancellor talks to Tom Wharram, a North American Analyst.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
Chinese Property Opportunity
The industry appears to be entering a favourable turn in its capital cycle. Edward Chancellor talks to Kai Chen, an Emerging Markets Analyst.For more information, or to access select articles from Marathon’s …
Show notes
The industry appears to be entering a favourable turn in its capital cycle.
Edward Chancellor talks to Kai Chen, an Emerging Markets Analyst.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
Mucky Business
Waste management can be a highly lucrative endeavour. Edward Chancellor talks to Robert Anstey, a North American Portfolio Manager.For more information, or to access select articles from Marathon’s Global …
Show notes
Waste management can be a highly lucrative endeavour.
Edward Chancellor talks to Robert Anstey, a North American Portfolio Manager.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
Greek Banking Odyssey
The remarkable revival of Greek banks following a turn in the capital cycle. Edward Chancellor talks to Laura Fyfe, an Emerging Markets Analyst.For more information, or to access select articles from Marathon’s …
Show notes
The remarkable revival of Greek banks following a turn in the capital cycle.
Edward Chancellor talks to Laura Fyfe, an Emerging Markets Analyst.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
Japan Merger Mania
Three contrasting bids in Japan and what this says about evolving shareholder capitalism. Edward Chancellor talks to Justin Hill, a Developed Asia Portfolio Manager.For more information, or to access select …
Show notes
Three contrasting bids in Japan and what this says about evolving shareholder capitalism.
Edward Chancellor talks to Justin Hill, a Developed Asia Portfolio Manager.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
Platinum Bombed
Investors appear highly pessimistic about the value of Platinum Group Metals. They may be wrong. Edward Chancellor talks to Alex Duffy, an Emerging Markets Portfolio Manager.For more information, or to access …
Show notes
Investors appear highly pessimistic about the value of Platinum Group Metals. They may be wrong.
Edward Chancellor talks to Alex Duffy, an Emerging Markets Portfolio Manager.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
US Small Caps: Margin of Safety
The underperformance of smaller capitalisation US stocks leaves valuation multiples at historically high discounts to larger companies. Counter-intuitively, this may reverse in an economic downturn. Edward …
Show notes
The underperformance of smaller capitalisation US stocks leaves valuation multiples at historically high discounts to larger companies. Counter-intuitively, this may reverse in an economic downturn.
Edward Chancellor talks to Tom Wharram, a US analyst at Marathon.
For more information, or to access select articles from Marathon’s Global Investment Review publications which accompany this podcast series, please visit www.thecapitalcycle.co.uk
Hosted on Acast. See acast.com/privacy for more information.
These are the latest 40 of 45 episodes. You’ll find older episodes in the podcast’s feed.
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