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TIP729: Mastering the Capital Cycle

We Study Billionaires - The Investor’s Podcast Network

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Navigating the Capital Cycle

This chapter examines insights from 'Capital Returns' by Edward Chancellor, focusing on the capital cycle's influence on investment strategies. It discusses how cognitive biases can lead to overinvestment and the challenges posed by cyclical industries, while illustrating these concepts with the fictional company Macro Industries. Additionally, it highlights the dangers of extrapolating past performance for future returns and the necessity of disciplined capital allocation.

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