The Capital Cycle Podcast Founder’s Story
18 snips
May 1, 2025 Neil Ostrer, founding partner of Marathon Asset Management and a veteran portfolio manager, shares insights from his extensive career. He discusses the critical importance of a long-term investment horizon and critiques the low value of broker advice. Ostrer challenges the traditional value versus growth investment debate, highlighting Marathon's focus on industry clusters. He emphasizes the need for direct engagement with company management to enhance capital-cycle investing and explores the pitfalls of short-term thinking in the investment world.
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Long-Term Capital Cycle Insight
- Investing requires seeking businesses in good capital cycles to achieve strong returns.
- Maintaining a long-term horizon is vital for success over multiple market ups and downs.
Limit Broker Interactions
- Spend minimal time with brokers who seek commissions through transactions.
- Focus instead on fundamental research and direct management meetings for sound investments.
TMT Bubble Suffering
- During the late 1990s tech bubble, Marathon suffered short-term underperformance due to benchmark tracking error pressure.
- This was despite avoiding overvalued TMT stocks and focusing on capital cycle discipline.
