The Capital Cycle Podcast

Marathon Asset Management
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23 snips
Aug 29, 2025 • 26min

Chinese Property Opportunity

Kai Chen, an Emerging Markets Analyst at Marathon Asset Management, shares insights on China's evolving real estate landscape. He discusses the drastic changes driven by government policies aimed at reducing overleveraging and how these have affected home prices and developers. Chen draws parallels with historic downturns in Japan and the U.S., highlighting resilience factors and crucial market dynamics. He also illuminates the issue of overbuilding in lower-tier cities and showcases a successful project in Chongqing, challenging negative perceptions of the sector.
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22 snips
Aug 29, 2025 • 18min

Mucky Business

Robert Anstey, a North American Portfolio Manager at Marathon Asset Management, delves into the lucrative world of waste management. He highlights the investment potential in overlooked, cyclical businesses, especially amidst stagnant waste volume growth. Anstey discusses the strong performance of municipal waste stocks and sheds light on the risks tied to environmental changes and regulatory scrutiny. The conversation also examines growth prospects in the energy sector from waste, showcasing the profitability of strategic investments in this niche market.
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18 snips
Jun 30, 2025 • 16min

Greek Banking Odyssey

Laura Fyfe, an Emerging Markets Analyst at Marathon, shares her insights on the turnaround of Greek banks. She explores the evolution of the sector, from its troubled past to newfound profitability thanks to favorable regulatory changes. The conversation delves into the reliability of capital ratios, including concerns about deferred tax credits. Fyfe also discusses the influence of the Greek government on banking, weighing potential risks against emerging opportunities for investment. Overall, she highlights the promising outlook for the National Bank of Greece.
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6 snips
Jun 30, 2025 • 21min

Japan Merger Mania

Justin Hill, a Portfolio Manager for Marathon Asset Management specializing in Japan and Asia Pacific, dives into Japan's evolving corporate landscape. He discusses three distinct merger bids and their implications for shareholder capitalism, highlighting the shift from cash hoarding to active capital allocation. Hill explains how major players like Toyota are influencing governance changes and reviews NTT's strategic acquisition to unify its telecom services. The conversation reveals a trend towards enhanced corporate governance and growing optimism for Japanese equities.
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May 30, 2025 • 23min

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. Hosted on Acast. See acast.com/privacy for more information.
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May 30, 2025 • 13min

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 Chancellor talks to Tom Wharram, a US analyst at Marathon. Hosted on Acast. See acast.com/privacy for more information.
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18 snips
May 1, 2025 • 47min

Founder’s Story

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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Mar 31, 2025 • 14min

Fish Tales

The attractions of the salmon farming industry.Edward Chancellor talks to Nick Longhurst. Hosted on Acast. See acast.com/privacy for more information.
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Mar 31, 2025 • 19min

Whitbread

Tytus Żurawski, an Analyst at Marathon Asset Management, delves into the evolution of Whitbread, tracing its transformation from a brewery to a hospitality giant. He highlights the post-pandemic strategic shifts of Premier Inn and contrasts it with competitors like Travel Lodge. The discussion also covers supply and demand dynamics in the hotel sector, particularly the impact of regulatory changes on platforms like Airbnb. Furthermore, Tytus analyzes Whitbread's financial strength and competitive edge, showcasing its appealing investment potential.
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Feb 28, 2025 • 14min

Robustness Ratio Revisited

How companies which share the benefits of scale with customers win in the long-run compared with value extractive rivals. Presented by Edward Chancellor with Alice Li, an investment analyst. Hosted on Acast. See acast.com/privacy for more information.

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