The Capital Cycle Podcast

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.

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.

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.

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.

The attractions of the salmon farming industry.Edward Chancellor talks to Nick Longhurst. Hosted on Acast. See acast.com/privacy for more information.

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.

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.

Jordane Guillot, an investment analyst at Marathon Asset Management, dives into Dassault Systèmes, a leading French technology firm. He discusses the company's current valuation challenges while highlighting its crucial role in industrial design. The conversation covers unique capital cycles in engineering software and strategic acquisitions that bolster market position. Guillot also addresses the impact of the shift from license-based to subscription models and the significance of advancements like virtual pre-testing in drug development.

Laura Fyfe, an emerging markets analyst at Marathon Asset Management, dives into the potential of smaller capitalization investments that are currently overlooked. She shares insights on how market concentration favors a few major players while revealing lucrative opportunities in countries like South Africa and Mexico. Fyfe discusses lesser-known companies like AVI and Gruma, highlighting their strong governance and growth potential. The conversation emphasizes the value of exploring undervalued markets as alternative investment avenues, contrasting them with more saturated regions.

A look back at how the investment banking species has evolved into its modern day form of alternative investment manager. The story is told through the career of Stanley Churn, Marathon’s satirical archetype of an investment banker.Presented by Edward Chancellor with Charles Carter, Portfolio Manager Europe Hosted on Acast. See acast.com/privacy for more information.