Investing Through The Capital Cycle And a Warning For AI Stocks? (Marathon Asset Management)

Chit Chat Stocks · Mar 18, 2026 · 1h 8m

On this episode of Chit Chat Stocks, we dive into another super investor series covering Marathon Asset Management, a fund that has been around for decades, investing through a framework called Capital Cycle Theory. We discuss:

(00:00) Introduction

(02:46) Understanding the Investment Philosophy

(05:19) The History and Performance of Marathon

(11:07) Capital Cycle Theory Explained

(19:50) The Evolution of Earnings Reports

(21:37) Case Study: The Telecom Bubble

(27:15) Management's Role in Capital Cycles

(31:55) Insights from Capital Returns

(36:34) Investment Strategies in Capital Cycles…