Have you ever wondered why returns in a "hot" industry suddenly vanish, while old, forgotten industries become profitable again?

This a deep dive into "Capital Returns: Investing Through the Capital Cycle," a brilliant collection of essays edited by Edward Chancellor. This book reveals the most powerful yet overlooked force in markets: the capital cycle. We'll show you how to use this framework to understand the ebb and flow of industries, identify when to get in and out, and find massive returns by investing against the crowd.

In this book talk, you'll learn:

• The core principles of the capital cycle and how it dictates industry returns.

• How to spot the red flags of overcapacity and the green lights of capital starvation.

• The crucial role of supply and demand in long-term investing.

• How to use this framework to become a truly contrarian value investor.

This isn't just a book summary; it's a guide to thinking differently about markets. If you're ready to stop chasing fads and start using a timeless investing framework, this is the essential talk for you.

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