In today’s episode, Christian Billinger, a London-based investor who has joined the podcast before, is speaking with none other than Edward Chancellor. Edward is an author, finance journalist, and former hedge fund investment strategist. The discussion is centered around Chancellor’s book Capital Returns. It covers capital cycle investing and how investors can benefit from focusing on forecasting supply rather than demand.

For more info about the podcast, go to the episode page and make sure to follow us on Twitter/X. We love to hear your thoughts so please give us a rating/review in your podcast player! Also, feel free to share great authors, books, and investors you want to hear on the show. /Eddie & Niklas with team

This episode was recorded on Dec 15, 2023.

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Episode Chapters

(00:00) Introduction to today’s format by Eddie & Niklas

(02:33) Introduction by Christian

(07:43) Another lesson from the book

(10:15) Does capital cycle investing merge the growth and value dichotomy?

(13:21) Quality as a generator of Alpha

(15:38) Finding companies where the capital cycle doesn’t apply

(18:10) Does the framework also apply to the overall market?

(26:24) Applying the framework in a capital-light industry

(28:13) Obvious excesses in the current time

(33:30) Have the obvious excesses been fully compensated for?

(35:48) Fitting the narrow market rise into the framework

(42:38) Rounding off the discussion

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Books Mentioned

• Devil Take the Hindmost - Edward Chancellor
• Capital Returns - Edward Chancellor
• The Price of Time - Edward Chancellor

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More on Edward

• https://www.edwardchancellor.com/

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About the Podcast

Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books

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What is Investing by the Books?

Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.

Visit the website: http://www.investingbythebooks.com/

Follow on Twitter/X: https://twitter.com/Investbythebook

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What is Redeye?

Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.

Visit the website: https://www.redeye.se/

Follow on Twitter/X: https://twitter.com/Redeye_

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Disclaimer

Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se