This episode is comprised of excerpts from Edward Chancellor's book, "Capital Account: A Money Manager's Report," which compiles essays originally published as the Global Investment Review by Marathon Asset Management Ltd. These excerpts offer an in-depth analysis of the capital cycle approach to investment, advocating for fundamental analysis over trends and short-term earnings focus. The content critically examines market phenomena, including the telecoms bubble, the rise of "shareholder value" philosophy, and the conflicts of interest within the investment banking community. Furthermore, the text explores investor irrationality, issues of corporate mismanagement and corruption, and the importance of competition and consolidation in determining long-term profitability and shareholder returns.