Capital Returns : Understand the industry structure “Over the long term, businesses are determined by cash flows, which are themselves primarily influenced by Competitive advantage of an industry”- Capital Account (1993-2002) Every year, we have made it a ritual to read Capital Account (1993-2002) and Capital Returns (2002-2015), just to reinforce the central thought in our investing philosophy i.e. the industry structure and the business economics is the real driver of returns and profitability. Earlier, we often used to ponder over questions like: