Certainly a great game. Maybe the best way to view is open lines and mobility.

I'm not sure what Alekhine's plan was but it looks likes Capablanca's plan was something like...

Around 7. Qb3 he wants to control the White squares while Black's QB is stuck, especially eying the a2 diagonal with a tempo check on the King.

Around 16. Nfd4, maybe he's attempting d4 control which might be important to Black especially the KB. It also opens the h1 white diagonal if needed.

19. Be3, now the fights definitely on for d4, thinking if he can get rid of Black's KB that weaken's Black on the dark squares as well.

24. Rd3, it appears Capablanca has already seen the following combinations and saw that getting rid of the two B's without open files for the Rooks to work on is better for him.

35. the exchange of Q's pretty much defuses any Black chances. Then it's just close up the Qside and open lines for the B's and make sure the open files are well covered.

But Alekhine ventures into a line that is in effect, too transparent, which in turn, plays into Capablanca's greatest strengths: calculating and positional play. This miscalculation is somewhat odd since its not terribly deep or complex, the net effect being that Capablanca's task is eased and simplified.

One sees that both players were not thrilled about the opening. A draw was most likely when Alekhine decided to play for a win.

An excellent example of successful positional play emanating from a dry and inaccurate opening.

I'm thinking as Everett mentions all three we have to take Lasker to the theatre as well.

So... Alekhine's eyes never his pocket chess set, Capablanca's eyes never leaves the dancing girls what would Lasker be doing if he was there?

Taking an occasional peep at what opening variations Alekhine was looking at and then studying the dancing girls to see if a mathematical formulae could be applied to dance choreography.

This is fun. Let's take them to the beach.

Capablanca randomly kicks some sand about and suddenly this beautiful sandcastle appears.

Lasker builds one of the most intricate and complex sandcastles ever seen complete with a moving drawbridge powered by a waterwheel that also supplies the electricity for the rampart search lights.

Alekhine builds a sand chess set.

Capablanca's opening was very unsuccessful and he did not play the early part of the middle game well either. Had Alekhine played 24..Ba4 25 Qd2..Ne4 26 Qe1..g5 he would have had a large advantage. After 24..f4? his advantage was gone and after 27..c5? he was lost.

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The following line is now more or less forced: 23 Nf3 f4 24 gf4 gf4 25 Bf4 Qg7 25 Bg3 Bf5 26 Qb3 Nc3 27 Rc3 Bc3

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Three Minor Pieces do not fight so well against the Queen as the Queen can mount her own mating attack or multiple attack on various points. The three Minors need anchors.

Similarly with RR vs Q, the Rooks generally have to guard against the Queen's possibility of multiple attacks or mating attacks. Again the Queens side cannot sacrifice a piece (at least not if these are the only pieces left.)

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In the comments above many kibitzers have already had a lot to say about this position, so it would be pointless to add more commentary; but what about the chess engines? What do they have to say about this critical position? Alekhine played 27...c5? but the engines don't seem to like that move at all. SF13 in depth 44 suggests 27...Na4 with equality (computer evaluation: 0.00). LcZero in depth 28 also plays 27...Na4 and gives an evaluation of +0.03. Ethereal 12.75 in depth 38 plays also 27...Na4 with an evaluation of -0.37. So we may take it for granted that 27...Na4 was Black's correct move in the diagrammed position. A sample variation (White: SF13, Black: LcZero, 30 seconds per move): 27...Na4 28.Ng5 h6 29.Bc6 hxg5 30.fxg5 Bb2 31.Rc2 (depth 52) b5 32.Bd5+ Kh8 33.Qe2 (depth 40). See diagram below:

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Although he denied - after the war -
writing the anti-Semitic articles that had appeared under his name, and claimed that the Nazis had deceitfully attributed them to him, Alekhine had admitted their authorship in an interview with a Spanish newspaper during the war.

The fact that Alekhine was a personal friend of Hans Frank, who was hanged at Nuremberg for crimes against humanity, tends to support the claims that there was indeed something deeply unpleasant about him.

The curious thing is that, in order to diminish Capablanca's abilities, he had years before compared him unfavourably with a number of Jewish grandmasters.

Euwe reported that following his win over Lasker at Zurich 1934, Alekhine exclaimed: 'The Jew has been taught another lesson.'

For example, maneuver the bishops to c6 and c3 and the knight to d5, and then prepare the d4 push. For purpose of illustration:

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In the final position:

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After 38...Kh6 39.Ne2 (not even one of the three preferred moves by the engine) Rg7 40.Nc3 (the computer calls this move dubious) Rfg8, now the computer insists that white needs to bring the knight back to e2, apparently concerned about Rg1+. When I play 41.Nd5 anyway, it continues 41...Rg1+ 42.Ke2 Ra1 43.Nxb6 Re8+ 44.Be3 Ra2+ 45.Kf1 Ra1+ 46.Kg2 Rb8 47.Nd5 Rxa4

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And the evaluation is +2.42.

(I'm using Stockfish 11, depth=22, on chess.com)

From then on, I kept playing with the position and variations, and white keeps the advantage, and looks scary, though I didn't reach a winning position. (But, disclaimer, I gave up!)