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The Dao of Capital: Austrian Investing in a Distorted World by [Mark Spitznagel, Ron Paul]

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The Dao of Capital: Austrian Investing in a Distorted World Kindle Edition

4.4 out of 5 stars 418 ratings

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Review

"Spitznagel has written an essential new book. Indeed, might be one of the most important books of the year, or any year for that matter."
Forbes

"The Dao of Capital: Austrian Investing In A Distorted World by Mark Spitznagel (Wiley, 2013) is a beautifully crafted book, one I can recommend to readers of all political/economic persuasions… it is impossible not to be shaped by its carefully presented history and logic."
Seeking Alpha

"There is no shortage of market bears who take a grim view of the stock market. But Mr. Spitznagel has gained credibility in the investment world by predicting two market routs in the past decade, first in 2000 and then in 2008. Still, Mr. Spitznagel's approach is unusual for a money manager."
The New York Times

"A fascinating and radical break from the investment dogma of the past several decades"
Fortune

"While The Dao of Capital makes for demanding reading, it repays the effort as a heady historical and intellectual feast."
Barron's

"Spitznagel could simply have written that investors need patience and must avoid the temptation of the quick profit; that building a successful strategy, and life, involves a longer-term approach foregoing instant gratification; that establishing a solid foundation while appearing not to create progress puts you in position for much greater success later on. He did not do that. Instead, he takes you on a tour of history and nature that illuminates these long held truths. In the end his message is simple, but by providing the historical underpinnings he brings them to life in a much more vibrant way."
Futures Magazine

Among the "12 Books That Every Investor Should Read... deeply informative and will leave an impact on you."
Business Insider

"A memoir and free market manifesto... that bring(s) theoretical concepts down to the practicallevel."
Institutional Investor

"I applaud the book as a look into the thinking process of a great investor, especially one that has a clear and consistent understanding of the market process, the dangers of government intervention, and the benefits of Austrian economics."
Ludwig von Mises Institute

--This text refers to the hardcover edition.

From the Inside Flap

As today's preeminent doomsday investor Mark Spitznagel describes his Daoist and roundabout investment approach, "one gains by losing and loses by gaining." This is Austrian Investing, an archetypal, counterintuitive, and proven approach, gleaned from the 150-year-old Austrian School of Economics, that is both timeless and exceedingly timely.

In The Dao of Capital, hedge fund manager and tail-hedging pioneer Spitznagel takes the reader on a gripping, circuitous journey from the Chicago trading pits, over the coniferous boreal forests and canonical strategists from Warring States China to Napoleonic Europe to burgeoning industrial America, to the great economic thinkers of late 19th-century Austria, ultimately arriving at his central investment methodology of Austrian Investing. Victory comes not from waging the immediate decisive battle, but rather from the roundabout approach of seeking the intermediate positional advantage (what he calls shi), of aiming at the indirect means rather than directly at the ends. The monumental challenge is in seeing time differently, in a whole new intertemporal dimension, one that is so contrary to our wiring.

With one of the top returns on capital of the financial crisis, as well as over a career, Spitznagel is the first to condense the theories of Ludwig von Mises and his Austrian School of Economics into a cohesive and highly effective investment methodology. From identifying the monetary distortions and non-randomness of stock market routs (or black swans, Spitznagel's bread and butter) to scorned highly-productive assets, The Dao of Capital, in Ron Paul's words from the Foreword, "brings Austrian economics from the ivory tower to the investment portfolio."

The Dao of Capital provides a rare and accessible look through the lens of one of today's great investors to discover a profound harmony with the market process—a harmony that is so essential today.

--This text refers to the hardcover edition.

Product details

  • ASIN ‏ : ‎ B00D7P2K1W
  • Publisher ‏ : ‎ Wiley; 1st edition (Aug. 16 2013)
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 9773 KB
  • Text-to-Speech ‏ : ‎ Enabled
  • Screen Reader ‏ : ‎ Supported
  • Enhanced typesetting ‏ : ‎ Enabled
  • X-Ray ‏ : ‎ Enabled
  • Word Wise ‏ : ‎ Enabled
  • Sticky notes ‏ : ‎ On Kindle Scribe
  • Print length ‏ : ‎ 490 pages
  • Customer Reviews:
    4.4 out of 5 stars 418 ratings

About the author

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Mark Spitznagel is the Founder and Chief Investment Officer of the hedge fund Universa Investments and the author of the book The Dao of Capital.

Customer reviews

4.4 out of 5 stars
4.4 out of 5
418 global ratings

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5.0 out of 5 stars A different view of investing and economics
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5.0 out of 5 stars More people should....
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