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Safe Haven: Investing for Financial Storms by [Mark Spitznagel, Nassim Nicholas Taleb]

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Safe Haven: Investing for Financial Storms Kindle Edition

4.1 out of 5 stars 270 ratings

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Review

"As introduced (and formulated) in Safe Haven, risk mitigation needs to be ‘cost-effective’ (i.e., it should raise your wealth), and to do that it needs to mitigate the risks that matter, not the risks that don’t."
—From the foreword by NASSIM NICHOLAS TALEB

"Clear, logical and persuasive, Safe Haven is highly recommended for all students of the markets—novice and professional. Spitznagel masterfully builds from first principles, establishing the role risk mitigation ought to play in investment portfolios and provides a simple yet practical framework to identify and analyze said Safe Havens."
—HARSHAL CHAUDHARI, Chief Investment Officer - General Electric Pensions

"Properly priced insurance against big investment losses can increase the expected compound growth rate of both insurer and insuree. It is a widely overlooked free lunch. Mark Spitznagel, a leading long-term practitioner, shares his insights from analyzing this extremely counterintuitive idea."
—EDWARD O. THORP, Author of Beat the Dealer and A Man for All Markets

"Safe Haven confronts the central challenge for an investor constructing a portfolio for the long term: how to mitigate systemic risk while enhancing the compound growth of the entire portfolio. Mark Spitznagel takes aim at the weaknesses of modern portfolio theory and offers a clear and compelling case for a better alternative framework."
—TED ELIOPOULOS, Vice Chairman, Morgan Stanley Investment Management, ex-CIO of CalPERS

"Spitznagel destroys all manner of conventional wisdom in this great read, including the widely accepted belief that risk-mitigation is the path to lower returns… Though Safe Haven is full of charts and numbers, it reads as though it’s written by a poet. The world needs more people like Spitznagel, and more books like the one he’s written."
—JOHN TAMNY, Editor, RealClearMarkets

"Drawing on logic, probability theory and history, Safe Haven aims to justify Spitznagel’s investment theory and show that most perceived havens investors run to — be they bonds, hedge funds or tail-risk funds — do not work."
—LAURENCE FLETCHER, Financial Times

"Conventional wisdom in investing says there’s a trade-off between risk and return. To make a lot of money, you must take the chance of big losses. Play it safe and you’ll most likely have to settle for meager returns. [Spitznagel’s] book says the strongest long-term returns come from reducing the risk in a portfolio… I think [he] is on to something that the rest of the industry should heed.”
PETER COY, The New York Times

--This text refers to the hardcover edition.

From the Inside Flap

What is a safe haven?

What role should they play in an investment portfolio? Do we use them only to seek shelter until the passing of financial storms? Or are they something more? Contrary to everything we know from modern financial theory, can higher returns actually come as a result of lowering risk? In Safe Haven, hedge fund manager Mark Spitznagel—one of the top practitioners of safe haven investing and portfolio risk mitigation in the world—answers these questions and more. Investors who heed the message in this book will never look at risk mitigation the same way again.

--This text refers to the hardcover edition.

Product details

  • ASIN ‏ : ‎ B09CGHBR89
  • Publisher ‏ : ‎ Wiley; 1st edition (Aug. 10 2021)
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 6466 KB
  • Text-to-Speech ‏ : ‎ Enabled
  • Screen Reader ‏ : ‎ Supported
  • Enhanced typesetting ‏ : ‎ Enabled
  • X-Ray ‏ : ‎ Not Enabled
  • Word Wise ‏ : ‎ Enabled
  • Print length ‏ : ‎ 228 pages
  • Page numbers source ISBN ‏ : ‎ 1119401798
  • Customer Reviews:
    4.1 out of 5 stars 270 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

4.1 out of 5 stars
4.1 out of 5
270 global ratings

Top reviews from Canada

Reviewed in Canada on October 31, 2021
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Reviewed in Canada on August 30, 2021
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Reviewed in Canada on October 5, 2021
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Top reviews from other countries

Jim
5.0 out of 5 stars Great, just don’t expect any trade secrets
Reviewed in the United Kingdom on August 22, 2021
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5 people found this helpful
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Stefan Stefanov
5.0 out of 5 stars Groundbreaking
Reviewed in the United Kingdom on February 21, 2022
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5.0 out of 5 stars Groundbreaking
Reviewed in the United Kingdom on February 21, 2022
The first time I read it on kindle. I knew it it was very important book. These ideas were always with me, intuitively, and that is the reason I never bankrupted as a professional gambler.
But with the physical book i had to deconstruct every idea inside - why, how it worked. Made files in Excel to calculate all the BEV/EM and laughed myself out when I discovered that Mark Spitznagel used in his St. Petersburg merchant primer, the exactly same example as Bernoulli's Gaius.
Everybody has to work it out for himself - ho much exactly will cost him an insurance, depending on personal wealth, price of the insurance, etc. There is no single on-size-fit all answer.
It takes time, do your own calculations, it is worth it.
Great Job!
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2 people found this helpful
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Stephen Miller
5.0 out of 5 stars Very interesting
Reviewed in the United Kingdom on October 31, 2021
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Fontana Federico
2.0 out of 5 stars The noble intent of the book lacked substance and practical insight
Reviewed in the United Kingdom on November 25, 2021
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william cooper
5.0 out of 5 stars Eye opening great read
Reviewed in the United Kingdom on December 24, 2021
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