The Dao of Capital + Website - Austrian Investing in a Distorted World

Informationen zum Autor Mark Spitznagel is the founder and President of Universa Investments, an investment advisor that specializes in equity tail-hedging?or profiting from extreme stock market losses as a means of enhancing investment returns. In addition to hedge fund investing, Spitznagel's twenty-year investment career has ranged from independent pit trader at the Chicago Board of Trade to proprietary trading head at Morgan Stanley. He also owns and operates Idyll Farms in northern Michigan. Klappentext Praise for The Dao of Capital "A timely, original, right-economic principles and history-based approach to investing. Drawing on impressive philosophical building blocks, The Dao of Capital illuminates the wellsprings of capital creation, innovation and economic progress. Dazzling!" - Steve Forbes, Chairman and Editor-in-Chief, Forbes Media "This is a magnificent, scintillating book that I will read over and over again. Every page is eye-opening, with numerous areas for testing and profits in every chapter. Here's an unqualified, total, heartfelt recommendation, which coming from me is a rarity, and possibly unique." - Victor Niederhoffer, Author of The Education of a Speculator " The Dao of Capital is an impressive work. Spitznagel's approach is refreshing-scholarly without being tedious. What a broad look at economic history it provides!" - Byron Wien, Vice Chairman, Blackstone Advisory Partners LP "Wall Street gamblers who believe the Fed has their back need to read this book. Mark Spitznagel provides a brilliant demonstration that the gang of money printers currently resident in the Eccles Building have not repealed the laws of sound money nor have they rescinded the historical lessons on which they are based." - David Stockman, Former U.S. Congressman, Budget Director under Ronald Reagan, and Author of The Great Deformation "Mark Spitznagel assembles the best insights in human nature and economics to bring order out of the chaos of our world. Economists, investors and lay persons alike will find abundant treasures in The Dao of Capital , one remarkably useful and exciting book!" - Lawrence Reed, President, Foundation for Economic Education and President Emeritus, Mackinac Center for Public Policy "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." Zusammenfassung As today's preeminent doomsday investor Mark Spitznagel describes his Daoist and roundabout investment approach, one gains by losing and loses by gaining. Inhaltsverzeichnis Foreword xvii Introduction xxiii Chapter One: The Daoist Sage Klipp's Paradox 1 The Old Master 3 The Soft and Weak Vanquish the Hard and Strong 6 Into the Pit 9 The Privileges of a Trader 12 Robinson Crusoe in the Bond Pit 15 Fishing in "McElligot's Pool" 18 Enter the Austrians: A von Karajan Moment 18 A State of Rest 21 Guiding into Emptiness 23 Moving On 26 The Wisdom of the Sages 29 Chapter Two: The Forest in the Pinecone The Roundabout and the Logic of Growth 33 The Forest and the Tree 36 The Slow Seedling 39 Wildfire and Resource Reallocation 41 The Conifer Effect 43 A Logic of Growth 49 Chapter Three: SHI The Intertemporal Strategy 51 The Dao of Sun Wu 56 Shi and the Crossbow 58 Li-The Direct Path 59 Shi and Li at the Weiqi Board 60 A Common Thread, from East to West 64 An Attack of Misunderstanding 68 On War-An Indirect Strategy...

List of contents

Foreword xvii
 
Introduction xxiii
 
Chapter One: THE DAOIST SAGE
Klipp's Paradox 1
 
The Old Master 3
 
The Soft and Weak Vanquish the Hard and Strong 6
 
Into the Pit 9
 
The Privileges of a Trader 12
 
Robinson Crusoe in the Bond Pit 15
 
Fishing in "McElligot's Pool" 18
 
Enter the Austrians: A von Karajan Moment 18
 
A State of Rest 21
 
Guiding into Emptiness . . . 23
 
Moving On 26
 
The Wisdom of the Sages 29
 
Chapter Two: THE FOREST IN THE PINECONE
The Roundabout and the Logic of Growth 33
 
The Forest and the Tree 36
 
The Slow Seedling 39
 
Wildfire and Resource Reallocation 41
 
The Conifer Effect 43
 
A Logic of Growth 49
 
Chapter Three: SHI
The Intertemporal Strategy 51
 
The Dao of Sun Wu 56
 
Shi and the Crossbow 58
 
Li--The Direct Path 59
 
Shi and Li at the Weiqi Board 60
 
A Common Thread, from East to West 64
 
An Attack of Misunderstanding 68
 
On War--An Indirect Strategy 70
 
Shi, Ziel, Mittel, und Zweck 74
 
Chapter Four: THE SEEN AND THE FORESEEN
The Roots of the Austrian Tradition 75
 
That Which Must Be Foreseen 78
 
At the Viennese Crossroads Between East and West 85
 
The Teleology of Baer's Butterfly 88
 
Menger Establishes the Austrian School 89
 
Tutor to the Prince 93
 
Methodenstreit 97
 
Österreichische Schule 101
 
Chapter Five: UMWEG
The Roundabout Path of the Unternehmer 103
 
Postulating the "Positive" 105
 
Produktionsumweg 108
 
Böhm-Bawerk, the Bourgeois Marx 113
 
Faustmann's Forest Economy 116
 
Rings of Capital 122
 
Henry Ford: The Roundabout Unternehmer 125
 
The Roundabout of Life 134
 
Chapter Six: TIME PREFERENCE
Overcoming That Humanness About Us 139
 
"Radical" Böhm-Bawerk and the Psychology of Time Preference 145
 
The Curious Case of Phineas Gage 149
 
The Shi and Li Brain 151
 
The Subjectivity of Time 153
 
The Trade-Off of an Addict 158
 
No Zeal for Ziel on Wall Street 161
 
Adapting to the Intertemporal 164
 
Chapter Seven: "THE MARKET IS A PROCESS" 167
The Man Who Predicted the Great Depression 169
 
Fleeing the Nazis 173
 
Human Action 175
 
Unternehmer in the Land of the Nibelungen 179
 
Genuine Change Is Afoot in Nibelungenland--A Market-Induced Drop in Interest Rates 187
 
Distortion Comes to Nibelungenland--The Central Bank Lowers Rates 190
 
Time Inconsistency and the Term Structure 194
 
The Day of Reckoning Comes to Nibelungenland 198
 
The Austrian View 199
 
The Market Process Prevails 201
 
Chapter Eight: HOMEOSTASIS
Seeking Balance in the Midst of Distortion 203
 
The Teleology of the Market 205
 
The Yellowstone Effect 207
 
Lessons from the Distorted Forest 209
 
Market Cybernetics 213
 
How Things "Go Right" 216
 
Spontaneous Order 217
 
Distortion 219
 
The Sand Pile Effect 220
 
Distortion's Message: "Do Nothing" 222
 
The Shi of Capital 223
 
Chapter Nine: AUSTRIAN INVESTING I: THE EAGLE AND THE SWAN
Exploiting Distortion with Misesian Tools 227
 
Homeostasis en force 229
 
Witness to the Distortion 231
 
An Initial Misesian Investment Strategy 236
 
The Eagle and the Swan 240
 
Case Study: Prototypical Tail Hedging 244
 
The Ziel and the Zweck: Central Bank

Report

"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

Product details

• Authors: M Spitznagel, Mark Spitznagel, Mark (Universa Investments) Spitznagel, Spitznagel Mark
• Assisted by: Ron Paul (Foreword)
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Hardback
• Released: 18.09.2013
• EAN: 9781118347034
• ISBN: 978-1-118-34703-4
• No. of pages: 368
• Dimensions: 163 mm x 236 mm x 33 mm
• Subjects: Social sciences, law, business > Business > Business administration; Volkswirtschaftslehre, Kapitalanlage, Economics, trading, Börsenhandel, Finance & Investments, Finanz- u. Anlagewesen, Spezialthemen Finanz- u. Anlagewesen, Finance & Investments Special Topics, Economics Special Topics, Spezialthemen Volkswirtschaftslehre