The Dao of Capital: Austrian Investing in a Distorted World

Capa
John Wiley & Sons, 16/08/2013 - 368 páginas

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 Mark Spitznagel—with one of the top returns on capital of the financial crisis, as well as over a career—takes us 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. We arrive at his central investment methodology of Austrian Investing, where 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.

Spitznagel is the first to condense the theories of Ludwig von Mises and his Austrian School of economics into a cohesive and—as Spitznagel has shown—highly effective investment methodology. From identifying the monetary distortions and non-randomness of stock market routs (Spitznagel's bread and butter) to scorned highly-productive assets, in Ron Paul's words from the foreword, Spitznagel “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.

 

Índice

Introduction
3
Robinson Crusoe in the Bond
15
A State of Rest
21
The Wisdom of the Sages
29
The Forest and the Tree
36
The Conifer Effect
43
A Logic of Growth
49
xi
62
The Shi and Li Brain
151
The TradeOff of an Addict
158
Adapting to the Intertemporal
164
Fleeing the Nazis
173
Unternehmer in the Land of the Nibelungen
179
Genuine Change Is Afoot in Nibelungenland
187
Time Inconsistency and the Term Structure
194
The Market Process Prevails
201

A Common Thread from East to West
64
That Which Must Be Foreseen
78
Tutor to the Prince
93
Produktionsumweg
108
Rings of Capital
122
Radical BöhmBawerk and the Psychology
145
The Yellowstone Effect
207
Market Cybernetics
213
The Eagle and the Swan
240
Austrian Investings Estranged Heir
269
Notes
293
Acknowledgments
309

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Acerca do autor (2013)

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.

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