{"product_id":"the-dao-of-capital-isbn-9781118347034","title":"The Dao of Capital","description":"\u003cp\u003e\u003cb\u003eAs today's preeminent doomsday investor Mark Spitznagel describes his \u003ci\u003eDaoist\u003c\/i\u003e and \u003ci\u003eroundabout\u003c\/i\u003e investment approach, \"one gains by losing and loses by gaining.\" This is \u003ci\u003eAustrian Investing\u003c\/i\u003e, an archetypal, counterintuitive, and proven approach, gleaned from the 150-year-old Austrian School of economics, that is both timeless and exceedingly timely.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIn \u003ci\u003eThe Dao of Capital\u003c\/i\u003e, 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 \u003ci\u003eAustrian Investing\u003c\/i\u003e, where victory comes not from waging the immediate decisive battle, but rather from the \u003ci\u003eroundabout\u003c\/i\u003e approach of seeking the intermediate positional advantage (what he calls \u003ci\u003eshi\u003c\/i\u003e), of aiming at the indirect means rather than directly at the ends. The monumental challenge is in seeing time differently, in a whole new \u003ci\u003eintertemporal\u003c\/i\u003e dimension, one that is so contrary to our wiring.\u003c\/p\u003e \u003cp\u003eSpitznagel 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.\"\u003c\/p\u003e \u003cp\u003e\u003ci\u003eThe Dao of Capital\u003c\/i\u003e 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.\u003c\/p\u003e \u003cp\u003eForeword xvii\u003c\/p\u003e \u003cp\u003eIntroduction xxiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter One: The Daoist Sage\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eKlipp’s Paradox 1\u003c\/p\u003e \u003cp\u003eThe Old Master 3\u003c\/p\u003e \u003cp\u003eThe Soft and Weak Vanquish the Hard and Strong 6\u003c\/p\u003e \u003cp\u003eInto the Pit 9\u003c\/p\u003e \u003cp\u003eThe Privileges of a Trader 12\u003c\/p\u003e \u003cp\u003eRobinson Crusoe in the Bond Pit 15\u003c\/p\u003e \u003cp\u003eFishing in “McElligot’s Pool” 18\u003c\/p\u003e \u003cp\u003eEnter the Austrians: A von Karajan Moment 18\u003c\/p\u003e \u003cp\u003eA State of Rest 21\u003c\/p\u003e \u003cp\u003eGuiding into Emptiness 23\u003c\/p\u003e \u003cp\u003eMoving On 26\u003c\/p\u003e \u003cp\u003eThe Wisdom of the Sages 29\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter Two: The Forest in the Pinecone\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Roundabout and the Logic of Growth 33\u003c\/p\u003e \u003cp\u003eThe Forest and the Tree 36\u003c\/p\u003e \u003cp\u003eThe Slow Seedling 39\u003c\/p\u003e \u003cp\u003eWildfire and Resource Reallocation 41\u003c\/p\u003e \u003cp\u003eThe Conifer Effect 43\u003c\/p\u003e \u003cp\u003eA Logic of Growth 49\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter Three: SHI\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Intertemporal Strategy 51\u003c\/p\u003e \u003cp\u003eThe Dao of Sun Wu 56\u003c\/p\u003e \u003cp\u003eShi and the Crossbow 58\u003c\/p\u003e \u003cp\u003eLi—The Direct Path 59\u003c\/p\u003e \u003cp\u003eShi and Li at the Weiqi Board 60\u003c\/p\u003e \u003cp\u003eA Common Thread, from East to West 64\u003c\/p\u003e \u003cp\u003eAn Attack of Misunderstanding 68\u003c\/p\u003e \u003cp\u003eOn War—An Indirect Strategy 70\u003c\/p\u003e \u003cp\u003eShi, Ziel, Mittel, und Zweck 74\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter Four: The Seen and the Foreseen\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Roots of the Austrian Tradition 75\u003c\/p\u003e \u003cp\u003eThat Which Must Be Foreseen 78\u003c\/p\u003e \u003cp\u003eAt the Viennese Crossroads Between East and West 85\u003c\/p\u003e \u003cp\u003eThe Teleology of Baer’s Butterfly 88\u003c\/p\u003e \u003cp\u003eMenger Establishes the Austrian School 89\u003c\/p\u003e \u003cp\u003eTutor to the Prince 93\u003c\/p\u003e \u003cp\u003eMethodenstreit 97\u003c\/p\u003e \u003cp\u003eÖsterreichische Schule 101\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter Five: UMWEG\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Roundabout Path of the Unternehmer 103\u003c\/p\u003e \u003cp\u003ePostulating the “Positive” 105\u003c\/p\u003e \u003cp\u003eProduktionsumweg 108\u003c\/p\u003e \u003cp\u003eBöhm-Bawerk, the Bourgeois Marx 113\u003c\/p\u003e \u003cp\u003eFaustmann’s Forest Economy 116\u003c\/p\u003e \u003cp\u003eRings of Capital 122\u003c\/p\u003e \u003cp\u003eHenry Ford: The Roundabout Unternehmer 125\u003c\/p\u003e \u003cp\u003eThe Roundabout of Life 134\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter Six: Time Preference\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOvercoming That Humanness About Us 139\u003c\/p\u003e \u003cp\u003e“Radical” Böhm-Bawerk and the Psychology of Time Preference 145\u003c\/p\u003e \u003cp\u003eThe Curious Case of Phineas Gage 149\u003c\/p\u003e \u003cp\u003eThe Shi and Li Brain 151\u003c\/p\u003e \u003cp\u003eThe Subjectivity of Time 153\u003c\/p\u003e \u003cp\u003eThe Trade-Off of an Addict 158\u003c\/p\u003e \u003cp\u003eNo Zeal for Ziel on Wall Street 161\u003c\/p\u003e \u003cp\u003eAdapting to the Intertemporal 164\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter Seven: “The Market is a Process” 167\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Man Who Predicted the Great Depression 169\u003c\/p\u003e \u003cp\u003eFleeing the Nazis 173\u003c\/p\u003e \u003cp\u003eHuman Action 175\u003c\/p\u003e \u003cp\u003eUnternehmer in the Land of the Nibelungen 179\u003c\/p\u003e \u003cp\u003eGenuine Change Is Afoot in Nibelungenland—A Market-Induced Drop in Interest Rates 187\u003c\/p\u003e \u003cp\u003eDistortion Comes to Nibelungenland—The Central Bank Lowers Rates 190\u003c\/p\u003e \u003cp\u003eTime Inconsistency and the Term Structure 194\u003c\/p\u003e \u003cp\u003eThe Day of Reckoning Comes to Nibelungenland 198\u003c\/p\u003e \u003cp\u003eThe Austrian View 199\u003c\/p\u003e \u003cp\u003eThe Market Process Prevails 201\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter Eight: Homeostasis\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSeeking Balance in the Midst of Distortion 203\u003c\/p\u003e \u003cp\u003eThe Teleology of the Market 205\u003c\/p\u003e \u003cp\u003eThe Yellowstone Effect 207\u003c\/p\u003e \u003cp\u003eLessons from the Distorted Forest 209\u003c\/p\u003e \u003cp\u003eMarket Cybernetics 213\u003c\/p\u003e \u003cp\u003eHow Things “Go Right” 216\u003c\/p\u003e \u003cp\u003eSpontaneous Order 217\u003c\/p\u003e \u003cp\u003eDistortion 219\u003c\/p\u003e \u003cp\u003eThe Sand Pile Effect 220\u003c\/p\u003e \u003cp\u003eDistortion’s Message: “Do Nothing” 222\u003c\/p\u003e \u003cp\u003eThe Shi of Capital 223\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter Nine: Austrian Investing I: The Eagle And The Swan\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eExploiting Distortion with Misesian Tools 227\u003c\/p\u003e \u003cp\u003eHomeostasis en force 229\u003c\/p\u003e \u003cp\u003eWitness to the Distortion 231\u003c\/p\u003e \u003cp\u003eAn Initial Misesian Investment Strategy 236\u003c\/p\u003e \u003cp\u003eThe Eagle and the Swan 240\u003c\/p\u003e \u003cp\u003eCase Study: Prototypical Tail Hedging 244\u003c\/p\u003e \u003cp\u003eThe Ziel and the Zweck: Central Bank Hedging 248\u003c\/p\u003e \u003cp\u003eThe Roundabout Investor 251\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter Ten: Austrian Investing II: Siegfried\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eExploiting the Böhm-Bawerkian Roundabout 253\u003c\/p\u003e \u003cp\u003eSiegfried, the Dragon Slayer 255\u003c\/p\u003e \u003cp\u003eCase Study: Buying the Siegfrieds 263\u003c\/p\u003e \u003cp\u003eValue Investing: Austrian Investing’s Estranged Heir 269\u003c\/p\u003e \u003cp\u003eA Zweck Finally Attained 275\u003c\/p\u003e \u003cp\u003e\u003cb\u003eEpilogue: The SISU Of The Boreal Forest 277\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe World Learns Sisu from the Victorious Finns 278\u003c\/p\u003e \u003cp\u003eSisu—Of Character and Character-Building 284\u003c\/p\u003e \u003cp\u003eNotes 293\u003c\/p\u003e \u003cp\u003eAcknowledgments 309\u003c\/p\u003e \u003cp\u003eAbout the Author 311\u003c\/p\u003e \u003cp\u003eIndex 313\u003c\/p\u003e \u003cp\u003e\"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.\"\u003cbr\u003e—\u003ci\u003e\u003cb\u003eForbes\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"\u003ci\u003eThe Dao of Capital: Austrian Investing In A Distorted World \u003c\/i\u003eby 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.\"\u003cbr\u003e—\u003ci\u003e\u003cb\u003eSeeking Alpha\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"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.\"\u003cbr\u003e—\u003ci\u003e\u003cb\u003eThe New York Times\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"A fascinating and radical break from the investment dogma of the past several decades\"\u003cbr\u003e—\u003ci\u003e\u003cb\u003eFortune\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"While The Dao of Capital makes for demanding reading, it repays the effort as a heady historical and intellectual feast.\"\u003cbr\u003e—\u003ci\u003e\u003cb\u003eBarron's\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"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.\"\u003cbr\u003e—\u003ci\u003e\u003cb\u003eFutures Magazine\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eAmong the \"12 Books That Every Investor Should Read... deeply informative and will leave an impact on you.\"\u003cbr\u003e—\u003ci\u003e\u003cb\u003eBusiness Insider\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"A memoir and free market manifesto... that bring(s) theoretical concepts down to the practical level.\"\u003cbr\u003e—\u003ci\u003e\u003cb\u003eInstitutional Investor\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"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.\"\u003cbr\u003e—\u003cb\u003eLudwig von Mises Institute\u003c\/b\u003e\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eMark Spitznagel\u003c\/b\u003e 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.\u003c\/p\u003e  \u003cp\u003eAs 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. \u003c\/p\u003e\u003cp\u003eIn \u003ci\u003eThe Dao of Capital\u003c\/i\u003e, 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 \u003ci\u003eroundabout\u003c\/i\u003e approach of seeking the intermediate positional advantage (what he calls \u003ci\u003eshi\u003c\/i\u003e), of aiming at the indirect means rather than directly at the ends. The monumental challenge is in seeing time differently, in a whole new \u003ci\u003eintertemporal\u003c\/i\u003e dimension, one that is so contrary to our wiring. \u003c\/p\u003e\u003cp\u003eWith 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 \u003ci\u003eblack swans\u003c\/i\u003e, Spitznagel's bread and butter) to scorned highly-productive assets, \u003ci\u003eThe Dao of Capital\u003c\/i\u003e, in Ron Paul's words from the Foreword, \"brings Austrian economics from the ivory tower to the investment portfolio.\" \u003c\/p\u003e\u003cp\u003e\u003ci\u003eThe Dao of Capital\u003c\/i\u003e 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.   \u003c\/p\u003e\u003cp\u003e\u003cb\u003ePraise for \u003ci\u003eThe Dao of Capital\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"A timely, original, right-economic principles and history-based approach to investing. Drawing on impressive philosophical building blocks, \u003ci\u003eThe Dao of Capital\u003c\/i\u003e illuminates the wellsprings of capital creation, innovation and economic progress. Dazzling!\"\u003cbr\u003e—\u003cb\u003eSteve Forbes,\u003c\/b\u003e Chairman and Editor-in-Chief, Forbes Media\u003c\/p\u003e \u003cp\u003e\"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.\"\u003cbr\u003e—\u003cb\u003eVictor Niederhoffer,\u003c\/b\u003e Author of \u003ci\u003eThe Education of a Speculator\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"\u003ci\u003eThe Dao of Capital\u003c\/i\u003e is an impressive work. Spitznagel's approach is refreshing—scholarly without being tedious. What a broad look at economic history it provides!\"\u003cbr\u003e—\u003cb\u003eByron Wien,\u003c\/b\u003e Vice Chairman, Blackstone Advisory Partners LP\u003c\/p\u003e \u003cp\u003e\"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.\"\u003cbr\u003e—\u003cb\u003eDavid Stockman,\u003c\/b\u003e Former U.S. Congressman, Budget Director under Ronald Reagan, and Author of \u003ci\u003eThe Great Deformation\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"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 \u003ci\u003eThe Dao of Capital\u003c\/i\u003e, one remarkably useful and exciting book!\"\u003cbr\u003e—\u003cb\u003eLawrence Reed,\u003c\/b\u003e President, Foundation for Economic Education and President Emeritus, Mackinac Center for Public Policy\u003c\/p\u003e \u003cp\u003e\"Investors of all kinds will find immeasurable value in this convincing and thoroughly researched book where Mark champions the \u003ci\u003eroundabout.\u003c\/i\u003e Using thought-provoking examples from both the natural world and the historical world, \u003ci\u003eThe Dao of Capital\u003c\/i\u003e shows how a seemingly difficult immediate loss becomes an advantageous intermediate step for greater future gain, and thus why we must become ‘patient now and strategically impatient later.\"\u003cbr\u003e—\u003cb\u003ePaul Tudor Jones II\u003c\/b\u003e, Founder, Tudor Investment Corporation\u003c\/p\u003e \u003cp\u003e\"At last, a real book by a real risk-taking practitioner. \u003ci\u003eThe Dao of Capital\u003c\/i\u003e mixes (rather, unifies) personal risk-taking with explanations of global phenomena. You cannot afford not to read this!\"\u003cbr\u003e—\u003cb\u003eNassim Nicholas Taleb\u003c\/b\u003e, Author of \u003ci\u003eThe Black Swan\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"You really should read Spitznagel's book because you will learn a lot whether you agree with everything he says or not.\"\u003cbr\u003e—\u003cb\u003eJim Rogers\u003c\/b\u003e, Author of \u003ci\u003eStreet Smarts—Adventures on the Road and in the Markets\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"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.\"\u003cbr\u003e—\u003cb\u003eDavid Stockman\u003c\/b\u003e, Former U.S. Congressman, Budget Director under Ronald Reagan, and Author of \u003ci\u003eThe Great Deformation\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"A timely, original, right-economic principles and history-based approach to investing. Drawing on impressive philosophical building blocks, \u003ci\u003eThe Dao of Capital\u003c\/i\u003e illuminates the wellsprings of capital creation, innovation and economic progress. Dazzling!\"\u003cbr\u003e—\u003cb\u003eSteve Forbes\u003c\/b\u003e, Chairman and Editor-in-Chief, Forbes Media\u003c\/p\u003e \u003cp\u003e\"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.\"\u003cbr\u003e—\u003cb\u003eVictor Niederhoffer\u003c\/b\u003e, Author of \u003ci\u003eThe Education of a Speculator\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"\u003ci\u003eThe Dao of Capital\u003c\/i\u003e is an impressive work. Spitznagel's approach is refreshing—scholarly without being tedious. What a broad look at economic history it provides!\"\u003cbr\u003e—\u003cb\u003eByron Wien\u003c\/b\u003e, Vice Chairman, Blackstone Advisory Partners LP\u003c\/p\u003e \u003cp\u003e\"Spitznagel has written an essential new book. Indeed, \u003ci\u003eThe Dao of Capital: Austrian Investing in a Distorted World\u003c\/i\u003e might be one of the most important books of the year, or any year for that matter.\"\u003cbr\u003e—\u003ci\u003e\u003cb\u003eForbes\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"\u003ci\u003eThe Dao of Capital: Austrian Investing In A Distorted World\u003c\/i\u003e 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.\"\u003cbr\u003e—\u003ci\u003e\u003cb\u003eSeeking Alpha\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"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.\"\u003cbr\u003e—\u003cb\u003e\u003ci\u003eThe New York Times\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"A fascinating and radical break from the investment dogma of the past several decades.\"\u003cbr\u003e—\u003cb\u003e\u003ci\u003eFortune\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"While \u003ci\u003eThe Dao of Capital\u003c\/i\u003e makes for demanding reading, it repays the effort as a heady historical and intellectual feast.\"\u003cbr\u003e—\u003cb\u003e\u003ci\u003eBarron's\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"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.\"\u003cbr\u003e—\u003cb\u003e\u003ci\u003eFutures Magazine\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"Among the '12 Books That Every Investor Should Read...' deeply informative and will leave an impact on you.\"\u003cbr\u003e—\u003cb\u003e\u003ci\u003eBusiness Insider\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"A memoir and free market manifesto... that bring(s) theoretical concepts down to the practical level.\"\u003cbr\u003e—\u003cb\u003eInstitutional Investor\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"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.\"\u003cbr\u003e—\u003cb\u003eLudwig von Mises Institute\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"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 \u003ci\u003eThe Dao of Capital,\u003c\/i\u003e one remarkably useful and exciting book!\"\u003cbr\u003e—\u003cb\u003eLawrence Reed\u003c\/b\u003e, President, Foundation for Economic Education and President Emeritus, Mackinac Center for Public Policy\u003c\/p\u003e \u003cp\u003e\"Spitznagel's excellent book is a powerful presentation of how monetary policy deceives entrepreneurs and investors into making poor investing decisions. I highly recommend \u003ci\u003eThe Dao of Capital\u003c\/i\u003e as a guide to avoiding these deceptions and thus to better investment results.\"\u003cbr\u003e—\u003cb\u003eMarc Faber\u003c\/b\u003e, Publisher of \u003ci\u003eThe Gloom, Boom \u0026amp; Doom Report\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"Spitznagel's sound analytical foundations combined with shrewd strategic thinking provide the reader with a broad philosophy for long run success in wealth creation—where understanding the process that puts you in a position to win is more important than simply stating the goal of winning. I greatly recommend this book.\"\u003cbr\u003e—\u003cb\u003ePeter Boettke\u003c\/b\u003e, Professor of Economics and Philosophy, George Mason University\u003c\/p\u003e \u003cp\u003e\"Mark Spitznagel has done a remarkable job summarizing, synthesizing, and extending the great Austrian tradition, and weaving it into a wonderful set of practical lessons. What's more, he is a great writer and storyteller in the tradition of Bastiat, Hazlitt, and Rothbard, bringing subtle and sometimes complex ideas to life with memorable examples and sparkling prose. Highly recommended!\"\u003cbr\u003e—\u003cb\u003ePeter Klein\u003c\/b\u003e, Professor of Applied Economics, University of Missouri and Carl Menger Fellow, Ludwig von Mises Institute\u003c\/p\u003e \u003cp\u003e\"Mark Spitznagel was one of the most profitable hedge fund managers both before and after the 2008 crash. \u003ci\u003eThe Dao of Capital\u003c\/i\u003e is a comprehensive understanding of the theories of Ludwig von Mises and the Austrian economic tradition. Mark brings Austrian economics from the ivory tower to the investment portfolio.\"\u003cbr\u003e—\u003cb\u003eRon Paul\u003c\/b\u003e, Former U.S. Congressman\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990203285733,"sku":"NP9781118347034","price":31.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118347034.jpg?v=1761786890","url":"https:\/\/k12savings.com\/es\/products\/the-dao-of-capital-isbn-9781118347034","provider":"K12savings","version":"1.0","type":"link"}