The Dao of Capital, Ron Paul
The Dao of Capital, Ron Paul
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The Dao of Capital
Austrian Investing in a Distorted World

Author: Ron Paul, Mark Spitznagel

Narrator: Jeremy Arthur

Unabridged: 11 hr 29 min

Format: Digital Audiobook Download

Publisher: Ascent Audio

Published: 02/27/2021

Includes: Bonus Material Bonus Material Included


Synopsis

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 Spitznagelwith one of the top returns on capital of the financial crisis, as well as over a careertakes us on a circuitous journey from the Chicago trading pits, over the coniferous boreal forests and canonical military strategists from China to Prussia, 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 andas Spitznagel has shownhighly 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 processa harmony that is so essential today.

Reviews

Goodreads review by Suhrob

Oh boy, this is something. Taleb's buddy writes a book about his trading strategy. Then he prepends with 300 pages about boreal forests, Daoism, 19. century military philosophy and bios of the fathers of Austrian economics. Pretentious, stuffy, comically using German or Chinese words where totally sui......more

Nobody would question Mark Spitznagel's skill as an investor, particularly in the tail-hedging field, which has made him billions. When it comes to writing, he is probably still on the long roundabout path. The book is, to some extent, difficult to read and quite repetitive. In the beginning, I want......more

This Book is not like anyone you have read before. Mark Spitznagel builds a mosaic of philosophy, history, economics, military strategy, psychology and more to end up with a loose framework for equity investing that could serve as a practical sequel to Nassim N. Taleb’s Antifragile. Indeed, the clos......more

Goodreads review by Terry

I greatly appreciated the message of the book and I agree with Mr. Spitznagel's most important investment premise: There are overwhelming biases to the short-term and to direct results in investing; those who are disciplined to invest with a long time horizon and in a "roundabout" manner will be rew......more

Goodreads review by Jeff

The central argument of this book is quite solid. (Namely, that by hedging investment risks when the market looks overvalued and then reinvesting the earnings in periods where the market is undervalued one stands to gain a lot.) Unfortunately, the author has wrapped this thesis in his own bastardize......more