The Dao of Capital: Austrian Investing in a Distorted World

Ron Paul · Mark Spitznagel

2021 ots. · Gildan Media · Narratzailea: Jeremy Arthur

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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.

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Ron Paul was born in Pittsburgh, Pennsylvania on August 20, 1935. He received a B.S. degree in biology from Gettysburg College in 1957 and a M.D. degree from the Duke University School of Medicine in 1961. He served as a flight surgeon in the United States Air Force from 1963 to 1965 and then the United States Air National Guard from 1965 to 1968. Afterward, he opened a private practice in obstetrics and gynecology in Texas. He served in the United States Congress from 1976 to 1984, and again from 1996 to the present. He has devoted his political career to the defense of individual liberty, sound money, and a non-interventionist foreign policy. He is the founder of the advocacy group Campaign for Liberty and has been called the "intellectual grandfather" of the Tea Party movement. He has written several books including The Case for Gold, The Revolution: A Manifesto, End the Fed, and Liberty Defined: 50 Essential Issues That Affect Our Freedom.