The Dao of Capital

Produktbeschreibung

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provides a brilliant demonstration that the gang of money printers currently resident in the Eccles Building have not repealed the laws of sound money nor have they rescinded the historical lessons on which they are based."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 

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 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 Hedging 248

The Roundabout Investor 251

Chapter Ten: Austrian Investing II: Siegfried

Exploiting the Böhm-Bawerkian Roundabout 253

Siegfried, the Dragon Slayer 255

Case Study: Buying the Siegfrieds 263

Value Investing: Austrian Investing's Estranged Heir 269

A Zweck Finally Attained 275

Epilogue: The SISU Of The Boreal Forest 277

The World Learns Sisu from the Victorious Finns 278

Sisu-Of Character and Character-Building 284

Notes 293

Acknowledgments 309

About the Author 311

Index 313 

Kritik

"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 

Autoreninfo

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.