Spitznagel The Dao of Capital

Austrian Investing in a Distorted World
1. Auflage 2013
ISBN: 978-1-118-42024-9
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 368 Seiten, E-Book

As today's preeminent doomsday investor Mark Spitznageldescribes his Daoist and roundabout investmentapproach, "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 Schoolof economics, that is both timeless and exceedingly timely.
In The Dao of Capital, hedge fund manager andtail-hedging pioneer Mark Spitznagel--with one of the topreturns on capital of the financial crisis, as well as over acareer--takes us on a gripping, circuitous journey from theChicago trading pits, over the coniferous boreal forests andcanonical strategists from Warring States China to NapoleonicEurope to burgeoning industrial America, to the great economicthinkers of late 19th century Austria. We arrive at his centralinvestment methodology of Austrian Investing, where victorycomes not from waging the immediate decisive battle, but ratherfrom the roundabout approach of seeking the intermediatepositional advantage (what he calls shi), of aiming at theindirect means rather than directly at the ends. The monumentalchallenge is in seeing time differently, in a whole newintertemporal dimension, one that is so contrary to ourwiring.
Spitznagel is the first to condense the theories of Ludwig vonMises and his Austrian School of economics into a cohesiveand--as Spitznagel has shown--highly effective investmentmethodology. From identifying the monetary distortions andnon-randomness of stock market routs (Spitznagel's bread andbutter) to scorned highly-productive assets, in Ron Paul's wordsfrom the foreword, Spitznagel "brings Austrian economics fromthe ivory tower to the investment portfolio."
The Dao of Capital provides a rare and accessible lookthrough the lens of one of today's great investors to discover aprofound harmony with the market process--a harmony that is soessential today.

Autoren/Hrsg.

Spitznagel, Mark

Weitere Mitwirkende

Paul, Ron

Über Autor(innen)

Mark Spitznagel is the founder and President of UniversaInvestments, an investment advisor that specializes in equitytail-hedging--or profiting from extreme stock market losses asa means of enhancing investment returns. In addition to hedge fundinvesting, Spitznagel's twenty-year investment career has rangedfrom independent pit trader at the Chicago Board of Trade toproprietary trading head at Morgan Stanley. He also owns andoperates Idyll Farms in northern Michigan.