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The Dao of Capital: Austrian Investing in a Distorted World
The Dao of Capital Austrian Investing in a Distorted World Author:Mark Spitznagel The Dao of Capital: Austrian Investing in a Distorted WorldMark Spitznagel Ancient Chinese philosophy meets old school Austrian economics in a hedge fund manager's modern-day approach to investing. Hedge fund investor and tail-hedging pioneer Mark Spitznagel describes his unique investment methodology, weaving two-thousand-year-old Daoist philo... more »sophy into century-old Austrian economics to form a rigorous, entrepreneurial-cum-value approach that is both timeless and exceedingly applicable today.Considered today's principal doomsday investor, with one of the top returns of the financial crisis?as well as over a career?Spitznagel illuminates the market's natural homeostatic processes, a focus which actually runs very contrary to doomsayers and free market critics. Spitznagel takes us from an old pit-trading sage to the fathers of the Austrian school to the conifers of the vast boreal forests to reveal his central shi strategy, where the roundabout trumps the direct, future advantage trumps the immediate victory, and where time takes on a whole new dimension?what Spitznagel calls depth of field: not "long term versus short term", but rather an even more challenging appreciation for the intertemporal future.With a sharp Austrian focus on the entrepreneurial functioning of the market, deference for its natural processes, and contrarian bias toward government intervention-driven imbalances and distortions, The Dao of Capital and its Austrian investing methodology provide a profound harmony with the market process?a harmony that is so essential today. « less