The Dao of Capital

  • by Mark Spitznagel, Ron Paul
  • Narrated by Jeremy Arthur
  • 11 hrs and 28 mins
  • Unabridged Audiobook

Publisher's Summary

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 Spitznagel—with one of the top returns on capital of the financial crisis, as well as over a career—takes us on a gripping, circuitous journey from the Chicago trading pits, over the coniferous boreal forests and canonical strategists from Warring States China to Napoleonic Europe to burgeoning industrial America, 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 and—as Spitznagel has shown—highly 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 process—a harmony that is so essential today.


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Customer Reviews

Most Helpful

Starts slowly, complex for an audio book

If you could sum up The Dao of Capital in three words, what would they be?

Good advice, confusingly presented.

Would you be willing to try another book from Mark Spitznagel and Ron Paul ? Why or why not?

Yes, but only in print. References to figures and complexity of the ideas make this inaccessible as an audiobook.

What does Jeremy Arthur bring to the story that you wouldn’t experience if you just read the book?

This isn't a novel, but rather a non-fictional treatise. The undramatic reading was appreciated.

What’s the most interesting tidbit you’ve picked up from this book?

The 'equity Q-ratio', defined in terms of publicly available published economic data, and representing an indicator of the amount of systemic distortion due to monetary policy. I had not heard of this indicator before, and this makes me hungry to learn about other less-commonly discussed indicators.

Any additional comments?

Excessive use of metaphor (esp. the conifer vs. angiosperm). A whole chapter is devoted to biology, and this adds only marginally to the discussion of investing and capital. Similarly, the story about Siegfried, Johann, and Gunther was oversold as a rhetorical device.

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- Glen Doki

exceeded my expectations

I'm not sure what I expected from this book. But the depth of scholarly thought and academic review and history of economic thought exceeded my expectations. this book does a great job of giving a story with illustrations while providing enough analytical thought 2 make this a a fun read and cause me to recall some old satistics jargon.
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- Mandola303

Book Details

  • Release Date: 02-27-2014
  • Publisher: Audible Studios