The Dao of Capital

Mark Spitznagel 지음

Wiley 2013년 08월 16일 출간

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As today's preeminent doomsday investor Mark Spitznagel describes his Daoist and roundabout investment approach, ldquo;one gains by losing and loses by gaining.rdquo; 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 Spitznagelm-with one of the top returns on capital of the financial crisis, as well as over a careerm-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 andm-as Spitznagel has shownm-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 ldquo;brings Austrian economics from the ivory tower to the investment portfolio.rdquo;The Dao of Capital provides a rare and accessible look through the lens of one of todayamp

목차

Foreword xviiIntroduction xxiiiChapter One: THE DAOIST SAGEKlipp's Paradox 1The Old Master 3The Soft and Weak Vanquish the Hard and Strong 6Into the Pit 9The Privileges of a Trader 12Robinson Crusoe in the Bond Pit 15Fishing in "McElligot's Pool" 18Enter the Austrians: A von Karajan Moment 18A State of Rest 21Guiding into Emptiness . . . 23Moving On 26The Wisdom of the Sages 29Chapter Two: THE FOREST IN THE PINECONEThe Roundabout and the Logic of Growth 33The Forest and the Tree 36The Slow Seedling 39Wildfire and Resource Reallocation 41The Conifer Effect 43A Logic of Growth 49Chapter Three: SHIThe Intertemporal Strategy 51The Dao of Sun Wu 56Shi and the Crossbow 58Li&m-The Direct Path 59Shi and Li at the Weiqi Board 60A Common Thread, from East to West 64An Attack of Misunderstanding 68On War&m-An Indirect Strategy 70Shi, Ziel, Mittel, und Zweck 74Chapter Four: THE SEEN AND THE FORESEENThe Roots of the Austrian Tradition 75That Which Must Be Foreseen 78At the Viennese Crossroads Between East and West 85The Teleology of Baer&'s Butterfly 88Menger Establishes the Austrian School 89Tutor to the Prince 93Methodenstreit 97Österreichische Schule 101Chapter Five: UMWEGThe Roundabout Path of the Unternehmer 103Postulating the "Positive" 105Produktionsumweg 108Böhm-Bawerk, the Bourgeois Marx 113Faustmann&'s Forest Economy 116Rings of Capital 122Henry Ford: The Roundabout Unternehmer 125The Roundabout of Life 134Chapter Six: TIME PREFERENCEOvercoming That Humanness A

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"Spitznagel has written an essential new book. Indeed, The Dao of Capital: Austrian Investing in a Distorted World might be one of the most important books of the year, or any year for that matter." (Forbes, September 2013)"...a beautifully crafted book, one I can recommend to readers of all political/economic persuasions..." (Seeking Alpha, September 2013)

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저자(글) Mark Spitznagel

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Mark Spitznagel is the founder and President of Universa Investments, an investment advisor that specializes in equity tail#45;hedging#151;or profiting from extreme stock market losses as a means of enhancing investment returns. In addition to hedge fund investing, Spitznagel#39;s twenty#45;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.