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E-raamat: Dao of Capital: Austrian Investing in a Distorted World

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  • Formaat: EPUB+DRM
  • Ilmumisaeg: 16-Aug-2013
  • Kirjastus: John Wiley & Sons Inc
  • Keel: eng
  • ISBN-13: 9781118416679
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Dao of Capital: Austrian Investing in a Distorted WorldSuurem pilt
  • Formaat: EPUB+DRM
  • Ilmumisaeg: 16-Aug-2013
  • Kirjastus: John Wiley & Sons Inc
  • Keel: eng
  • ISBN-13: 9781118416679
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As todays 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 (Spitznagels bread and butter) to scorned highly-productive assets, in Ron Pauls 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 todays great investors to discover a profound harmony with the market process--a harmony that is so essential today-- Combing ancient Daoist philosophy with old school Austrian economics, this timely resource presents a singular approach to investing that illuminates the markets natural homeostatic processes.

Arvustused

"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

Foreword xvii
Introduction xxiii
Chapter One The Daoist Sage
Klipp's Paradox
1(2)
The Old Master
3(3)
The Soft and Weak Vanquish the Hard and Strong
6(3)
Into the Pit
9(3)
The Privileges of a Trader
12(3)
Robinson Crusoe in the Bond Pit
15(3)
Fishing in "McElligot's Pool"
18(1)
Enter the Austrians: A von Karajan Moment
18(3)
A State of Rest
21(2)
Guiding into Emptiness...
23(3)
Moving On
26(3)
The Wisdom of the Sages
29(4)
Chapter Two The Forest In The Pinecone
The Roundabout and the Logic of Growth
33(3)
The Forest and the Tree
36(3)
The Slow Seedling
39(2)
Wildfire and Resource Reallocation
41(2)
The Conifer Effect
43(6)
A Logic of Growth
49(2)
Chapter Three Shi
The Intertemporal Strategy
51(5)
The Dao of Sun Wu
56(2)
Shi and the Crossbow
58(1)
Li---The Direct Path
59(1)
Shi and Li at the Weiqi Board
60(4)
A Common Thread, from East to West
64(4)
An Attack of Misunderstanding
68(2)
On War---An Indirect Strategy
70(4)
Shi, Ziel, Mittel, und Zweck
74(1)
Chapter Four The Seen And The Foreseen
The Roots of the Austrian Tradition
75(3)
That Which Must Be Foreseen
78(7)
At the Viennese Crossroads Between East and West
85(3)
The Teleology of Baer's Butterfly
88(1)
Menger Establishes the Austrian School
89(4)
Tutor to the Prince
93(4)
Methodenstreit
97(4)
Osterreichische Schule
101(2)
Chapter Five Umweg
The Roundabout Path of the Unternehmer
103(2)
Postulating the "Positive"
105(3)
Produktionsumweg
108(5)
Bohm-Bawerk, the Bourgeois Marx
113(3)
Faustmann's Forest Economy
116(6)
Rings of Capital
122(3)
Henry Ford: The Roundabout Unternehmer
125(9)
The Roundabout of Life
134(5)
Chapter Six Time Preference
Overcoming That Humanness About Us
139(6)
"Radical" Bohm-Bawerk and the Psychology of Time Preference
145(4)
The Curious Case of Phineas Gage
149(2)
The Shi and Li Brain
151(2)
The Subjectivity of Time
153(5)
The Trade-Off of an Addict
158(3)
No Zeal for Ziel on Wall Street
161(3)
Adapting to the Intertemporal
164(3)
Chapter Seven "The Market Is A Process"
167(36)
The Man Who Predicted the Great Depression
169(4)
Fleeing the Nazis
173(2)
Human Action
175(4)
Unternehmer in the Land of the Nibelungen
179(8)
Genuine Change Is Afoot in Nibelungenland--- A Market-Induced Drop in Interest Rates
187(3)
Distortion Comes to Nibelungenland---The Central Bank Lowers Rates
190(4)
Time Inconsistency and the Term Structure
194(4)
The Day of Reckoning Comes to Nibelungenland
198(1)
The Austrian View
199(2)
The Market Process Prevails
201(2)
Chapter Eight Homeostasis
Seeking Balance in the Midst of Distortion
203(2)
The Teleology of the Market
205(2)
The Yellowstone Effect
207(2)
Lessons from the Distorted Forest
209(4)
Market Cybernetics
213(3)
How Things "Go Right"
216(1)
Spontaneous Order
217(2)
Distortion
219(1)
The Sand Pile Effect
220(2)
Distortion's Message: "Do Nothing"
222(1)
The Shi of Capital
223(4)
Chapter Nine Austrian Investing I: The Eagle And The Swan
Exploiting Distortion with Misesian Tools
227(2)
Homeostasis en force
229(2)
Witness to the Distortion
231(5)
An Initial Misesian Investment Strategy
236(4)
The Eagle and the Swan
240(4)
Case Study: Prototypical Tail Hedging
244(4)
The Ziel and the Zweck: Central Bank Hedging
248(3)
The Roundabout Investor
251(2)
Chapter Ten Austrian Investing II: Siegfried
Exploiting the Bohm-Bawerkian Roundabout
253(2)
Siegfried, the Dragon Slayer
255(8)
Case Study: Buying the Siegfrieds
263(6)
Value Investing: Austrian Investing's Estranged Heir
269(6)
A Zweck Finally Attained
275(2)
Epilogue: THE SISU OF THE BOREAL FOREST
277(16)
The World Learns Sisu from the Victorious Finns
278(6)
Sisu---Of Character and Character-Building
284(9)
Notes 293(16)
Acknowledgments 309(2)
About the Author 311(2)
Index 313
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.
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