Overview

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 Spitznagelwith one of the top returns on capital of the financial crisis, as well as over a careertakes us on a circuitous journey from the Chicago trading pits, over the coniferous boreal forests and canonical military strategists from China to Prussia, 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 andas Spitznagel has shownhighly 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 processa harmony that is so essential today.

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Ron Paul is a multiple-term congressman from Texas. After serving as a flight surgeon in the US Air Force in the 1960s, Dr. Paul moved to Texas to begin a civilian medical practice. He served in Congress from 1976 to 1984 and again from 1996 to the present. He was a presidential candidate in the 1988, 2008, and 2012. Paul has written numerous books, including New York Times bestsellers The Revolution: A Manifesto, Liberty Defined: 50 Essential Issues That Affect Our Freedom, and End the Fed. He and Carol Paul, his wife of fifty-one years, have five children, eighteen grandchildren, and one great-grandchild. Ron Paul is a multiple-term congressman from Texas. After serving as a flight surgeon in the US Air Force in the 1960s, Dr. Paul moved to Texas to begin a civilian medical practice. He served in Congress from 1976 to 1984 and again from 1996 to the present. He was a presidential candidate in the 1988, 2008, and 2012. Paul has written numerous books, including New York Times bestsellers The Revolution: A Manifesto, Liberty Defined: 50 Essential Issues That Affect Our Freedom, and End the Fed. He and Carol Paul, his wife of fifty-one years, have five children, eighteen grandchildren, and one great-grandchild. Jeremy Arthur is an audiobook narrator. His readings include Power Foods for the Brain by Dr. Neal Barnard, Thoughtful by S. C. Stephens, Strange Fates by Marlene Perez, and Spring Chicken by Bill Gifford, among others.

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