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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.
- Sales Rank: #87441 in eBooks
- Published on: 2013-08-16
- Released on: 2013-08-16
- Format: Kindle eBook
Review
“Investors of all kinds will find immeasurable value in this convincing and thoroughly researched book where Mark champions the roundabout. Using thought-provoking examples from both the natural world and the historical world, The Dao of Capital shows how a seemingly difficult immediate loss becomes an advantageous intermediate step for greater future gain, and thus why we must become ‘patient now and strategically impatient later.’”—Paul Tudor Jones II, Founder, Tudor Investment Corporation
“At last, a real book by a real risk-taking practitioner. The Dao of Capital mixes (rather, unifies) personal risk-taking with explanations of global phenomena. You cannot afford not to read this!”—Nassim Nicholas Taleb, Author of The Black Swan
“You really should read Spitznagel’s book because you will learn a lot whether you agree with everything he says or not.”—Jim Rogers, Author of Street Smarts—Adventures on the Road and in the Markets
“Wall Street gamblers who believe the Fed has their back need to read this book. Mark Spitznagel provides a brilliant demonstration that the gang of money printers currently resident in the Eccles Building have not repealed the laws of sound money nor have they rescinded the historical lessons on which they are based.”—David Stockman, Former U.S. Congressman, Budget Director under Ronald Reagan, and Author of The Great Deformation
“A timely, original, right-economic principles and history-based approach to investing. Drawing on impressive philosophical building blocks, The Dao of Capital illuminates the wellsprings of capital creation, innovation and economic progress. Dazzling!”—Steve Forbes, Chairman and Editor-in-Chief, Forbes Media
“This is a magnificent, scintillating book that I will read over and over again. Every page is eye-opening, with numerous areas for testing and profits in every chapter. Here’s an unqualified, total, heartfelt recommendation, which coming from me is a rarity, and possibly unique.”—Victor Niederhoffer, Author of The Education of a Speculator
“The Dao of Capital is an impressive work. Spitznagel’s approach is refreshing—scholarly without being tedious. What a broad look at economic history it provides!”—Byron Wien, Vice Chairman, Blackstone Advisory Partners LP
"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
“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
“Mark Spitznagel assembles the best insights in human nature and economics to bring order out of the chaos of our world. Economists, investors and lay persons alike will find abundant treasures in The Dao of Capital, one remarkably useful and exciting book!”—Lawrence Reed, President, Foundation for Economic Education and President Emeritus, Mackinac Center for Public Policy
“Spitznagel’s excellent book is a powerful presentation of how monetary policy deceives entrepreneurs and investors into making poor investing decisions. I highly recommend The Dao of Capital as a guide to avoiding these deceptions and thus to better investment results.”—Marc Faber, Publisher of The Gloom, Boom & Doom Report
“Spitznagel’s sound analytical foundations combined with shrewd strategic thinking provide the reader with a broad philosophy for long run success in wealth creation—where understanding the process that puts you in a position to win is more important than simply stating the goal of winning. I greatly recommend this book.”—Peter Boettke, Professor of Economics and Philosophy, George Mason University
“Mark Spitznagel has done a remarkable job summarizing, synthesizing, and extending the great Austrian tradition, and weaving it into a wonderful set of practical lessons. What’s more, he is a great writer and storyteller in the tradition of Bastiat, Hazlitt, and Rothbard, bringing subtle and sometimes complex ideas to life with memorable examples and sparkling prose. Highly recommended!”—Peter Klein, Professor of Applied Economics, University of Missouri and Carl Menger Fellow, Ludwig von Mises Institute
“Mark Spitznagel was one of the most profitable hedge fund managers both before and after the 2008 crash. The Dao of Capital is a comprehensive understanding of the theories of Ludwig von Mises and the Austrian economic tradition. Mark brings Austrian economics from the ivory tower to the investment portfolio.”—Ron Paul, Former U.S. Congressman
From the Inside Flap
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 Spitznagel takes the reader 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, ultimately arriving at his central investment methodology of Austrian Investing. 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.
With one of the top returns on capital of the financial crisis, as well as over a career, Spitznagel is the first to condense the theories of Ludwig von Mises and his Austrian School of Economics into a cohesive and highly effective investment methodology. From identifying the monetary distortions and non-randomness of stock market routs (or black swans, Spitznagel's bread and butter) to scorned highly-productive assets, The Dao of Capital, in Ron Paul's words from the Foreword, "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.
From the Back Cover
Praise for The Dao of Capital
"A timely, original, right-economic principles and history-based approach to investing. Drawing on impressive philosophical building blocks, The Dao of Capital illuminates the wellsprings of capital creation, innovation and economic progress. Dazzling!"
—Steve Forbes, Chairman and Editor-in-Chief, Forbes Media
"This is a magnificent, scintillating book that I will read over and over again. Every page is eye-opening, with numerous areas for testing and profits in every chapter. Here's an unqualified, total, heartfelt recommendation, which coming from me is a rarity, and possibly unique."
—Victor Niederhoffer, Author of The Education of a Speculator
"The Dao of Capital is an impressive work. Spitznagel's approach is refreshing—scholarly without being tedious. What a broad look at economic history it provides!"
—Byron Wien, Vice Chairman, Blackstone Advisory Partners LP
"Wall Street gamblers who believe the Fed has their back need to read this book. Mark Spitznagel provides a brilliant demonstration that the gang of money printers currently resident in the Eccles Building have not repealed the laws of sound money nor have they rescinded the historical lessons on which they are based."
—David Stockman, Former U.S. Congressman, Budget Director under Ronald Reagan, and Author of The Great Deformation
"Mark Spitznagel assembles the best insights in human nature and economics to bring order out of the chaos of our world. Economists, investors and lay persons alike will find abundant treasures in The Dao of Capital, one remarkably useful and exciting book!"
—Lawrence Reed, President, Foundation for Economic Education and President Emeritus, Mackinac Center for Public Policy
Most helpful customer reviews
49 of 53 people found the following review helpful.
Great book for four reasons
By P .Stanley
Let me explain why I think this is a great book.
First, this book makes a major contribution to the field of economics. Economics is in desperate need of a different paradigm, as the existing theories (heavily based on John Maynard Keynes and Milton Friedman) are not working; there is a need for an "agonizing reappraisal". It may seem odd, but I did not read this book primarily to learn more about investing, nor to learn more about the BLACK SWAN. Rather, I wanted to learn about the "Austrian" approach to economics, which was sorely neglected in economics professional education (as it was - and still is - neglected in virtually all colleges and universities in the U.S.). Spitznagel has thoroughly studied the writings of the Austrians (over the past 150 years), and he has presented their views in a fresh way, making it clear that these "old" ideas are not only relevant today, but when properly interpreted, and when combined with certain recent contributions of others (e.g., behavioral economics), they constitute a formidable new approach to economics and economic policy.
Second, the examples Spitznagel uses as illustrations of Austrian "round-aboutness" are superb; they are unusual and outstanding, and are presented in depth: The "Pit" on The Chicago Board of Trade, ancient Chinese philosophy and martial arts, the conifers and pine cones, Clausewitz and military strategy, the caterpillar and the butterfly, Henry Ford and the assembly line, Robinson Crusoe, and many others.
Third, he not only analyses the views of many well-known economists, he also makes meaningful references to the ideas and contributions of Beethoven, Bismarck, Goethe, Napoleon, Churchill, Edison, Einstein, Defoe, Thomas Jefferson, Hegel, Marx, Mahler, Sibelius, Tolstoy, Norbert Weiner, and others. He draws on history, literature, and the arts in order to make his case more understandable, interesting, and compelling.
The final reason I liked this book is that many sections are eloquent, and almost poetic. This is very rare in economics, and it sets this book apart from most of the others in this field.
However, this is a complex book, dealing with a complicated subject, so there are a few sections which will be difficult to understand on the first reading.
26 of 27 people found the following review helpful.
thought provoking and ultimately worthwhile
By graham
Great summary of Austrian economics and its main developers. At times a little turgid and forgot the authors own maxim by being roundabout for its own sake in places. i have come away with a much better appreciation of Austrian economics and a reinforcement of the value investing approach that I try to follow, but starting from an even more rigorous thoughtful position and this book is a major influence on my future investment process. Can there be higher praise than that this book will alter my behavior?
19 of 19 people found the following review helpful.
A Billionaire’s Treatise on the Philosophy of Strategy Itself…but you should read it anyway
By Gravity's Gone
First and foremost, I highly recommend reading this book. The journey is admittedly round about, but the unique perspective is worth the time investment.
What to Expect
The Dao of Capital is not an investment manual, or a tactical handbook. Instead this is more of a treatise – see “The Art of War”, a paradigm from which to view strategy itself. The focus is strategy, and underlying philosophy, not tactics. Spitznagel’s perspective on life as a whole is unique and enlightening. Yes, he is (extremely) repetitive at times, and could have benefitted from an editor with a bit tighter fist, but please do not let that discourage what will most assuredly be a valuable investment of your time. The author has a gift for conceptual perspective, but at times his brilliance unnecessarily complicates his choice of metaphors - making the book a bit more difficult to continually comprehend than it necessarily needs to be. At times I found myself having to retreat in the book to go back and review a previous metaphor, so that I could keep up with the current concept being stressed. Now, while the retreating to advance strategy may fit well with the overall positional advantage theme of the book, there is still something to be said for concise simplicity when conveying your message.
Specific Tactics for Investing
My personal desire upon purchase of this book was to garner some insight on specific investments, in what I already knew was a distorted market. I already shared much of the author’s theoretical economic view (Austrian) and his political philosophies (liberty), and therefore already shared his belief of a Fed created distortion in the market. I wanted him to tell me how to simultaneously protect myself from inflationary policies (and the dangers of holding cash or T notes), while avoiding the impending artificially stimulated boom and bust cycle of the market. Although he touches on some methods for this, don’t expect any magic potion here. I can summarize the tactical portions of the book fairly quickly. His message to the average investor can be boiled down to the initial half of the concept he terms Austrian Investing I, which is staying out of the equities (stock) market when Central Bank induced artificial distortion is high, and patiently waiting on the inevitable bust to reenter the market to purchase equities at either highly discounted rates or at least at prices that have been adjusted by the bust to a level actually reflecting the natural levels. The latter half of his Austrian Investing I philosophy is a concept which is not feasibly accessible to the average investor (in my opinion). This second half of Austrian Investing I is tail-hedging, the investing tactic for which he is famous, and boils down to purchasing well “out of the money” puts on S&P 500 index options. Regardless of the complexity of tail hedging, dealing in the options market is simply out of reach for folks with full time jobs (assuming that job is not broker, banker, or fund manager). Austrian Investing II summarizes his concepts for valuation to utilize first in times of high distortion (i.e. building the bubble) to find equities to hold that have been less affected by interest rate manipulation, and more so once bubbles have burst and brought market prices closer to natural equilibrium. Austrian Investing II is a nuanced version of value investing with his own spin on how to evaluate companies’ susceptibility to Fed induced volatility; with a focus on companies with round about production processes and healthy (Henry Ford style) reinvestment of profits into continually greater efficiencies through further levels of round about production.
As I mentioned, this is not a tactical book, so he is a bit short on specifics, and what few are included reside at the very end of the book. I do not disparage the author for this, though, as he thoroughly explains throughout the book that tactics were not his intention and does a fairly thorough job of explaining why he did not write a “how-to” invest manual. I will caution, though, that for non-financiers (like myself) he was a bit short on explanations surrounding the financial concepts and terminology once he gets into the actual weeds of Austrian Investing. In a book that requires two weeks of reading just to get through the metaphor regarding conifers and the boreal forest, one would think that at least a brief description of financial concepts in layman’s terms would be included (instead of referring the uneducated reader to seek explanation of these terms and concepts in other materials).
Austrian Economics
Although I didn’t read this book for any reinforcement of Austrian Economic theory, and instead was looking for a heavier dose of finance and investment from someone with an Austrian mindset; I truly did enjoy Spitznagel’s perspectives on the Austrian tradition. I suspect that even professional economists in the Austrian tradition would enjoy his perspectives on the classic Austrian texts. For someone totally unfamiliar, or especially someone who has only been informed by the mainstream’s biased slander concerning Austrian Economics, this book would be a tremendous primer on the subject. Dao of Capital covers theories from Bastiat, Menger, Bohm-Bawerk, Hayek, Rothbard, and (of course) “the Master” Ludwig Von Mises. This book does not cover the full philosophical realm of liberty in the way that “Road to Serfdom” or Rothbard’s “Libertarian Manifesto” do, but this book covers a tremendous array of central themes in the more strict markets based theories of classical liberalism.
Summary
Reviewing this book is a bit difficult, because as much as I enjoyed Spitznagel’s brilliance and unique perspective on strategy itself; the book is extremely tedious at times. Overall, I cannot help but give this brilliant composition 5 stars. The engineer in me, though, would prefer a bit less repetition and a bit higher regard for brevity (although this review obviously suffers from the same infirmity), as well as a more robust coverage of the technical financial concepts.
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