The Dao of Capital: Austrian Investing in a Distorted World
"Spitznagel has written an essential new book. Indeed,The Dao of Capital: Austrian Investing in a Distorted Worldmight 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 Worldby 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“WhileThe Dao of Capitalmakes 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“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“At last, a real book by a real risk-taking practitioner. You cannot afford not to read this!”—Nassim Nicholas Taleb, Author ofThe Black Swan“Investors of all kinds will find immeasurable value in this convincing and thoroughly researched book where Mark champions theroundabout.”—Paul Tudor Jones II, Founder, Tudor Investment Corporation“A timely, original, right-economic principles and history-based approach to investing. Drawing on impressive philosophical building blocks,The Dao of Capitalilluminates 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 ofThe Education of a Speculator“The Dao of Capitalis 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 ofThe 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 inThe 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 recommendThe Dao of Capitalas a guide to avoiding these deceptions and thus to better investment results.”—Marc Faber, Publisher ofThe 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“A highly successful investor, Mark brings Austrian economics from the ivory tower to the investment portfolio.”—Ron Paul, Former U.S. Congressman (from the Foreword)