{"product_id":"the-dao-of-capital-9781118347034","title":"The Dao of Capital","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eAs today's preeminent doomsday investor Mark Spitznagel describes his Daoist and roundabout investment approach,    one gains by losing and loses by gaining.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\u003cp\u003e\"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.\"\u003cbr\u003e—\u003ci\u003e\u003cb\u003eForbes\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"\u003ci\u003eThe Dao of Capital: Austrian Investing In A Distorted World \u003c\/i\u003eby 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.\"\u003cbr\u003e—\u003ci\u003e\u003cb\u003eSeeking Alpha\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"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.\"\u003cbr\u003e—\u003ci\u003e\u003cb\u003eThe New York Times\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"A fascinating and radical break from the investment dogma of the past several decades\"\u003cbr\u003e—\u003ci\u003e\u003cb\u003eFortune\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"While The Dao of Capital makes for demanding reading, it repays the effort as a heady historical and intellectual feast.\"\u003cbr\u003e—\u003ci\u003e\u003cb\u003eBarron's\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"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.\"\u003cbr\u003e—\u003ci\u003e\u003cb\u003eFutures Magazine\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eAmong the \"12 Books That Every Investor Should Read... deeply informative and will leave an impact on you.\"\u003cbr\u003e—\u003ci\u003e\u003cb\u003eBusiness Insider\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"A memoir and free market manifesto... that bring(s) theoretical concepts down to the practicallevel.\"\u003cbr\u003e—\u003ci\u003e\u003cb\u003eInstitutional Investor\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"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.\"\u003cbr\u003e—\u003cb\u003eLudwig von Mises Institute\u003c\/b\u003e\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eForeword xvii\u003c\/p\u003e \u003cp\u003eIntroduction xxiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter One: The Daoist Sage\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eKlipp’s Paradox 1\u003c\/p\u003e \u003cp\u003eThe Old Master 3\u003c\/p\u003e \u003cp\u003eThe Soft and Weak Vanquish the Hard and Strong 6\u003c\/p\u003e \u003cp\u003eInto the Pit 9\u003c\/p\u003e \u003cp\u003eThe Privileges of a Trader 12\u003c\/p\u003e \u003cp\u003eRobinson Crusoe in the Bond Pit 15\u003c\/p\u003e \u003cp\u003eFishing in “McElligot’s Pool” 18\u003c\/p\u003e \u003cp\u003eEnter the Austrians: A von Karajan Moment 18\u003c\/p\u003e \u003cp\u003eA State of Rest 21\u003c\/p\u003e \u003cp\u003eGuiding into Emptiness 23\u003c\/p\u003e \u003cp\u003eMoving On 26\u003c\/p\u003e \u003cp\u003eThe Wisdom of the Sages 29\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter Two: The Forest in the Pinecone\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Roundabout and the Logic of Growth 33\u003c\/p\u003e \u003cp\u003eThe Forest and the Tree 36\u003c\/p\u003e \u003cp\u003eThe Slow Seedling 39\u003c\/p\u003e \u003cp\u003eWildfire and Resource Reallocation 41\u003c\/p\u003e \u003cp\u003eThe Conifer Effect 43\u003c\/p\u003e \u003cp\u003eA Logic of Growth 49\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter Three: SHI\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Intertemporal Strategy 51\u003c\/p\u003e \u003cp\u003eThe Dao of Sun Wu 56\u003c\/p\u003e \u003cp\u003eShi and the Crossbow 58\u003c\/p\u003e \u003cp\u003eLi—The Direct Path 59\u003c\/p\u003e \u003cp\u003eShi and Li at the Weiqi Board 60\u003c\/p\u003e \u003cp\u003eA Common Thread, from East to West 64\u003c\/p\u003e \u003cp\u003eAn Attack of Misunderstanding 68\u003c\/p\u003e \u003cp\u003eOn War—An Indirect Strategy 70\u003c\/p\u003e \u003cp\u003eShi, Ziel, Mittel, und Zweck 74\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter Four: The Seen and the Foreseen\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Roots of the Austrian Tradition 75\u003c\/p\u003e \u003cp\u003eThat Which Must Be Foreseen 78\u003c\/p\u003e \u003cp\u003eAt the Viennese Crossroads Between East and West 85\u003c\/p\u003e \u003cp\u003eThe Teleology of Baer’s Butterfly 88\u003c\/p\u003e \u003cp\u003eMenger Establishes the Austrian School 89\u003c\/p\u003e \u003cp\u003eTutor to the Prince 93\u003c\/p\u003e \u003cp\u003eMethodenstreit 97\u003c\/p\u003e \u003cp\u003eÖsterreichische Schule 101\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter Five: UMWEG\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Roundabout Path of the Unternehmer 103\u003c\/p\u003e \u003cp\u003ePostulating the “Positive” 105\u003c\/p\u003e \u003cp\u003eProduktionsumweg 108\u003c\/p\u003e \u003cp\u003eBöhm-Bawerk, the Bourgeois Marx 113\u003c\/p\u003e \u003cp\u003eFaustmann’s Forest Economy 116\u003c\/p\u003e \u003cp\u003eRings of Capital 122\u003c\/p\u003e \u003cp\u003eHenry Ford: The Roundabout Unternehmer 125\u003c\/p\u003e \u003cp\u003eThe Roundabout of Life 134\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter Six: Time Preference\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOvercoming That Humanness About Us 139\u003c\/p\u003e \u003cp\u003e“Radical” Böhm-Bawerk and the Psychology of Time Preference 145\u003c\/p\u003e \u003cp\u003eThe Curious Case of Phineas Gage 149\u003c\/p\u003e \u003cp\u003eThe Shi and Li Brain 151\u003c\/p\u003e \u003cp\u003eThe Subjectivity of Time 153\u003c\/p\u003e \u003cp\u003eThe Trade-Off of an Addict 158\u003c\/p\u003e \u003cp\u003eNo Zeal for Ziel on Wall Street 161\u003c\/p\u003e \u003cp\u003eAdapting to the Intertemporal 164\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter Seven: “The Market is a Process” 167\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Man Who Predicted the Great Depression 169\u003c\/p\u003e \u003cp\u003eFleeing the Nazis 173\u003c\/p\u003e \u003cp\u003eHuman Action 175\u003c\/p\u003e \u003cp\u003eUnternehmer in the Land of the Nibelungen 179\u003c\/p\u003e \u003cp\u003eGenuine Change Is Afoot in Nibelungenland—A Market-Induced Drop in Interest Rates 187\u003c\/p\u003e \u003cp\u003eDistortion Comes to Nibelungenland—The Central Bank Lowers Rates 190\u003c\/p\u003e \u003cp\u003eTime Inconsistency and the Term Structure 194\u003c\/p\u003e \u003cp\u003eThe Day of Reckoning Comes to Nibelungenland 198\u003c\/p\u003e \u003cp\u003eThe Austrian View 199\u003c\/p\u003e \u003cp\u003eThe Market Process Prevails 201\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter Eight: Homeostasis\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSeeking Balance in the Midst of Distortion 203\u003c\/p\u003e \u003cp\u003eThe Teleology of the Market 205\u003c\/p\u003e \u003cp\u003eThe Yellowstone Effect 207\u003c\/p\u003e \u003cp\u003eLessons from the Distorted Forest 209\u003c\/p\u003e \u003cp\u003eMarket Cybernetics 213\u003c\/p\u003e \u003cp\u003eHow Things “Go Right” 216\u003c\/p\u003e \u003cp\u003eSpontaneous Order 217\u003c\/p\u003e \u003cp\u003eDistortion 219\u003c\/p\u003e \u003cp\u003eThe Sand Pile Effect 220\u003c\/p\u003e \u003cp\u003eDistortion’s Message: “Do Nothing” 222\u003c\/p\u003e \u003cp\u003eThe Shi of Capital 223\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter Nine: Austrian Investing I: The Eagle And The Swan\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eExploiting Distortion with Misesian Tools 227\u003c\/p\u003e \u003cp\u003eHomeostasis en force 229\u003c\/p\u003e \u003cp\u003eWitness to the Distortion 231\u003c\/p\u003e \u003cp\u003eAn Initial Misesian Investment Strategy 236\u003c\/p\u003e \u003cp\u003eThe Eagle and the Swan 240\u003c\/p\u003e \u003cp\u003eCase Study: Prototypical Tail Hedging 244\u003c\/p\u003e \u003cp\u003eThe Ziel and the Zweck: Central Bank Hedging 248\u003c\/p\u003e \u003cp\u003eThe Roundabout Investor 251\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter Ten: Austrian Investing II: Siegfried\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eExploiting the Böhm-Bawerkian Roundabout 253\u003c\/p\u003e \u003cp\u003eSiegfried, the Dragon Slayer 255\u003c\/p\u003e \u003cp\u003eCase Study: Buying the Siegfrieds 263\u003c\/p\u003e \u003cp\u003eValue Investing: Austrian Investing’s Estranged Heir 269\u003c\/p\u003e \u003cp\u003eA Zweck Finally Attained 275\u003c\/p\u003e \u003cp\u003e\u003cb\u003eEpilogue: The SISU Of The Boreal Forest 277\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe World Learns Sisu from the Victorious Finns 278\u003c\/p\u003e \u003cp\u003eSisu—Of Character and Character-Building 284\u003c\/p\u003e \u003cp\u003eNotes 293\u003c\/p\u003e \u003cp\u003eAcknowledgments 309\u003c\/p\u003e \u003cp\u003eAbout the Author 311\u003c\/p\u003e \u003cp\u003eIndex 313\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default 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