{"product_id":"9781394377954","title":"The Dao of Capital: Austrian Investing in a Distorted World","description":"\u003cp\u003e\u003cb\u003eAs today's preeminent doomsday investor Mark Spitznagel describes his \u003ci\u003eDaoist\u003c\/i\u003e and \u003ci\u003eroundabout\u003c\/i\u003e investment approach, \"one gains by losing and loses by gaining.\" This is \u003ci\u003eAustrian Investing\u003c\/i\u003e, an archetypal, counterintuitive, and proven approach, gleaned from the 150-year-old Austrian School of economics, that is both timeless and exceedingly timely.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIn \u003ci\u003eThe Dao of Capital\u003c\/i\u003e, 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 \u003ci\u003eAustrian Investing\u003c\/i\u003e, where victory comes not from waging the immediate decisive battle, but rather from the \u003ci\u003eroundabout\u003c\/i\u003e approach of seeking the intermediate positional advantage (what he calls \u003ci\u003eshi\u003c\/i\u003e), of aiming at the indirect means rather than directly at the ends. The monumental challenge is in seeing time differently, in a whole new \u003ci\u003eintertemporal\u003c\/i\u003e dimension, one that is so contrary to our wiring.\u003c\/p\u003e \u003cp\u003eSpitznagel 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.\"\u003c\/p\u003e \u003cp\u003e\u003ci\u003eThe Dao of Capital\u003c\/i\u003e 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.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":43085026951229,"sku":"9781394377954","price":22.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0603\/0838\/9949\/files\/9781394377954_p0.jpg?v=1775251574","url":"https:\/\/www.tatteredcover.com\/products\/9781394377954","provider":"Tattered Cover","version":"1.0","type":"link"}