The Dao of Capital: Austrian Investing in a Distorted World

(Author) (Foreword by)
Product Details
$31.00  $28.83
Publish Date
6.14 X 9.29 X 1.34 inches | 1.25 pounds

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About the Author

Mark Spitznagel is the founder and President of Universa Investments, an investment advisor that specializes in equity tail-hedging--or profiting from extreme stock market losses as a means of enhancing investment returns. In addition to hedge fund investing, Spitznagel's twenty-year investment career has ranged from independent pit trader at the Chicago Board of Trade to proprietary trading head at Morgan Stanley. He also owns and operates Idyll Farms in northern Michigan.


"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."

"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"

"While The Dao of Capital makes for demanding reading, it repays the effort as a heady historical and intellectual feast."

"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