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The Dao of Capital

作者：Mark Spitznagel

出版社：Gildan Media, LLC

出版年：2013-8

评分：8.6

ISBN：9781118347034

所属分类：行业好书

书刊介绍

内容简介

As today's preeminent doomsday investor Mark Spitznagel describes hisDaoistandroundaboutinvestment approach, "one gains by losing and loses by gaining." This isAustrian investing , an archetypal, counterintuitive, and proven approach, gleaned from the 150-year-old Austrian School of economics, that is both timeless and exceedingly timely. InThe 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 circuitous journey from the Chicago trading pits, over the coniferous boreal forests and canonical military strategists from China to Prussia, to the great economic thinkers of late 19th century Austria. We arrive at his central investment methodology ofAustrian investing , where victory comes not from waging the immediate decisive battle, but rather from theroundaboutapproach of seeking the intermediate positional advantage (what he callsshi ), of aiming at the indirect means rather than directly at the ends. The monumental challenge is in seeing time differently, in a whole newintertemporaldimension, 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 Capitalprovides 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.

作者简介

马克•斯皮茨纳格尔Mark Spitznagel

1971年出生于美国密歇根州，16岁那年暑假，他在父亲的老友、经验老道的大宗商品交易员埃弗里特•克里普(Everett Klipp)的期货交易公司做帮手，从事棉花和大豆等大宗商品的买卖，提高了快速退出不利交易来控制投资损失的能力。

1993年，22岁的马克从密歇根的卡拉马祖学院(Kalamazoo College)毕业，买下了芝加哥期货交易所的交易席位，从事国债期货和欧洲美元外汇期货。

1999年，马克进入纽约大学柯朗数学科学研究所(Courant Institute of Mathematical Sciences)攻读数学专业硕士学位。在那里，他碰到了未来的合伙人纳西姆•塔勒布（Nassim Nicholas Taleb），并与之一同创建了Empirica Capital。由于塔勒布身体的原因，基...

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