El tao del capital

In Taoist investing you win by losing and you lose by winning. This is what Austrian Investing is all about, a counterintuitive but proven approach, drawn from the 150-year-old Austrian school of economics, that is both timeless and highly timely. In The Tao of Capital, renowned hedge fund manager Mark Spitznagel takes us on an exciting and tortuous journey from the commercial wells of Chicago to the boreal coniferous forests; from the Warring States of China, to Napoleonic Europe; from burgeoning industrial America to the great economic thinkers of late 19th century Austria. All to get to his core Austrian investment methodology, in which victory comes not from fighting the immediate decisive battle, but from the roundabout approach of seeking intermediate positional advantage (what he calls "shi"), of targeting the media indirect rather than directly for purposes. Spitznagel is the first to condense the theories of Ludwig von Mises and his Austrian school of economics into a cohesive investment methodology that has proven highly effective. With this, Spitznagel takes the Austrian economy from the ivory tower to the investment portfolio. The Tao of Capital offers 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 essential today.