The Dao of Capital
by Mark Spitznagel
Austrian economics and Taoist strategy applied to investing: roundabout production, the patience to accept small losses to position for large gains, and why central-bank distortions create the crashes that reward tail-risk hedging. Spitznagel runs a famous tail-hedge fund; the book is demanding and idiosyncratic.
Read it if…
you want a serious contrarian investing philosophy with intellectual roots.
Skip it if…
you want practical portfolio advice; this is philosophy and history.
Three things you will actually use
- Take the indirect route; it compounds.
- Accept small losses to be positioned for the large win.
- Patience is a strategy, not a temperament.
Do this first
Read the chapter on Böhm-Bawerk and roundabout production for the core idea.
Our verdict
Contrarian investing, with roots.
Compare with other Money books
Berkshire Hathaway Letters to Shareholders
Warren Buffett (compiled by Max Olson) · Money
The primary source, in order.
CLICK TO SEE
Browse all Money book reviews or get the free Reality Code Cheat Sheet.
As an Amazon Associate, WisdomDeck earns from qualifying purchases. Links marked “Click to see” go to Amazon. We are not paid for opinions, prices and availability are not shown here and change on Amazon, and we never see your purchase details. Nothing here is medical, legal or financial advice.