Why It Ranks #94
The most intellectually original investment book of the last decade. Spitznagel's synthesis of Austrian economics and Eastern philosophy produces insights about patience, positioning, and the nature of risk that you will not find anywhere else.
The Review
Mark Spitznagel — Nassim Taleb's former trading partner and founder of Universa Investments — makes the case for 'roundabout' investing: accepting short-term losses to position for long-term gains. The Dao of Capital blends Austrian economics, Daoist philosophy, and Spitznagel's own tail-risk hedging strategies into an unconventional investment philosophy that prioritizes strategic positioning over immediate returns.
Key Takeaways
- 1The roundabout path — investing in intermediate steps rather than immediate payoffs — produces superior long-term returns
- 2Austrian investing: position for the distortions caused by central bank intervention
- 3Patience is not passive waiting — it is active strategic positioning
- 4Tail risk hedging protects the portfolio during crashes and allows aggressive positioning during normal times
Fun Facts
- •Universa Investments returned over 4,000% during the March 2020 COVID crash
- •Spitznagel is also a goat farmer in Michigan — he practices patience in agriculture too
- •Ron Paul wrote the foreword, connecting Spitznagel's investing philosophy to Austrian economics
Book Details
The Dao of Capital by Mark Spitznagel
Pages
368
Goodreads Rating
3.88/5
Copies Sold
100K+
First Published
2013
Get Glen’s Updates
Investing insights, new tools, and whatever I’m building this week. Free. No spam.
Unsubscribe anytime. I respect your inbox more than Congress respects property rights.
Keep Exploring
Top 25 Business Books
See the full ranked list of the best business books ever written.
Read moreTop 25 Stock Market Books
The 25 best books about investing in the stock market, ranked.
Read moreTop 25 Personal Finance Books
The 25 best personal finance books ever written.
Read moreBillionaires
Profiles, strategies, and humor from the world's richest people.
Read moreConsulting
Salesforce development, technical strategy, and systems architecture.
Read moreBooks
Full book recommendations and reviews from Glen Bradford.
Read more