The Dao of Capital -轻识

As today's preeminent doomsday investor Mark Spitznagel describes his Daoist and roundabout investment approach, "one gains by losing and loses by gaining." This is Austrian investing , an archetypal, counterintuitive, and proven approach, gleaned from the 150-year-old Austrian School of economics, that is both timeless and exceedingly timely. In The 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 of Austrian investing , where victory comes not from waging the immediate decisive battle, but rather from the roundabout approach of seeking the intermediate positional advantage (what he calls shi ), of aiming at the indirect means rather than directly at the ends. The monumental challenge is in seeing time differently, in a whole new intertemporal dimension, 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 Capital provides 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.

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...

马克•斯皮茨纳格尔Mark Spitznagel

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。

2007年，由于不愿签一份苛刻协议，，马克决定离开大摩，并开始在加利福尼亚州的圣塔莫尼卡小城组建Universa Investments LP。2008年金融危机，标普500指数下跌了38.5%，而Universa的回报率高达115%。 2015年8月，道琼斯指数下跌超过1000点，Universa的回报率高达20%。2017年，在股市波动性低迷时，Universa又一次获得丰厚回报。2020年3月，Universa 管理的采取“尾部风险策略”的黑天鹅基金产生了3612%的收益。Universa在牛市中也表现不凡，其成立以来的复合年增长率为11.5%，同期标普500指数仅为7.9%。

马克的爱好十分广泛。除了交响乐，还是太极拳和瑜伽的爱好者。他喜欢太极拳的原因在于这种运动教会他如何借对方之力攻击对方，而他认为这和自己的交易策略非常相似。他相信自己“在市场中所承受的小损失*终能获得比对手交易员更大的优势”。

2009年，他从詹妮弗•洛佩兹手中以750万美元的价格购买了洛杉矶市贝尔•艾尔（Bel Air）地区一套红砖别墅，同时他还在密歇根州拥有一个山羊成群且种满樱桃的农场，放养着400只高山山羊羔。这位金融天才，同时也是素食、手工奶酪和瑜伽的爱好者。他农场出产的奶酪曾经获得了近40个奶酪比赛大奖。