What is *The Dao of Capital* by Mark Spitznagel about?

*The Dao of Capital* explores a unique investment philosophy blending Austrian economics and Daoist principles. It advocates for "roundabout" strategies—prioritizing long-term gains through patience, indirect methods, and embracing short-term losses for future advantages. Key concepts include *shi* (strategic positioning), time preference, and Klipp’s Paradox, all framed through historical examples and natural metaphors.

Who should read *The Dao of Capital*?

This book suits investors seeking unconventional strategies, students of economic philosophy, and professionals interested in risk mitigation. Its interdisciplinary approach (merging finance, philosophy, and history) appeals to those valuing long-term thinking over quick wins. Novices may find its depth challenging, but actionable insights on market distortions benefit all readers.

Is *The Dao of Capital* worth reading?

Yes, for its novel perspective on investing and resilience-building. Spitznagel’s fusion of Austrian economics with Daoist *wuwei* (non-action) offers a counterintuitive framework validated by his hedge fund’s performance during crises. Critics note its dense prose but praise its timeless principles on intertemporal decision-making.

What is Austrian Investing in *The Dao of Capital*?

Austrian Investing emphasizes indirect, patient strategies—like delaying gratification to compound positional advantages (*shi*). Rooted in Ludwig von Mises’ theories, it critiques centralized markets and champions entrepreneurial individualism. Example tactics include tail-risk hedging and capitalizing on mispriced assets during government-induced distortions.

How does *The Dao of Capital* use Daoist philosophy?

Spitznagel parallels Daoist concepts like *wuwei* (effortless action) with market strategies, advocating alignment with natural cycles rather than forcing outcomes. The book uses metaphors (e.g., conifer growth patterns) to illustrate thriving through adaptability and patience, echoing Lao Tzu’s emphasis on yielding to achieve resilience.

What are the key takeaways from *The Dao of Capital*?

- **Roundabout investing**: Sacrifice immediate gains for future dominance. - **Time preference**: Lowering this bias enables long-term wealth-building. - **Klipp’s Paradox**: Embrace small losses to secure larger victories. - **Shi**: Cultivate strategic positioning through patience.

What is time preference in *The Dao of Capital*?

Time preference refers to prioritizing present rewards over future benefits—a cognitive bias Spitznagel urges investors to overcome. High time preference drives impulsive decisions, while low preference fosters compound growth. The book ties this to Austrian capital theory, advocating delayed consumption for productive reinvestment.

What is Klipp’s Paradox in *The Dao of Capital*?

Klipp’s Paradox states: “Love to lose money, hate to make money.” It reframes losses as strategic stepping stones, advocating small, controlled setbacks to avoid catastrophic risks. This mirrors Daoist acceptance of cyclicality and Austrian emphasis on iterative adaptation.

资本之道

扭曲世界中的奥地利学派投资

马克·斯皮茨纳格尔

3.87(1451 Reviews)

《资本之道》概述

在《资本之道》（The Dao of Capital）中探索奥地利学派的投资智慧。在这本书中，对冲基金传奇人物马克·斯皮茨纳格尔（Mark Spitznagel）将经济学与林业、战争和武术融合在一起。这种反直觉的方法得到了荣·保罗（Ron Paul）的认可，并曾帮助斯皮茨纳格尔成功预测重大市场崩盘。这种耐心的、“迂回”的思维方式能为您的投资组合带来什么？

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第 1 章

The Forest in the Pinecone: Unveiling the Dao of Capital

In a world obsessed with immediate results, Mark Spitznagel's "The Dao of Capital" offers a radical alternative-a roundabout path to success that initially appears counterintuitive. This Wall Street Journal bestseller has become required reading among Silicon Valley entrepreneurs and hedge fund managers alike, with legendary investor Nassim Taleb calling it "the most important book on investing of our time." What makes Spitznagel's approach so revolutionary is how it connects ancient Eastern philosophy with Austrian economics to create an investment framework that thrives by embracing temporary setbacks as strategic positioning for greater future gains.

第 2 章

The Paradox of Losing to Win

The journey into Austrian Investing begins with a paradoxical piece of wisdom from Everett Klipp, a legendary Chicago grain trader: "You've got to love to lose money, hate to make money." This counterintuitive statement captures the essence of the roundabout approach-embracing immediate losses as strategic intermediate steps toward greater future gains. This isn't merely about patience or generic "long-term thinking." It requires developing what Spitznagel calls "depth of field"-the ability to perceive multiple forward moments in time simultaneously, maintaining focus between the telescopic and the myopic. Like a photographer who keeps both foreground and background in sharp focus, the roundabout investor sees beyond immediate outcomes to the full temporal landscape. The principle extends far beyond investing. Military generals throughout history have retreated to gain positional advantage. Entrepreneurs sacrifice immediate profits to build infrastructure for future dominance. Nature itself employs this strategy-conifers retreat to rocky, inhospitable terrain where they develop adaptations that eventually allow them to outcompete faster-growing species. What makes this approach so difficult is that it contradicts our natural wiring. Humans are hardwired for immediacy-we want results now. The roundabout path requires inverting this tendency completely, becoming strategically patient now to become "intensely and rapaciously impatient later." It's not about generic patience but about strategic positioning-what ancient Chinese strategists called shi.

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第 3 章

Ancient Wisdom for Modern Markets

This roundabout approach finds its philosophical roots in ancient Daoism, particularly the Laozi (Daodejing), which emerged during China's Warring States Period (403-221 BCE). Far from mystical mumbo-jumbo, the Laozi was originally a practical philosophical text focused on political and military strategy, offering timeless insights that remain remarkably relevant to modern market dynamics and investment strategies. Its central concept is wuwei (noncoercive action)-not passivity but gaining advantage through indirection. The text teaches waiting patiently for opportunities to emerge, deliberately becoming soft and weak now to gain the advantage to be hard and strong later. "The soft and weak vanquish the hard and strong," as the Laozi states. This principle manifests in numerous real-world scenarios, from diplomatic negotiations to market timing, where direct confrontation often proves less effective than strategic patience and positioning. This strategy manifests in the martial art taijiquan, where practitioners yield and neutralize (zouhua) before sticking and following (niansui) to launch a decisive counterattack. The practitioner doesn't meet force with force but rather redirects and transforms the opponent's energy. In market terms, this might mean not fighting against market trends but rather positioning oneself to benefit when they inevitably reverse. The same approach appears in guerrilla warfare, where smaller forces retreat strategically before counterattacking from positions of advantage - a strategy successfully employed by various historical figures from Sun Tzu to modern resistance movements. The Daoist epistemology rejects mere empirical observation in favor of understanding underlying patterns-truth discerned through reason rather than direct experience. This aligns perfectly with the Austrian economic approach that emphasizes deductive reasoning over data mining. Just as Daoist practitioners seek to understand the fundamental nature of change and cycles, successful investors often look beyond surface-level market data to grasp deeper economic principles and patterns. This approach encourages investors to focus on long-term structural changes rather than short-term market fluctuations. The practical applications of these ancient principles extend to modern portfolio management. For instance, value investors often practice a form of wuwei by patiently waiting for markets to present opportunities rather than forcing trades. Similarly, contrarian investors embody the soft-and-weak principle by deliberately positioning themselves against prevailing market sentiment, waiting for the inevitable swing of the pendulum. These strategies require both intellectual understanding and emotional discipline - qualities that the Laozi emphasizes as crucial for success in any endeavor.

第 4 章

The Austrian School: Economics Through Time

The Austrian School of economics provides the theoretical foundation for the roundabout approach to investing. Founded by Carl Menger in 19th century Vienna, this tradition views economics through a temporal lens, focusing on how human choices unfold across time - a perspective that fundamentally differentiates it from other economic schools of thought. Menger established the Austrian School with his groundbreaking 1871 book "Principles of Economics," introducing a distinctly deductive, teleological, and humanistic approach. Unlike contemporaries who sought mathematical equilibrium and aggregate statistics, Menger focused on explaining real people's actions through means-ends relationships. His meticulously kept notebooks reveal a structured framework where goods serve as means (Mittel) for satisfying needs (Bedurfnis) to achieve desired ends (Zweck). This framework emphasized the subjective nature of value and the importance of individual human action in economic decision-making. Menger's most significant contribution was his theory of goods, where he distinguished between "goods of the first order" that directly satisfy needs (like bread, clothing, or shelter) and higher-order goods (like flour, manufacturing equipment, or skilled labor) that contribute indirectly to production. Crucially, he demonstrated that production factors' value always derives from the final consumer good, not vice versa - a principle known as "imputation." This insight revolutionized understanding of capital theory and value formation. Economic progress, Menger argued, comes from "the increasing employment of goods of higher order" - a concept that became essential to Austrian Investing and modern capital theory. This approach faced fierce opposition from the German Historical School, leading to the famous Methodenstreit (method dispute) of the 1880s and 1890s. The Austrians, led by Menger, defended deductive reasoning, methodological individualism, and economic liberty, while their opponents, under Gustav Schmoller, advocated strict empiricism, historical relativism, and state intervention. This wasn't merely an academic debate - it represented what Ludwig von Mises later called "a clash of two orthodoxies; the Bismarck orthodoxy versus the Jefferson orthodoxy." The dispute's implications extended far beyond methodology, touching on fundamental questions about the role of government, individual freedom, and the nature of economic progress. The Austrian School's emphasis on time, subjective value, and capital structure would later influence major economists like Friedrich Hayek, Ludwig von Mises, and Murray Rothbard, who expanded these ideas into comprehensive theories of business cycles, monetary policy, and market processes. Their insights continue to provide valuable frameworks for understanding economic phenomena and investment decisions in modern markets.

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第 5 章

The Roundabout Path to Productivity

Eugen von Bohm-Bawerk expanded Menger's ideas with his concept of Produktionsumweg-the roundabout method of production. This approach involves taking indirect paths that ultimately yield greater productivity than direct ones. While seemingly counterintuitive, this principle demonstrates how investing in longer, more complex production processes can dramatically increase efficiency and output quality. Consider Henry Ford's River Rouge plant-the epitome of Produktionsumweg. This fully integrated operation included steelmaking, foundry, body-making, sawmill, rubber processing, cement plant, power plant and assembly. Instead of simply purchasing components from suppliers, Ford created an industrial ecosystem where raw materials entered one end and finished automobiles emerged from the other. This roundabout production process initially consumed enormous time and capital but ultimately delivered extraordinary efficiency-by 1923, Ford was producing two million vehicles annually, with a new car completed every 24 seconds. The plant's success demonstrated how vertical integration and process control could revolutionize manufacturing. The process must create future productivity advantages in one of two ways: either by making more units with the same inputs or producing goods impossible through direct methods. It creates an "autocatalytic process" where capital goods become catalysts for further production. For example, a machine tool that makes other machine tools, or computer systems that enable the design of more advanced computers. Each step builds on previous ones in an adaptive learning process, with technological advancements becoming embedded in existing technologies. This compounds over time as innovations stack upon each other. Bohm-Bawerk's favorite metaphor for capital was a tree's growth rings-konzentrische Jahresringe-depicting the capital structure as concentric circles. The inner rings represent higher-order capital goods (furthest from consumption), with production moving outward over time toward final consumption goods. Advanced economies have more rings, reflecting more years and more circuitous production processes. This metaphor effectively illustrates how modern economies build layer upon layer of productive capacity, with each ring representing investments in increasingly sophisticated production methods. Modern examples of Produktionsumweg include semiconductor fabrication plants, which require billions in investment and years of construction before producing a single chip, yet ultimately enable exponential increases in computing power. Similarly, Amazon's massive investment in warehouse automation and logistics infrastructure exemplifies how roundabout production methods can transform entire industries through enhanced efficiency and scale.

第 6 章

The Psychology of Time Preference

Time preference-our inherent bias toward immediate gratification-stands as the greatest obstacle to roundabout investing. We naturally favor immediate, direct action over indirect, roundabout approaches. This hardwired tendency creates time inconsistency: we're impatient now while deluding ourselves we'll be patient later. Bohm-Bawerk revolutionized economics by integrating time, psychology, and emotion into capital theory. He recognized that our inability to "feel in advance" future emotions creates a disconnect between our present and future selves-a "defect of will" rather than knowledge. This temporal myopia explains why we sacrifice future well-being for immediate gratification. The tragic case of Phineas Gage illustrates this neurologically. After a 13-pound iron bar shot through his head in 1848, Gage survived with basic faculties intact but lost his ability to plan for the future. His teleological functioning was severely impaired, providing the first clinical evidence that specific brain regions control temporal reasoning and impulse control. The mature brain operates as a dual system: the "cool" cognitive system (the shi system) is contemplative and capable of strategic action, while the "hot" emotional system (the li system) drives immediacy and impulsiveness. Walter Mischel's famous 1972 "marshmallow test" demonstrated this capacity in children, showing that those who could delay gratification achieved better outcomes later in life. On Wall Street, this time preference distortion creates catastrophic risk management failures. Traders with "knockout" requirements (needing to exceed profit thresholds or lose their jobs) overwhelmingly choose strategies with frequent small gains but infrequent huge losses-optimizing for career survival rather than long-term returns.

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第 7 章

The Austrian Business Cycle Theory

Ludwig von Mises inherited theories from Menger and Bohm-Bawerk, refined them, and developed Austrian Business Cycle Theory (ABCT) to explain economic booms and busts. In a 1954 lecture, Mises declared "Za market ist a process"-five simple words conveying that markets cannot be viewed as static entities but as teleological processes driven by participants' purposeful goals. The Austrian perspective sees business cycles resulting from government intervention in money and banking. When central banks artificially lower interest rates, they create false signals that lead entrepreneurs to embark on unsustainable projects. This creates an illusion of prosperity while actually causing capital consumption-the opposite of genuine economic progress. Imagine a simple economy called Nibelungenland. When consumers naturally save more, interest rates fall as time preferences decrease. Entrepreneurs shift resources toward more roundabout production methods, creating genuine economic progress. But when a central bank artificially lowers rates, it creates apparent profitability for everyone. Without real savings to fund new capital accumulation, a resource crunch develops-"the central bank can print money, but it can't print land!" This creates a physically impossible situation where contradictory production methods appear profitable simultaneously. The artificial boom eventually collapses. What seemed like prosperity is revealed as mere credit-induced distortion. Only entrepreneurs whose businesses were profitable without the artificial interest rate changes survive relatively unscathed.

第 8 章

Homeostasis: The Market's Self-Correcting Nature

The market, like all natural systems, constantly seeks balance through self-correction. Never static, it functions through continuous discovery, balancing and rebalancing based on available information. When functioning naturally, markets achieve equilibrium through internal governance, depending on accurate communication among participants. This process operates through countless daily transactions, price signals, and behavioral adjustments made by millions of individual actors responding to local conditions and incentives. This process closely resembles how forests maintain balance through periodic small wildfires. When angiosperm-dominated areas become overgrown, they become vulnerable to fires that clear the land, allowing patient conifers to reseed. These fires function as natural regulators that control unsuitable growth and maintain balance with available resources. The process involves complex interactions between different species, soil conditions, weather patterns, and natural cycles that have evolved over millions of years. Regular small fires clear underbrush, release nutrients, and create diverse habitats that support ecosystem health. However, when these natural correction mechanisms are suppressed-whether through fire suppression in forests or bailouts in markets-the system accumulates dangerous imbalances. The catastrophic 1988 Yellowstone fire that destroyed over one-third of the park demonstrates the dangers of suppression. By preventing smaller, natural blazes for decades, forest managers inadvertently created perfect conditions for an unprecedented conflagration. Dead wood accumulated, forest density increased beyond sustainable levels, and when conditions aligned, the result was devastating. Similarly, central banking's interventionist approach that began with the 1984 Continental Illinois "too big to fail" bailout and the subsequent "Greenspan put" of 1987 has created dangerous market imbalances. Programs like TARP prevent rational market adjustments, making eventual corrections exponentially more destructive. This pattern has repeated with increasing frequency and magnitude, from the dot-com bubble to the 2008 financial crisis, each intervention creating moral hazard and encouraging even riskier behavior. The Federal Reserve's expanding balance sheet and near-zero interest rate policies have distorted natural price discovery mechanisms and resource allocation. The surprising solution to avoid economic depressions-like avoiding epic forest fires-is to let the homeostatic system work: "Don't just do something, sit there." This counter-intuitive approach recognizes that markets, like ecosystems, have evolved sophisticated self-regulating mechanisms. Small, frequent corrections prevent the buildup of systemic risks and maintain long-term stability. Just as forest managers now understand the value of controlled burns, economic policymakers must recognize that attempting to eliminate all market corrections ultimately leads to larger, more devastating crashes.

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第 9 章

Austrian Investing I: Exploiting Distortion

Austrian Investing begins with recognizing market distortions created by monetary intervention. When central banks artificially lower interest rates, they drive stock prices above their natural levels, creating what Spitznagel calls an elevated Misesian Stationarity (MS) index-the ratio of stock market value to the replacement value of underlying capital. Historical analysis since 1901 reveals regular, mean-reverting cycles in this index that represent the footprints of monetary distortion. When the MS index is high, subsequent market returns tend to be poor, and the risk of crashes increases dramatically. These crashes aren't random "black swan" events but predictable consequences of monetary distortion. The simplest Austrian investment strategy is straightforward: buy stocks when the MS index is low and sell when it is high. Testing this approach over more than a century shows it outperforms the S&P Composite by more than two percentage points annually-beating not just professional stock pickers but also the average hedge fund manager, with far less risk. A more sophisticated approach uses put options as tail hedging tools to profit from inevitable corrections. By allocating a small portion of the portfolio (0.5% monthly) to out-of-the-money puts while keeping the rest invested in stocks, investors can generate significant outperformance during periods of high distortion. This strategy embodies the roundabout approach-accepting small immediate losses (monthly put costs) to achieve larger future gains when crashes occur. Each option represents a "seed in time," a chance to profit from future market corrections and the subsequent higher returns available when investing after a crash.

第 10 章

Austrian Investing II: Finding Productive Capital

While Austrian Investing I focuses on market-wide distortion, Austrian Investing II shifts to individual firms and their capital structures. This approach seeks highly productive "roundabout" capital-what Spitznagel calls "Siegfrieds" after the entrepreneurial hero from his Nibelungenland parable. A true Siegfried shows a high return on invested capital (ROIC), continually reinvests profits to become increasingly roundabout, and isn't overly sensitive to interest rate fluctuations. Unlike companies that collapse when cheap credit disappears, Siegfried remains fundamentally sound even during liquidations. Empirical evidence confirms that Siegfrieds tend to remain Siegfrieds. Firms with 75% or higher ROIC at the start of a decade typically maintain elevated returns through the period. This persistence reflects the advantage of entrepreneurs who continually reinvest earnings and stay ahead in the capital-configuration race. A portfolio strategy selecting the lowest Faustmann ratio firms (price relative to replacement value) among those with ROICs above 100% dramatically outperforms the S&P Composite Index. The market systematically undervalues these highly productive firms because their EBIT growth temporarily declines as they become more roundabout-sacrificing today for growth tomorrow. Austrian Investing can be viewed as value investing's intellectual forerunner, providing clarity to what Benjamin Graham's approach only approximated. Production that leads to entrepreneurial profit is an exceedingly roundabout process requiring time, capital, and patience in acquiring indirect means.

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第 11 章

The Sisu of Roundabout Thinking

The roundabout path requires what Finns call sisu-a concept encompassing guts, courage, toughness, tenacity and determination. More than momentary grit, sisu represents intertemporal endurance that sustains through an arduous path of seemingly insurmountable challenges. This distinctive Finnish characteristic emerged from centuries of survival in harsh Nordic conditions, where long-term planning and resilience were essential for survival. The 100-day Winter War of 1939-1940 exemplifies this principle in dramatic fashion. Outgunned Finnish forces successfully defended against the much larger Soviet army through carefully executed strategy straight from Sunzi and Clausewitz. Nimble Finnish troops on skis avoided direct clashes, maneuvering within snowy forests to gain positional advantage. Using "motti" tactics-named after the Finnish word for a cord of firewood-they divided larger Soviet units into smaller, manageable sections before methodically neutralizing them. This indirect approach allowed a force of 300,000 Finns to effectively resist an army of over 1 million Soviets. Modern psychology increasingly recognizes sisu's value, with researchers like Angela Duckworth identifying "gritty individuals" who make steady progress despite setbacks as "tortoise-like"-reminiscent of tenacious conifers. Her research shows that grit predicts success better than IQ or talent across various fields, from West Point cadets to spelling bee champions. This quality proves essential in capitalism, which requires enduring present disadvantage for future superior advantage. Successful entrepreneurs like Jeff Bezos exemplify this principle, sustaining Amazon through years of losses to build long-term market dominance. If a strategy doesn't require grit, it aligns with neither roundabout thinking nor capitalistic progress. Throughout history, strategic thinkers from diverse backgrounds-Daoists, militarists, economists, industrialists-have demonstrated commitment to these universal principles. The Japanese concept of "kaizen" (continuous improvement), German "mittelstand" companies' multi-generational perspective, and Warren Buffett's value investing approach all embody this patient, indirect path to success. The humble pinecone serves as a daily reminder of nature's roundabout strategy-the tenacious persistence that allows conifers to outlast their competitors by enduring uncomfortable places, ultimately achieving conquest through apparent disadvantage. Some species, like the Jack Pine, require forest fires to release their seeds, demonstrating nature's ultimate roundabout strategy. This seemingly mundane object contains infinity-a visible reminder of the practical discipline required to pursue intermediate means as strategic advantage for achieving ultimate ends through the roundabout route. The pinecone's spiral pattern, following the Fibonacci sequence, further symbolizes how mathematical precision underlies nature's indirect paths to growth and survival.

第 12 章

The Dao of Capital: A Universal Strategy

The masters across diverse traditions-from ancient Daoist philosophers like Laozi and Zhuangzi to military strategists like Sun Tzu, from successful grain traders to Austrian economists like Ludwig von Mises-share a common wisdom captured in the profound concept of shi. This principle encompasses strategic positional advantage, latent potential, optimal disposition, and natural propensity. Like water finding its path downhill, shi represents the accumulated force that develops through patient positioning. By orienting everything to shi, we follow the roundabout path, refusing the distorted perceptions that focus only on immediate gratification. This requires developing an intertemporal view-seeing life not as isolated moments but as an interconnected series extending beyond our own lifetime. This perspective allows us to plant seeds today that may only bear fruit for future generations, much like the ancient Chinese practice of planting bamboo forests that would take years to mature. The reward for being intentionally circuitous manifests in multiple domains: in nature's patient regeneration after forest fires, in the archer's precise targeting through careful aim rather than rushed shots, and in productive capital accumulation through delayed consumption. As economist Eugen von Bohm-Bawerk noted about the roundabout approach: it is "so much the better that it is often the only way!" This insight applies equally to business investment in infrastructure, personal skill development, and relationship building. With these masters as guides, we navigate a world increasingly dominated by immediacy and instant gratification. We follow Mark Spitznagel's paradoxical approach of loving to lose and hating to win in the short term, recognizing that temporary setbacks often pave the way for greater victories. We embrace the strategic indirection advocated by Sun Wu and Carl von Clausewitz, who understood that the most effective path to victory often appears to lead away from the target. We heed Frederic Bastiat's warning to look beyond immediate effects to see the long-term consequences of our choices, whether in economics, policy, or personal decisions. The Dao of Capital transcends its application as an investment strategy-it represents a universal approach to achieving lasting success through strategic positioning and patient persistence. This wisdom manifests in nature's seasonal cycles, in the growth of great enterprises from humble beginnings, and in the development of enduring personal capabilities through sustained effort rather than quick fixes.

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《资本之道》核心主题

roundabout production
austrian investing
strategic positioning
temporal advantage
capital structure

《资本之道》经典语录

The soft and weak vanquish the hard and strong.
Humans are hardwired for immediacy—we want results now.
...becoming strategically patient now to become intensely and rapaciously impatient later.
...a clash of two orthodoxies; the Bismarck orthodoxy versus the Jefferson orthodoxy.

《资本之道》主要人物

Mark SpitznagelAuthor and hedge fund manager
Everett KlippLegendary Chicago grain trader
Carl MengerFounder of the Austrian School of economics
Nassim TalebLegendary investor and author
LaoziAncient philosopher and author of the Daodejing

关于作者

Mark Spitznagel 是《资本之道：扭曲世界中的奥地利学派投资》（The Dao of Capital: Austrian Investing in a Distorted World）一书的作者，他是一位先驱性的对冲基金经理，也是尾部风险对冲策略方面的专家。

作为 Universa Investments 的创始人兼首席执行官，Spitznagel 因成功预测重大市场崩盘而获得认可，其中包括 2008 年金融危机和 2020 年新冠疫情引发的市场大跌，其公司在后者中实现了 4,144% 的回报率。

他的著作将奥地利学派经济学与实用的投资哲学相结合，提倡“迂回”策略，即优先考虑长期韧性而非短期收益。Spitznagel 曾是芝加哥期货交易所（CBOT）的场内交易员，也是纳西姆·尼古拉斯·塔勒布（Nassim Nicholas Taleb）的门生。他经常出现在包括 MarketWatch 和 SALT Talks 在内的财经媒体中，讨论黑天鹅事件和风险缓解。他的后续作品《避风港：投资于金融风暴》（Safe Haven: Investing for Financial Storms）进一步扩展了这些主题。

《资本之道》已成为投资者应对动荡市场的必读书籍，因其将经济理论与 Spitznagel 数十年市场经验中的实用见解相结合而广受赞誉。

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由哥伦比亚大学校友在旧金山创建

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"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."

@Moemenn

"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

@Chloe, Solo founder, LA

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"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw

"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum

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"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC

254

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon

201

"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

483

"Makes me feel smarter every time before going to work"

@Cashflowbubu

"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."

@Moemenn

"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

@Chloe, Solo founder, LA

117

"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw

"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum

108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC

254

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon

201

"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

483

"Makes me feel smarter every time before going to work"

@Cashflowbubu

"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."

@Moemenn

"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

@Chloe, Solo founder, LA

117

"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw

"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum

108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC

254

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon

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"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

483

"Makes me feel smarter every time before going to work"

@Cashflowbubu

查看更多网络上关于 BeFreed 的讨论

开启你的学习之旅，就是现在

第 8 章

资本之道

概述《资本之道》概述

一本书，多种聆听方式。

The Forest in the Pinecone: Unveiling the Dao of Capital

The Paradox of Losing to Win

边听边看，每个词都清晰呈现

Ancient Wisdom for Modern Markets

The Austrian School: Economics Through Time

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The Roundabout Path to Productivity

The Psychology of Time Preference

边听边看，每个词都清晰呈现

The Austrian Business Cycle Theory

Homeostasis: The Market's Self-Correcting Nature

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Austrian Investing I: Exploiting Distortion

Austrian Investing II: Finding Productive Capital

边听边看，每个词都清晰呈现

The Sisu of Roundabout Thinking

The Dao of Capital: A Universal Strategy

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《资本之道》核心主题

《资本之道》经典语录

《资本之道》主要人物

关于作者

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发现更多

1,000,000+ curious minds.

1,000,000+ curious minds.

一本书，多种聆听方式。

The Forest in the Pinecone: Unveiling the Dao of Capital

The Paradox of Losing to Win

边听边看，每个词都清晰呈现

Ancient Wisdom for Modern Markets

The Austrian School: Economics Through Time

从 《资本之道》中收获更多

The Roundabout Path to Productivity

The Psychology of Time Preference

边听边看，每个词都清晰呈现

The Austrian Business Cycle Theory

Homeostasis: The Market's Self-Correcting Nature

从 《资本之道》中收获更多

Austrian Investing I: Exploiting Distortion

Austrian Investing II: Finding Productive Capital

边听边看，每个词都清晰呈现

The Sisu of Roundabout Thinking

The Dao of Capital: A Universal Strategy

你已读完 《资本之道》

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《资本之道》概述

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你已读完《资本之道》