The Dao of Capital: Austrian Investing in a Distorted World

by Mark Spitznagel

“You’ve got to love to lose money, hate to make money, love to lose money, hate to make money. . . . But we are human beings, we love to make money, hate to lose money. So we must overcome that humanness about us.”

The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy.”

“I may lose a battle, but I shall never lose a minute.”

Blaming wild market volatility on the “animal spirits” of the herd mentality takes the focus off where it belongs: on the actions of the government.