#70 Mark Spitznagel: The Dao of Capital

Founders

David Senra

History, Entrepreneurship, Business, Technology

4.8 • 2.4K Ratings

🗓️ 6 May 2019

⏱️ 59 minutes

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Summary

What I learned from reading The Dao of Capital: Austrian Investing in a Distorted World by Mark Spitznagel. Klipp's Paradox (0:01) the whole point of my approach to investing is that we must be willing to adopt the indirect route to achieve our goals (14:00) finding his life's work (19:00) if my children will only read one book on economics I would be Economics in One Lesson (25:30) why it is always possible to start new, successful companies (30:00) the point is not to go slow to stay glow. it is to go slow now so you can go faster later (34:15) Robinson Crusoe and roundabout production (39:30) Henry Ford as the quintessential roundabout entrepreneur (45:00) how Mark uses roundabout in his investing (54:00) ---- Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work. Get access to Founders Notes here. ---- “I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth Be like Gareth. Buy a book: All the books featured on Founders Podcast

Transcript

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0:00.0	You've got to love to lose money, hate to make money, love to lose money, hate to make money.
0:06.0	But we are human beings, we love to make money, hate to lose money.
0:11.0	So we must overcome that humanness about us.
0:15.2	This is Clips Paradox, repeated countless times by a sage old Chicago trader named Everett
0:20.5	Clip, and through which I first happened upon an investment approach, one that I would
0:25.2	quickly make my own.
0:27.4	This is the roundabout approach, indeed central to the very message of this book.
0:33.2	Rather than pursue the direct route of immediate gain,
0:36.8	we will seek the difficult and roundabout route of immediate loss,
0:41.5	an intermediate step which begets an advantage for even greater potential gain.
0:47.0	This is the age-old strategy of the military general and of the entrepreneur.
0:53.6	Because of its difficulty, it will remain the circuitous road
0:57.6	least traveled, so contrary to our wiring
1:01.6	and to our perception of time and this is why it is ultimately so effective.
1:08.0	To clip, time is not exogenous, but it is an endogenous primary factor of things, and patience the most precious
1:18.0	treasure.
1:19.4	Indeed, Clip, with a simple message that encapsulated how he survived and thrived for more than five decades
1:27.0	in the perilous future markets of the Chicago Board of Trade.
1:31.6	Okay, so that's an excerpt from the book that I want to talk to you
1:34.2	about today which is the Dow of capital Austrian investing in a distorted world
1:39.9	by Mark Spitznagel. Okay, so today's going to be a little different.
1:45.0	Normally I try to focus just on a biography,
	...

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