Kyle Harrison
to-read
Dao Capital
The Dao of Capital: Austrian Investing in a Distorted World
- Author
- Mark Spitznagel
- Published
- 2013
- Pages
- 368
- Recommended
- Once
Why it’s on the list: Mark Spitznagel on investing through an Austrian economics lens — its idea of roundabout production, taking the indirect route now to be stronger later, is a direct analogue to compounding and to patient capital.
Where I heard about it
- A conversation — recommended to me in an August 2026 conversation.
- In Patrick O’Shaughnessy’s Full Reading List (Investor Field Guide, 2016) — the archive of his monthly book-club recommendations, saved by Kyle in April 2020 — Full Reading List (Investor Field Guide).
About the book
Spitznagel is Nassim Taleb’s hedge fund partner. The roundabout-production idea it draws from Austrian economics maps onto Compounding and onto the Capital Allocation patience that Permanent Capital structures are built to enable.