Investing for Financial Storms
1. Edition August 2021
240 Pages, Hardcover
Wiley & Sons Ltd
Price: 26,90 €
Price incl. VAT, excl. Shipping
What is a safe haven?
What role should they play in an investment portfolio? Do we use them only to seek shelter until the passing of financial storms? Or are they something more? Contrary to everything we know from modern financial theory, can higher returns actually come as a result of lowering risk? In Safe Haven, hedge fund manager Mark Spitznagel--one of the top practitioners of safe haven investing and portfolio risk mitigation in the world--answers these questions and more. Investors who heed the message in this book will never look at risk mitigation the same way again.
Part 1: What Comes First
Chapter 1: At War with Luck
Chapter 2: Nature's Admonition
Chapter 3: The Eternal Return
Part 2: What Comes After
Chapter 4: A Taxonomy
Chapter 5: Holism
Chapter 6: Bold Conjectures
Afterword: Amor Fati
--From the foreword by NASSIM NICHOLAS TALEB
"Clear, logical and persuasive, Safe Haven is highly recommended for all students of the markets--novice and professional. Spitznagel masterfully builds from first principles, establishing the role risk mitigation ought to play in investment portfolios and provides a simple yet practical framework to identify and analyze said Safe Havens."
--HARSHAL CHAUDHARI, Chief Investment Officer - General Electric Pensions
"Properly priced insurance against big investment losses can increase the expected compound growth rate of both insurer and insuree. It is a widely overlooked free lunch. Mark Spitznagel, a leading long-term practitioner, shares his insights from analyzing this extremely counterintuitive idea."
--EDWARD O. THORP, Author of Beat the Dealer and A Man for All Markets
"Safe Haven confronts the central challenge for an investor constructing a portfolio for the long term: how to mitigate systemic risk while enhancing the compound growth of the entire portfolio. Mark Spitznagel takes aim at the weaknesses of modern portfolio theory and offers a clear and compelling case for a better alternative framework."
--TED ELIOPOULOS, Vice Chairman, Morgan Stanley Investment Management, ex-CIO of CalPERS
"Spitznagel destroys all manner of conventional wisdom in this great read, including the widely accepted belief that risk-mitigation is the path to lower returns... Though Safe Haven is full of charts and numbers, it reads as though it's written by a poet. The world needs more people like Spitznagel, and more books like the one he's written."
--JOHN TAMNY, Editor, RealClearMarkets
"Drawing on logic, probability theory and history, Safe Haven aims to justify Spitznagel's investment theory and show that most perceived havens investors run to -- be they bonds, hedge funds or tail-risk funds -- do not work."
--LAURENCE FLETCHER, Financial Times