Safe Haven: Investing for Financial Storms

Description

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. Cover Title Page Copyright Page Contents Foreword Santa Marina SPITZ MUTUA MULI Cost-Effective Risk Mitigation Part One What Comes First Chapter 1 At War with Luck Written in Blood Probing Bets What’s a Safe Haven? The Great Dilemma First Principles Modus Tollens Deductive Dice Chapter 2 Nature’s Admonition The Swiss Family Bernoulli The Saint Petersburg Paradox Emolumentum Medium The Geometric Average The Other Saint Petersburg Paradox Concavity of Curve The Logarithmic Rhine Falls 3 The Eternal Return An Existential Imperative Into the Multiverse Dice with Schrödinger’s Demon (N =∞) Dice with Nietzsche’s Demon (N = 1) The Hustle of Non-Ergodicity Magic Trick or Math Trick? Side Bets A Glimpse of Treasure Part Two What Comes After Chapter 4 A Taxonomy Essentialism More Different Than Alike Phenotypes Risk-Mitigation Irony Imposters The Dogma of Diversification Inductive Dice Chapter 5 Holism The Cuckoo in the Clock Keeping Both Eyes Clinical Trials The Cost-and-Effect Relationship Reshuffling Agnosticism Offensive Defense A Narrow, Broken Window Frame Looking Down the Track The Great Pirates Chapter 6 Bold Conjectures Epistemology Neptune or Vulcan? Cash Is King Go with the Flow All That Glitters The Safe Haven Frontier Whistling Past the Graveyard Afterword Acknowledgments Index EULA