Safe Haven

Safe Haven

by Mark Spitznagel, Nassim Nicholas Taleb
Released August 2021
Publisher(s): Wiley
ISBN: 9781119401797

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Book 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.

Table of contents

  1. Cover
  2. Title Page
  3. Copyright
  4. Dedication
  5. Foreword
    1. SANTA MARINA
    2. SPITZ
    3. MUTUA MULI
    4. COST‐EFFECTIVE RISK MITIGATION
  6. Part One: What Comes First
    1. Chapter One: At War with Luck
      1. WRITTEN IN BLOOD
      2. PROBING BETS
      3. WHAT'S A SAFE HAVEN?
      4. THE GREAT DILEMMA
      5. FIRST PRINCIPLES
      6. MODUS TOLLENS
      7. DEDUCTIVE DICE
    2. Chapter Two: Nature's Admonition
      1. THE SWISS FAMILY BERNOULLI
      2. THE SAINT PETERSBURG PARADOX
      3. EMOLUMENTUM MEDIUM
      4. THE GEOMETRIC AVERAGE
      5. THE OTHER SAINT PETERSBURG PARADOX
      6. CONCAVITY OF CURVE
      7. THE LOGARITHMIC RHINE FALLS
    3. Chapter Three: The Eternal Return
      1. AN EXISTENTIAL IMPERATIVE
      2. INTO THE MULTIVERSE
      3. DICE WITH SCHRÖDINGER'S DEMON (N = ∞)
      4. DICE WITH NIETZSCHE'S DEMON (N = 1)
      5. THE HUSTLE OF NON‐ERGODICITY
      6. MAGIC TRICK OR MATH TRICK?
      7. SIDE BETS
      8. A GLIMPSE OF TREASURE
  7. Part Two: What Comes After
    1. Chapter Four: A Taxonomy
      1. ESSENTIALISM
      2. MORE DIFFERENT THAN ALIKE
      3. PHENOTYPES
      4. RISK‐MITIGATION IRONY
      5. IMPOSTERS
      6. THE DOGMA OF DIVERSIFICATION
      7. INDUCTIVE DICE
    2. Chapter Five: Holism
      1. THE CUCKOO IN THE CLOCK
      2. KEEPING BOTH EYES
      3. CLINICAL TRIALS
      4. THE COST‐AND‐EFFECT RELATIONSHIP
      5. RESHUFFLING
      6. AGNOSTICISM
      7. OFFENSIVE DEFENSE
      8. A NARROW, BROKEN WINDOW FRAME
      9. LOOKING DOWN THE TRACK
      10. THE GREAT PIRATES
    3. Chapter Six: Bold Conjectures
      1. EPISTEMOLOGY
      2. NEPTUNE OR VULCAN?
      3. CASH IS KING
      4. GO WITH THE FLOW
      5. ALL THAT GLITTERS
      6. THE SAFE HAVEN FRONTIER
      7. WHISTLING PAST THE GRAVEYARD
  8. Afterword
    1. LOOKING BACK
    2. THE ONE, AND ONLY ONE, PATH
    3. THE WILLIAM TELL SHOT
    4. PIRATE TREASURE
    5. A FORMULA FOR GREATNESS
    6. “I HAVE FORGOTTEN MY UMBRELLA.”
  9. Acknowledgments
  10. Index
  11. End User License Agreement

Product information

  • Title: Safe Haven
  • Author(s): Mark Spitznagel, Nassim Nicholas Taleb
  • Release date: August 2021
  • Publisher(s): Wiley
  • ISBN: 9781119401797