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Austrian School for Investors: Austrian Investing between Inflation and Deflation Hardcover – December 1, 2015

4.9 out of 5 stars 19 customer reviews

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Product Details

  • Hardcover: 366 pages
  • Publisher: Mises.at (December 1, 2015)
  • Language: English
  • ISBN-10: 3902639334
  • ISBN-13: 978-3902639332
  • Product Dimensions: 6 x 0.8 x 9 inches
  • Shipping Weight: 1.5 pounds (View shipping rates and policies)
  • Average Customer Review: 4.9 out of 5 stars  See all reviews (19 customer reviews)
  • Amazon Best Sellers Rank: #84,404 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Hardcover
This is a splendid book, which looks at investing from the perspective of Austrian Economics. I have always found it funny that we have to use “Austrian” as a qualifier. “Austrian Economics” is the only true, rational economics, the others being superstitions created by priests, elites and fools, to fool and exploit people. And of course there are more than enough people in the world who prefer to be fooled than be told the truth. Depending on the sophistication of the people and how indoctrinated they are and what images and customs locals have, rulers decide to use them as ingredients to concoct a combination of fascism, socialism, communism and just plain crookedness.

This book disabuses the reader of their economic indoctrination.

Under the influence of fascist and communistic policies, price-discovery has become extremely difficult. How would you decide on the worth of an asset when interest rates are zero or worse when negative? The financial industry has earned a bad name, for easy money polices and the kind of people it has attracted have mostly been a burden on the society. Austrians through their very action enable flow of money to the most productive uses, which maximises the value to the society. Of course, lack of sound money, has made the process of investing extremely complicated and has forced a normal citizen to speculate on assets he does not understand.

Governments have destroyed the monetary system. What we have today is a fake system that seems to do the job while slowly stealing people’s savings. Moreover, fiat currency being extremely centralised is prone to systemic shocks. This shock must come someday, sooner rather than later. It is time to prepare.
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Format: Hardcover
Investing is, always and everywhere, about taking a view on the future and is thus primarily if not exclusively the art of dealing with the unknown. In this book, the Gentlemen from Liechtenstein explain how applied Austrian School economics provides investors with the ability to identify the inherent risks. To paraphrase Clint Eastwood, "An investor's gotta know his limitations." Investors who read this book will learn to recognise where these lie and, in particular, to read the warning signs of an approaching future financial crisis. However, this book also shows the investor how to focus more clearly on those few things that can, in fact, be known with relative certainty, to the benefit of performance.

The book is also well-organised and structured so that the novice to Austrian economics can gain sufficient theoretical background in the subject before delving into the more practical applications. This is important, because the Austrian School is much misunderstood today as one that looks at a modern economy in a somewhat old-fashioned way. This is grossly unfair, most probably the result of two generations of systematic smearing of the Austrians' general eschewal of modern quantitative techniques, such as DSGE models. In fact, it was the Austrians' early appreciation of the fundamental nature of complex systems that they anticipated, long before the arrival of computers and 'big data', the tenets of modern complex systems theory and the methodological impossibility of being able to observe a complex modern economy in real time within ANY rigid quantitative framework. Indeed, Austrians hold that such models are dangerously misleading. Monetary and other economic officials wielding equations can thus contribute to financial crises, such as that which occurred in 2008, and that which may well occur again in the near future.

Forewarned is thus forearmed. Investors reading this book will find they are both. I highly recommend it.
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Format: Hardcover
Modernism and post-modernism has turned out to be an epoch of acceleration: All areas of daily human life are pervaded by the principle of “higher – faster – further”. Many people feel that they are live to work, while actually preferring vice versa, and that the daily speed of necessary appointments, to-dos, phone calls, mobility etc. prevents them from leading a life in harmony with their living environment. All need to serve the economy’s imperative, which is: growth! Dissatisfied about that, many blame the demon of the economy, of capitalism – investing, striving for profits, consuming, lending etc. are widely perceived as unmoral activities; financial markets are regarded as the core of all evil.
While not directly addressing to the topic of acceleration of existence, this book however puts a different perspective on capitalism, and on investing in particular. The calm and easy-going spirit of traditional Viennese coffee bars seems to resonate while reading the book that presents another kind of capitalism: a capitalism that is in correspondence with human values and preferences, that allows them to live freely according to their wishes, that regards the developments of the world nowadays as excessive and not at all as capitalistic. The Austrian School evolved during the prime of old Vienna in the 19th century, when Vienna was basically the cultural and scientific place to be in the world. As a liberal approach, it was strictly distinguished itself from the totalitarian ideologies that arose powerfully in that time and strongly influenced also social sciences. The Viennese researchers instead followed an independent approach by seeing individual human beings and their valuations as the core of all economic activity that they studied in a value-free approach.
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