Ronald Stöferle: Austrian Investing

As our great friend Dr. Bob Murphy said on an earlier show, knowledge of economics is necessary—but not sufficient—to be be a good investor. A new book entitled 'Austrian School for Investors' (https://mises.org/P11022), co-authored by our guest, Ronald Stöferle, bridges the gap between understanding the economy and understanding how to invest money, in a highly readable and succinct format. The book's co-authors are all economists and financial professionals, versed in both worlds. And, they've written a very different kind of investment book, one that doesn't tout stocks, sectors, industries, or complex timing strategies. It doesn't recommend specific equities or bonds. Instead, it's a fantastic primer on Austrian economics and its application to financial markets. By understanding money, value, interest rates, business cycles, and capital from an Austrian perspective, the smart investor knows far more about fundamentals than many fund managers and investment advisers. Most of those managers and advisers are dangerously ignorant of monetary policy, and don't understand inflation—so they're stuck trying to time booms and busts. This book won't only change the way you look at making money, but how you look at Austrian economics itself.