Mark Spitznagel

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Mark Spitznagel
Born Mark William Spitz-Nagel[1]
(1971-03-05) March 5, 1971 (age 44)
Ann Arbor, Michigan[2]
Residence Michigan, Florida (Miami)
Nationality American
Occupation Hedge Fund Manager
(Founder & Chief Investment Officer, Universa Investments L.P.)
Political party Libertarian Republican
Spouse(s) Amy Spitznagel
Academic career
School or tradition
Austrian School of Economics
Alma mater New York University,[2] Georgetown University,[3] Kalamazoo College[4]
Influences Ludwig von Mises, Friedrich Hayek, Mahatma Gandhi
Contributions “Roundabout investing”, The Dao of Capital (Wiley 2013)

Mark Spitznagel (born March 5, 1971) is an American investor, derivatives trader, author, and sustainable farmer. Spitznagel is known for his frequently bearishAustrian”-based stock market investing and pioneering “tail-hedging,” and for his hugely profitable billion dollar derivatives bet on the stock market crash of 2008,[5][6][7][8][9][10][11][12] as well as for having allegedly caused the stock market crash of 2010.[13] He is considered “one of Wall Street’s most bearish”[14] as well as “biggest and boldest investors.”[15]

Spitznagel is the founder, owner, and Chief Investment Officer of the multibillion-dollar hedge fund management company Universa Investments, L.P., based in Miami, Florida.[4][5][7][8][10][16][17][18][19][20][21] Spitznagel reportedly has large Chinese and Middle Eastern sovereign wealth funds among his investment partners,[22] and he has since closed his funds to new investors.[5][19] Prior to becoming a hedge fund manager, Spitznagel had been an independent pit-trader at the Chicago Board of Trade[4][5][7][8][10][17] and the head of equity options in a secretive proprietary trading division (called the Process Driven Trading group) of Morgan Stanley in New York[4][8] (until they requested that he sign a stringent “noncompete” agreement[5]). Spitznagel has a graduate degree in Mathematics from New York University (Courant Institute of Mathematical Sciences) and undergraduate from Kalamazoo College in Michigan.[2][4]

Spitznagel built a large farm in Michigan, Idyll Farms, that pastures dairy goats and produces award-winning artisanal chèvre. He is the author of the 2013 book The Dao of Capital, called by Forbes magazine “one of the most important books of the year, or any year for that matter.”[23]

Spitznagel has been a significant supporter of the Republican Presidential campaigns of U.S. Congressman Ron Paul and U.S. Senator Rand Paul—including as Senior Economic Advisor.[24][25]

Universa Investments[edit]

In 2007, Spitznagel founded the hedge fund Universa Investments, where he is the Chief Investment Officer. Universa “made one of the biggest profits on Wall Street during the 2008 financial crisis” (according to CNBC),[26] scoring returns of over 100% as the Standard & Poor’s 500-stock index lost over a third of its value,[5][7][8][10][18][19][20][27][28] and making Spitznagel “a fortune” according to The Wall Street Journal.[5]

“Spitznagel’s strategy stems from his skepticism toward government efforts to revive the economy,” and as markets rise he is “content with descriptions that his fund had small losses each year as he wagered against the market.”[14] He claims that he specifically targets very “lumpy returns” (what Forbes has called “a string of mediocre results interrupted occasionally by spectacular years”[29]) which he says “ultimately keep away competitors.”[8] As Spitznagel describes the “asymmetric returns” of his strategy:

Spitznagel calls himself “a hedge fund manager that actually hedges for his clients. This is something of an old fashioned idea in this day of just gambling on the next Fed bailout.” The New York Times has described Universa investors’ ability to profit even in a bull market driven higher by central bank interventions, as Spitznagel’s hedging allows his investors to hold long stock positions that they often otherwise wouldn’t.[14] He has said that his strategy specifically allows his investors to be “responsibly long” the stock market.[31] A 2015 video (Spitznagel on the Paradox of Higher Returns with Lower Risk) shows Spitznagel in front of a white board explaining his strategy in basic terms, specifically how his investors do well “in both up and down markets.”

The Wall Street Journal alleged that a large purchase of put options by Spitznagel in the minutes leading up to the 2010 Flash Crash (when the Dow lost over 9% of its value during the day) was among its primary triggers[13][32] (and for which Spitznagel was subpoenaed by the U.S. Securities and Exchange Commission[8]). He wrote a Wall Street Journal op-ed in his defense.[33]

In 1999, Spitznagel and author and financial mathematician Nassim Nicholas Taleb together created the first ever “tail-hedging” fund, Empirica Capital,[9][34][35][36] and “became close partners, Spitznagel the disciplined trader, Taleb the more abstract theorist.”[1] Taleb went on to popularize the “black swan” concept in his books, whereas Spitznagel went on to found Universa and thus modify and implement the strategy (which became a major hedge fund investment asset class[9][37]).

Taleb has said that he “advises Universa but does not have specific knowledge of the firm's strategy,”[38] contrary to occasional press crediting him with Universa’s investing.[39]

Taleb has said “One thing Mark taught me was that when someone isn't afraid of losing small amounts, they’re almost invincible.”[5] “Mark’s portfolio is robust.”[9]

Some have called Spitznagel’s approach “doomsday” investing,[37] for which, according to Forbes, he has many “copycat” followers.[40] Spitznagel is presumed to employ positions such as out-of-the-money puts on overvalued equities[5][7][9][10] (for example, Lehman Brothers,[41] about which he has responded “It’s a regrettable aspect of our trade that we tend to do very well on others’ misfortune”[42]), which he regards as primarily a value-driven bullish play on cheapened markets, providing dry powder specifically when asset prices are depressed[9] (making him “the inverse Warren Buffett[43][44] and linking him to the value investing philosophy).

For profiting off market crashes, “I’m always in this position where I look like the jerk,” Spitznagel has said. “The jerks should be Ben Bernanke and Alan Greenspan,” because of Federal Reserve actions that create asset bubbles, or for the ways in which the Fed intervenes to stave off the inevitable consequences of those bubbles.[1] (He has called central banks “the root of all evil in the market.”[45]) According to Spitznagel, he has basically been investing against the Federal Reserve and its monetary policies his entire career.[46]

Ironically,[47] Spitznagel is largely indifferent to the concept of “black swan events”. In a February, 2015 New York Times op-ed titled “The Myth of Black Swan Market Events where he connected every similar high point in the Tobin's Q-ratio since 1900 (specifically in 1905, 1929, 1936, 1968, 2000, and 2007) with past monetary interventionism and subsequent stock market losses (of -19%, -85%, -36%, -29%, -44%, and -50%, respectively)—and thus implied that another crash is coming—Spitznagel said:

Market predictions[edit]

While, according to The New York Times, Spitznagel “gained credibility in the investment world by predicting two market routs in the past decade, first in 2000 and then in 2008”[49] (including a large bet against Lehman Brothers[42]), he has since publicly made other (“Cassandra-like”[45]) market calls.

  • In July 2009, Spitznagel opened a fund betting on inflation[5][19]—with a Wall Street Journal front-page headline stating “Spitznagel Bets Reputation on Inflation[5] (after which the price of gold approximately doubled over the next two years, and Spitznagel’s fund made 20% annual gains[9]).
  • In November 2013, despite his strong Austrian views against fiat money, Spitznagel called the market valuation of the cryptocurrency bitcoin “scary” and “dangerous”[50] (and bitcoin subsequently lost over a third of its value within a month, and lost almost 80% in just over a year).
  • In June 2011, CNBC reported on a research piece by Spitznagel which predicted a 20% correction in the S&P 500 stock index[51] (and the S&P 500 subsequently lost 20% within four months, as Spitznagel’s funds reaped from 20% to up to 10-fold gains[6][52]).
  • In an October 2013 Maria Bartiromo interview, Spitznagel called for another crash in the U.S. stock market, this time up to 40%—though regarding its timing he said “I think it's probably naive to think we can pinpoint such a thing. If history is any guide, we should expect it sooner than later. But, history need not be a good guide because we're in this monetary experiment the likes of which we really haven't seen.”[26]
  • In a 2015 Bloomberg TV interview (Meet the World’s Most Bearish Investment Manager), three months before he made $1 billion (or 20%) in the August 2015 stock market decline,[53] Spitznagel called himself “the most bearish investment manager that you will find today. There may be someone hiding in their basement who’s more bearish.” (Bloomberg called him “the world’s most bearish investor”.)[31] The following September, he said “If August was scary to people, they ain’t seen nothin’ yet.”[30]
  • In a December 22, 2015 piece for Pensions & Investments magazine (Revisiting the ticking time bomb), Spitznagel wrote: “The crash should commence right about now.”[54] According to Absolute Return, this was “a rare instance of Spitznagel issuing a market timing call. That call has proven prophetic: the S&P 500 shed more than $1 trillion in market cap during the first week of 2016.”[55]

Roundabout investing[edit]

In Spitznagel’s book The Dao of Capital he coins his investing approach as “roundabout investing” or “Umweg”, named after the Austrian School of economics concept of Produktionsumweg. (He also refers to it as “Austrian investing”, as the theories inform his notorious very concentrated bearish bets[56][57][58] in his so-called “tail-hedging” funds.[5][7][8][10][13][18][19][20][27][28]) Paul Tudor Jones has said of Spitznagel’s book that “Mark champions the roundabout,” and “shows how a seemingly difficult immediate loss becomes an advantageous intermediate step for greater future gain, and thus why we must become ‘patient now and strategically impatient later.’”[3] Spitznagel likens his process to “life’s roundabout road to success, as opposed to the direct. The direct way is easy but ultimately unrewarding. The roundabout, indirect way takes longer but leads to a better strategic advantage.”[59] Spitznagel’s roundabout is basically about delaying gratification and taking small setbacks now to gain enormous positional advantage later[60]—“the art of taking a circuitous path to an endpoint.”[49] His examples range from forest ecology, baseball, go and other games (the future equity bluff losses in poker “are a means to eventual big pots when the advantage is greatest”[3]:137) to the military strategies of Sunzi and Clausewitz.

Spitznagel describes the difficulty in being roundabout in the words of Frédéric Bastiat: “we pursue a small present good which will be followed by a great evil to come, rather than a great good to come at the risk of a small present evil.”[36] Spitznagel calls Henry Hazlitt’s book Economics in One Lesson (an expansion on Bastiat’s 1850 essay Ce qu’on voit et ce qu’on ne voit pas) central to his development, and wrote “if I am able to get my children to read only one economics text in their lifetime, God forbid, it would be Hazlitt’s.”[3]:19 According to his research, the Cranbrook Kingswood school (where he sends his children[1]—and known as an “elite prep school”[61] with Mitt Romney among its notable alumni) is alone among “virtually all the top preparatory schools in the United States” in using Hazlitt’s or any other “Austrian-friendly text” in its curriculum.[3]:19

In his book, Spitznagel reveres Henry Ford, “the quintessential roundabout entrepreneur,” for his patience in reinvesting capital and his disdain for “shortsighted finance” and the “side show” of the stock market.

In his writings, Spitznagel has extolled the views of Ludwig von Mises, Eugen von Böhm-Bawerk, and Frédéric Bastiat,[62][63][64] and criticized the interventionism of Federal Reserve chairman Ben Bernanke[33][65] (calling him “easily the most significant market manipulator in history”[66]) and U.S. President Barack Obama.[64] Specifically, in his Wall Street Journal article Christmas Trees and the Logic of Growth, and subsequently in The Dao of Capital, Spitznagel made an analogy of the lessons learned from previous wildfire suppression policy in Yellowstone Park (what he calls the “Yellowstone Effect”) to the Fed’s bailout and crash-suppression policies (and resulting malinvestment).[65] In a conversation in National Review he said:

He has also blamed the Fed for increasing wealth disparity, drawing on the works of Mises, Rothbard, and Hayek,[67] and his Austrian positions have made him a target of notable Nobel and Keynesian economist Paul Krugman.[68]

Spitznagel calls the game of poker his “favorite investing metaphor.” He describes his investing as “getting the best of it,” whereby “the pot odds—the payoff, or the size of the pot relative to the price of calling—are very favorable compared to the hand odds—the likelihood of making the best hand.”[54] In a New York Times article Bernanke Ups the Ante, Spitznagel compared the tight and loose strategies in poker to value and momentum investing, respectively, and high ante poker games to investing during artificially low interest rate environments:

Spitznagel credits “a fortuitous economics course at Georgetown University taught by Professor George Viksnins (‘Uncle George’)”—who also sparked his interest in poker—as what “started it off” for him,[3] and credits his roundabout investing style to his time right after college as a fledgling pit trader in the Treasury bond futures pit at the Chicago Board of Trade.[7][8] He described his time as a young trading clerk idolizing bond trader Lucian Thomas Baldwin, studying his “disciplined control in alternating between tremendous patience and overwhelming aggression.”[3]:16 As the youngest trader in the bond pit at twenty-two,[1] Spitznagel was mentored by 50-year veteran corn and soybean trader Everett Klipp (a.k.a. the “Babe Ruth of the Chicago Board of Trade”),[2][5][7][70][71] who had Spitznagel “pretty much brainwashed by the age of 16” into following his mantra “you’ve got to love to lose money, hate to make money.”[8]

As Spitznagel recalled the end of a trading day in the pit:


According to Malcolm Gladwell (in a New Yorker article and in his book What the Dog Saw), “Spitznagel is blond and from the Midwest and does yoga. He exudes a certain laconic levelheadedness.”[34][35] Nassim Taleb likened Spitznagel to Herbert von Karajan in sartorial appearance[34][35] (as well as in their penchant for planes, automobiles, and ashtanga yoga[45]) and said Spitznagel invests “like a German engineer, fearless and with an iron discipline.”[1] (Spitznagel’s surname means “sharp nail” in German.[72]) Forbes described the “unruffled,” loafered Spitznagel as looking “better prepared for a yacht race than for doomsday.”[73]

As Richard Bradley wrote (in Worth magazine): “You wouldn’t call Spitznagel warm and fuzzy; he’s not the kind of guy who’ll greet you with a bear hug and a slap on the back. But he’s funny in a dry, understated way, thoughtful and candid. Asked a question, he’s more interested in delivering a genuine answer than one intended to reflect well upon him.[1]

“Spitznagel is unusual not just because of how he invests, but how he lives—far from the typical hedge fund milieu of Wall Street and Greenwich.”[1] “Spitznagel splits his time between Miami, where his 20th-floor office overlooks the Atlantic, and Michigan, where his family lives and where he owns a farm”[45] (Idyll Farms) and century-old Lake Michigan summer compound in Northport[7][9][37][74] and a much-publicized estate[75][76][77] (called Woodland) in Bloomfield Hills. (In 2014, Spitznagel moved his hedge fund Universa from Los Angeles to Miami, citing Florida’s “more hospitable business and tax environment” than California’s.[21] He accordingly sold his notable Bel Air mansion that he acquired in 2009 from Jennifer Lopez and Marc Anthony.[78][79])

Bloomberg has said “Spitznagel does almost everything with zeal and intensity,” and described him honing his investing discipline by dodging oncoming taxicabs while skateboarding in New York City’s Central Park (once resulting in a separated shoulder), snowboarding and piloting engineless sailplanes over California’s Sierra Nevada.[7] (Spitznagel is also an instrument-rated pilot.[9]) It reported in 2011 that Spitznagel seeded his family office (Idyll Holdings) with $100 million.[7]

Spitznagel has said that over the years he has gained much investment insight from studying the game of poker.[69]

When once asked how to become a great investor, Spitznagel responded:

Spitznagel was an orchestral horn prodigy growing up, “probably the best high school player in the country” (and coincidentally shares the “horn duumvirate birthday” with the two greatest horn virtuosos ever), and was admitted to the Juilliard School of Music. He “wanted to be the principal horn player of the New York Philharmonic or the Chicago Symphony,” but scrapped his plans upon first visiting the grain pits at the Chicago Board of Trade.[1]

In Spitznagel’s youth, his father (Lynn Edward Spitz-Nagel, a UCC minister, “civil rights advocate and antiwar activist” who died in 1999) would stack books by Mahatma Gandhi outside his bedroom door, hoping the young Republican would read them.[1] Gandhi later became Spitznagel’s declared “hero”.[81]

In 2014, Spitznagel’s older brother (Eric) wrote a humorous article in The New York Times Magazine (The Moat, the Millions and the $50 Timex Watch) about Mark and the death of their father.[82]

Idyll Farms and sustainable farming[edit]

Idyll Farms complex in Northport, Michigan
Main article: Idyll Farms

Spitznagel built, owns, and operates Idyll Farms, a pasture-based goat farm and creamery that produces award-winning artisanal farmstead chèvre. (The word Idyll is “a song describing pastoral life,” as well as a reference to Siegfried Idyll.[1]) In the very first three years of the farm’s operations, Idyll Farms chèvres won multiple and back to back awards at the American Cheese Society North American competition[83] as well as a “Best Artisanal Cheese” from Food & Wine magazine.[84]

In starting his farm, Spitznagel has said he wanted to “capture the terroir” of his native region,[85] as well as “feel engaged with something real, something tangible, and he wanted his kids to have that connection too.”[1] In discussing his life as both financier and farmer, Spitznagel has said “What’s going on in the financial world really shouldn’t matter that much. It’s the tail wagging the dog. What matters is making things, making real things, tangible things people can use.”[86]

Nassim Taleb has quipped that Spitznagel farms in order to satisfy his desire to be “a Victorian country gentleman”.[1]

Spitznagel imported French experts to help establish and refine his goat farming and cheese making operations.[86] (Spitznagel has been called “The Goat Whisperer” due to his habit of speaking to his goats in French.[1])

The 200-acre farm estate is located at the site of a 150-year-old dairy farm in his hometown of Northport—a town “perched on the edge of Lake Michigan, it has a peaceful beauty that hasn’t changed much in the decades since he lived there.” The farm is “a beautiful piece of land, with patches of forest, lots of open pasture and rolling hills from which you can see for miles.”[1] There, “in the bucolic hills of Michigan,” according to Der Spiegel, “he produces cheese according to environmentally sustainable methods, because he views modern agriculture, with its large-scale pesticide use and automated factory farms, as degenerate.”[87] He “wanted to show that you could reject the tenets of modern commercial farming and create a sustainable, profitable business without the help of government subsidies or growth hormones or artificial fertilizers.”[1]

Factory farming, he says, is “an ideal metaphor” for what ails the economy.[87] To Spitznagel, government intervention in both economic (monetary manipulation) and agricultural systems (the subsidization of grain and GMO production, monoculture, and the excessive use of petrochemicals) distort and impede otherwise productive, healthy, and sustainable natural processes in exchange for short term benefits.[88] “Modern agriculture is about mining the soil for maximum, immediate productivity,”[89] he says, while at Idyll Farms, through sustainable pasture management rather than the use of factory-like monoculture feed,[80] “we’re thinking about how productive this land is going to be in a generation. This is antithetical to the world we live in.”[86]

In a conversation with Ron Paul, Spitznagel said “It’s crazy how much bureaucrats determine what we grow and what we eat. Sustainable farmers should all be libertarians.”[90]

Spitznagel has a strong anti-GMO opinion, described in his anti-GMO piece in The New York Times (co-authored with Taleb, and heavily criticized in conservative media[91]) where he wrote “The GMO experiment, carried out in real time and with our entire food and ecological system as its laboratory, is perhaps the greatest case of human hubris ever.”[92]

While Spitznagel has said that his motive in farming “is to change the way that we approach agriculture in this country, not just profit,” regarding his belief in farming as a good investment he has also said:

When (the Swiss German magazine) BILANZ asked him what he would do if the Federal Reserve system finally collapsed and he no longer had any more stock market crashes from which to profit, Spitznagel quipped:


Ron Paul, Spitznagel, and P.J. O'Rourke in Las Vegas, 2015

Spitznagel is an avowed libertarian, and says that he has been one since high school. In fact, “his investing philosophy is really an extension of his deeply held libertarian beliefs about government intervention in the marketplace.”[1]

In a 2015 Fox Business interview, Spitznagel said:

He has been an active libertarian Republican through his involvement in multiple U.S. presidential campaigns.

Ron Paul campaign[edit]

Spitznagel, along with entrepreneur Peter Thiel, has been the principal supporter of the Republican Party presidential primary campaign of (Texas Congressman) Ron Paul, a friend and fellow Austrian economics advocate who “shares his contempt for the Federal Reserve.”[44] In 2012, Spitznagel hosted multiple fundraisers for the congressman[11][12][43][44] (including a party at Spitznagel’s Bel Air home[94]). Spitznagel has been called “arguably Paul’s main economic theorist/popularizer outside an academic context”[43] who “could be Treasury Secretary to a future president Paul, Ron or Rand.”[44]

Rand Paul campaign[edit]

Spitznagel was Senior Economic Advisor to the 2016 Republican Presidential campaign of (Ron’s son) Rand Paul.[25] The New York Times said “the two share a similar outlook on the government’s role in the financial markets: that it should not have one.”[24] Paul has called Spitznagel “a very savvy investor who understands the nation’s finances as well as large, hedge fund-type finances. He also has a perspective on the Federal Reserve that helps cut through the mythology.”[95]

Spitznagel and Paul have written together how Federal Reserve policies “disproportionately favor wealth,”[96] called the Fed “a political, oligarchic force, and a key part of what looks and functions like a banking cartel” (in Time magazine),[97] and declared “the Fed should set markets free” (in The Wall Street Journal).[98]


Spitznagel is an active supporter of the revitalization of Detroit, Michigan. He has said that he has “very high hopes for the city of Detroit,”[81] and The New York Times has claimed that “Spitznagel has a vested interest in seeing Detroit make a comeback” due to large personal commercial real estate holdings there.[99]

In 2013, Spitznagel penned a Project Syndicate article entitled Austrian Detroit?.[100] In 2015, he wrote an article for the Detroit Free Press in support of Rand Paul’s “Economic Freedom Zones” plan for Detroit.[101]

Idyll Farms Detroit[edit]

In particular, Spitznagel has been a leader in Detroit’s urban farming movement. The Sierra Club lauded Spitznagel’s vision of a “holistic system of urban agriculture” (where food production is moved closer to consumers in urban communities) and his belief that “Detroit is uniquely positioned to be the birthplace of an agricultural renaissance, because its abandoned lots endow it with plenty of cultivable land, and the city is teeming with people in need of work.”[89]

In 2013, Spitznagel established a farm called Idyll Farms Detroit for pasturing goats in Detroit’s heavily blighted Brightmoor neighborhood. The farm was a philanthropic effort to have the grazing goats safely and economically clean up overgrown foliage and to help the struggling community through agriculture, jobs, education, and self-sufficiency. Idyll Farms Detroit spent a year setting up infrastructure, hiring local farm laborers, and consulting with Brightmoor community leaders—who advised the farm “not to engage with city hall” because they thought “the city would not enforce the animal control ordinance” banning all livestock within the city.[102] In June, 2014, the farm moved a herd of wethers (castrated male goats) along with movable pens and electric fencing from Spitznagel’s Idyll Farms in Northport to Idyll Farms Detroit in Brightmoor. Despite heavy local support and national media attention for “Spitznagel’s caprineguerrilla farming’ initiative”[103][104] (including from Ron Paul[105]), as well as the similar use of eco-friendly goats in other metropolitan areas,[89][106] Mayor Duggan immediately ordered the goats removed because of the ordinance.[99][107][108]

The New York Times commented that “If this all sounds a little unusual, Mr. Spitznagel has never been one to bend to convention.”[99]



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  55. ^ Spitznagel predicted the January stock market selloff in a research piece last month, Absolute Return, January 28, 2016
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  57. ^ Mark Spitznagel: The Austrians And The Swan - Birds Of A Different Feather, Zero Hedge, May 21, 2012
  58. ^ Fed’s monetary credit expansion doomed to fail and lead to stock market crash, says Spitznagel, Hedge Funds Review, June 6, 2012
  59. ^ Waiting for the next stock market crash, Fortune Magazine, September 25, 2013
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  67. ^ Spitznagel, How the Fed Favors The 1%, The Wall Street Journal, April 19, 2012
  68. ^ Krugman, Plutocrats and Printing Presses, The New York Times, April 20, 2012
  69. ^ a b Spitznagel, Bernanke Ups the Ante, The New York Times, October 4, 2011
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  76. ^ Luxury Private Gardens. teNeues. 2008
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  78. ^ J-Lo and Marc Anthony Sell In Los Angeles to Financier, The Wall Street Journal, January 8, 2010
  79. ^ Mark Spitznagel sells former J.Lo estate in Bel-Air, Los Angeles Times, November 26, 2013
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  83. ^ Idyll Farms Wins Two Awards at 2014 American Cheese Society National Competition, PR Newswire, August 13, 2014
  84. ^ "Best Artisanal Cheese: Idyll Farms, Mont Idyll; Northport, MI". Food & Wine. Retrieved 20 January 2016. 
  85. ^ Idyll Farms Crafts Old World, Blue Ribbon Goat Cheeses, Traverse, Northern Michigan’s Magazine, April 29, 2014
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  87. ^ a b Feeding the Bubble: Is the Next Crash Brewing?, Der Spiegel, December 3, 2013
  88. ^ Sustainable Agriculture Advocate, Fund Manager Predicts Market Crash, Agriculture Downfall, The Motley Fool, November 8, 2013
  89. ^ a b c Goats: Coming Soon to a City Near You, Sierra Club, July/August, 2014
  90. ^ Paul, Spitznagel, Americans Must Choose Non-Intervention for Peace, Prosperity, Voices of Liberty, August 26, 2014
  91. ^ The New York Times Gets It Wrong about Genetic Engineering, National Review, July 21, 2015
  92. ^ Spitznagel, Taleb, Another ‘Too Big to Fail’ System in G.M.O.s, The New York Times, July 13, 2015
  93. ^ Eine riesige Falle, BILANZ, September 18, 2015
  94. ^ Look Which Hedge Funder Has His Arms Around Ron Paul, Business Insider, April 22, 2012
  95. ^ Power 100 Q&A: Rand Paul, Worth, October, 2015
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  100. ^ Austrian Detroit?,Project Syndicate, August 6, 2013
  101. ^ Loosen restrictions to boost Detroit’s revival, Detroit Free Press, August 13, 2015
  102. ^ No goats allowed! Detroit shuts down a farm’s efforts to rid Brightmoor of blight, NPR, June 10, 2014
  103. ^ Overgrown lot-munching goats given the boot in Detroit, Mother Nature Network, June 13, 2014
  104. ^ The Goats of Detroit, Modern Farmer, June 18, 2014
  105. ^ Detroit Mayor Mike Duggan Halts Urban Farming Project in Struggling Neighborhood, Ron Paul Channel, June 9, 2014
  106. ^ America's best cities for goat-owning hedge fund managers, Fortune Magazine, June 12, 2014
  107. ^ A Deadline for Goats to Get Out of Detroit, The New York Times, June 6, 2014
  108. ^ City of Detroit butting heads with blight-eating Brightmoor goats, Detroit Free Press, June 6, 2014