Hedge Fund Market Wizards: How Winning Traders Win Audible Audiobook – Unabridged
This audiobook provides fascinating insights into the hedge fund traders who consistently outperform the markets, in their own words.
From best-selling author, investment expert, and Wall Street theoretician Jack Schwager comes a behind-the-scenes look at the world of hedge funds, from 15 traders who've consistently beaten the markets. Exploring what makes a great trader a great trader, Hedge Fund Market Wizards breaks new ground, giving readers rare insight into the trading philosophy and successful methods employed by some of the most profitable individuals in the hedge fund business.
- Presents exclusive interviews with 15 of the most successful hedge fund traders and what they've learned over the course of their careers
- Includes interviews with Jamie Mai, Joel Greenblatt, Michael Platt, Ray Dalio, Colm O'Shea, Ed Thorp, and many more
- Explains 40 key lessons for traders
- Joins Stock Market Wizards, New Market Wizards, and Market Wizards as the fourth installment of investment guru Jack Schwager's acclaimed best-selling series of interviews with stock market experts
A candid assessment of each trader's successes and failures, in their own words, the book shows readers what they can learn from each, and also outlines 40 essential lessons - from finding a trading method that fits an investor's personality to learning to appreciate the value of diversification - that investment professionals everywhere can apply in their own careers.
Bringing together the wisdom of the true masters of the markets, Hedge Fund Market Wizards is a collection of timeless insights into what it takes to trade in the hedge fund world.
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|Listening Length||16 hours and 10 minutes|
|Author||Jack D. Schwager|
|Audible.com Release Date||July 09, 2020|
|Best Sellers Rank||
#7,594 in Audible Books & Originals (See Top 100 in Audible Books & Originals)
#76 in Investing & Trading
#114 in Personal Finance (Audible Books & Originals)
#187 in Finance (Books)
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Top reviews from the United States
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Like the previous Market Wizards books, and indeed just like in the market, the trading methods or philosophy applied by the wizards could not be more different from one another. Some even directly contradict one another, with surprisingly good results for each of them. This, of course, remains the underlying message of the Market Wizards books: bottom line, we need to figure out who we are and what kind of strategies could work with our temperament and world view.
One interesting remark made by Jack Schwager when people were asking him to introduce them to one of the wizards, to work under their apprenticeship and learn about their methods/system that bring success, in which he answers that it will be useless because the main point is to develop our own trading system that cater to our character. Just like Colm O’shea said “If I try to teach you what I do, you will fail because you are not me. If you hang around me, you will observe what I do, and you may pick up some good habits. But there are a lot of things you will want to do differently.”
Nevertheless, as different as these Wizards can be, they all share some similar traits that become the foundation of their trading approach.
First and foremost, they're all very dilligent about risk management, minimizing risk is almost the most sacred part of each one of these traders. They also trade only the size they're comfortable with. To them the market is always right, Steve Clark commented that the market is not about facts but people's opinion and positions that reflects their opinions, and they aren't afraid to cut losses when they're wrong. In a similar tone, Scott Ramsey said that there is one principle that you cannot violate: know what you can lose.
Meanwhile, as one wizards believe that price is not actually important (instead the size of your position is more crucial, to determine whether or not you can get out quickly), Edward Thorp complement this view by saying don’t bet more than you are comfortable with (and just take your time until you’re ready). Moreover, Jamie Mai highlighted that finding answers is much easier when you know in advance what the questions are, and another wizard gives the simplest wisdom of all when he said do what you do best, and so less of what you do badly.
Furthermore, as different as they may be, almost all of them point out the fact that profit is nice but it wont teach us anything, and one of the most important parts of trading is to make as much mistakes as we can, learn from them, and create our own system to avoid those mistakes.
And the interviews in this book provide us with exactly that, the raw and honest stories about their hopes, fears, and doubts, and their struggle and journey from nothing to become one of the best in the world. It is also, perhaps more importantly, about the long road on how they come to acquire/develop the skills or tools or principles that they eventually use to make them very successful (like Ray Dalio’s principles, which he then expanded into a very good book). And it’s all very human, and the lessons are also very applicable in any walks of life other than trading.
Just like the format in Dale Carnegie’s books, by the end of each chapter Jack Schwager provides a concluding paragraph to sum up the interviews, which is very helpful. But the real gem of the book is definitely the conclusion chapter, where everything are summarized so neatly, in which Schwager lists the ultimate 40 Market Wizards lessons, which, of course, I won’t spoil in this review.
This would definitely be the 1st book I recommend on anyone asking about trading/investing. An absolutely useful real-life manual for the battle on the financial market ground.
This particular edition is good because it is rather new compared to the other versions. Some of the legends profiled here include Ray Dalio, Jamie Mae, Joel Greenblatt, and the incredible Ed Thorp.
I would recommend this, as well as all the other books that are part of the collection, to any person who is considering starting a career as a trader. There are not many books out there that provide the wide range of strategies presented here. The trader wannabe should pick up these books, read through the interviews, and then select the strategy that best suits his/her personality. Then, use that knowledge to look for other books that explore that strategy in detail. Once they have done all that, they should come back and re read the wizards to extract the real gems.
No matter what strategy you end up following, you should always keep these books close as an invaluable reference.
Of course, there are some flaws. This book is populated with american and british (at least) traders. Mr Schwager does not extend his research further than that and on one occasion even says that he only searches through indications of friends (there is one exception in the book). It is sad, as I personally know of South American and European (and no doubt there are others too) traders who deserved to be here and could add to the book. Even so, this is a interesting group with plenty of insights. Although, as someone who has been solely a full time futures trader for the past 15 years, I don't think he draws necessarily the correct inferences or conclusions on some interviews, but to his great credit, the information is there for you to make your own (in a few instances I would like to have asked other questions, but in general he was okay).
Even when he apparently strays off course, like when he interviews his son's boss (really???)... well, that's what I thought... but after reading the interview I thought it was indeed a good choice and very interesting interview, although Mr. Schwager get asking some wrong questions and insists on how he could "improve" his results, without taking into account what the trader had been saying between the lines all the time, which is his knowledge of his style, his emotional capacity, etc...
Anyway, this book's qualities OUTSHINE these small flaws by a wide margin. And, Mr Schwager has done something few people have... he has written 2 exceptional books about the markets. For authors writing a book like the first market wizards is hard, because following it up is very difficult. But he has done it with this one. If you, like some reviewers, are looking for specific techniques and trading tips, you are already searching for the wrong things my friend, and it won't make a difference which book you buy. But if you are interested in reading about some great traders according to their own words, reading about different perspectives, approaches and a lot of information to digest and reflect on, this is DEFINITELY A BUY!
Let me say it for the record, this is an exceptional book and Mr Schwager is to be commended for the work he has done the "trading community".
Top reviews from other countries
I have read the other market wizards books but then there was a period of silence.
Now Jack Schwagner has created another fantastic book. This book feels fresh and has new content with a new generation of fund managers. As with the original book I think this one will be remembered for a long time.
It is easy to dismiss the interviews but every time I read one of Jack Schwagner's interviews I learn something new. I find it useful to read every word and make notes in the margin. Sometimes I find a particular issue and refer to the books to think through how others would solve the problem.
Whenever I interview any would be employee one of the first questions I ask is have they read the Market Wizards series and then ask them to discuss their favourite wizard. In my humble opinion anyone looking to work in a hedge fund or in a bank serving hedge funds is not credible if they have not read the entire Market Wizards series.
The common denominator of all the market wizards is that they are very hard working and dedicated people. Furthermore, they are flexible enough to adapt to changing market conditions and trade only in ways and sizes which do not exceed their comfort levels.
All in all, the interviews are very inspiring and motivating for everyone who engages in trading and therefore a recommended read.
I miss some recomendations of books to read or advisors to follow that in previous wizzards schawger request to the managers, it looks like they just read Schwager books :)