Hedge Fund Market Wizards
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Hedge Fund Market Wizards : How Winning Traders Win

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Fascinating insights into the hedge fund traders who consistently outperform the markets, in their own words

From bestselling author, investment expert, and Wall Street theoretician Jack Schwager comes a behind-the-scenes look at the world of hedge funds, from fifteen 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 fifteen 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 forty 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 bestselling 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 forty 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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Product details

  • Hardback | 544 pages
  • 160 x 237 x 43mm | 772g
  • New York, United States
  • English
  • 1st ed.
  • 1118273044
  • 9781118273043
  • 9,397

Flap copy

What makes a great trader? For years, financial industry expert Jack Schwager has picked the brains of remarkable individuals who have consistently beaten the markets to find out the answer. Now, in Hedge Fund Market Wizards: How Winning Traders Win, he talks with some of the world's greatest hedge fund experts, highlighting the lessons to be learned from each so that you can apply their wisdom to your own trading.



Over the past few decades, hedge funds have become an increasingly popular investment vehicle, but their explosive growth has made trading more competitive than ever. In Hedge Fund Market Wizards, Schwager shares with readers the invaluable lessons he learned from the fifteen traders profiled, which include some of the industry's legendary figures, each of whom has compiled an exemplary return-to-risk record.



From the founder of the world's largest hedge fund to a manager going it alone, the traders interviewed in this book approach their field in radically different ways. But each of them has brought new and unique insights and developed distinct strategies that have allowed them to outperform the markets again and again.



Just as he did in his previous bestsellers, Market Wizards and The New Market Wizards, Schwager asks the questions that get to the core of what makes a successful trader tick. Distilling forty essential lessons to be learned from the market luminaries it profiles, Hedge Fund Market Wizards offers valuable guidance and timeless insights for both investment professionals and market enthusiasts looking to improve their trading abilities by learning from the best.
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Back cover copy

Praise for HEDGE FUND MARKET WIZARDS



"Traders regularly use passages and chapters from Schwager's books as a reference for their own methods and to guide their own trading. His work is an inseparable part of the consciousness and language of trading itself. Schwager's books are essential reading for anyone who trades, wants to trade, or wants to pick a trader."--From the Foreword by Ed Seykota



"Jack Schwager is the era's premier chronicler of financial talent. When historians look back at this mad time and wonder who the key players were, they will turn to Schwager's books."
--Robert R. Prechter, Jr., Editor, The Elliott Wave Theorist



"Hedge funds have evolved into a market force, and the timing of Hedge Fund Market Wizards is as valuable as the lessons it contains. Jack's book excels in knowledge and insight, rather than specific rules that are short-lived. Among the gems are mistakes are the catalyst for improvement, stable returns are suspicious, and you can't succeed without embracing the risk inherent to your trading style. As you would expect, the book is masterful."
--Perry J. Kaufman, Managing Director, Kaufman Analytics, Ltd., and author of New Trading Systems and Methods



"Great traders are almost always fascinating human beings. Jack Schwager is the perfect interviewer, equally adept at eliciting life stories and professional secrets. A must-read."
--William Poundstone, author of Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
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Table of contents

Foreword ix


Preface xiii


Acknowledgments xvii


Part One Macro Men 1


Chapter 1 Colm O?Shea: Knowing When It?s Raining
3


Chapter 2 Ray Dalio: The Man Who Loves Mistakes 47


Chapter 3 Larry Benedict: Beyond Three Strikes 77


Chapter 4 Scott Ramsey: Low-Risk Futures Trader 103


Chapter 5 Jaffray Woodriff: The Third Way 129


Part Two Multistrategy Players 159


Chapter 6 Edward Thorp: The Innovator 161


Chapter 7 Jamie Mai: Seeking Asymmetry 223


Chapter 8 Michael Platt: The Art and Science of Risk Control
261


Part Three Equity Traders 285


Chapter 9 Steve Clark: Do More of What Works and Less of What
Doesn?t 287


Chapter 10 Martin Taylor: The Tsar Has No Clothes 323


Chapter 11 Tom Claugus: A Change of Plans 359


Chapter 12 Joe Vidich: Harvesting Losses 385


Chapter 13 Kevin Daly: Who Is Warren Buffett? 405


Chapter 14 Jimmy Balodimas: Stepping in Front of Freight Trains
423


Chapter 15 Joel Greenblatt: The Magic Formula 451


Conclusion 40 Market Wizard Lessons 489


Epilogue 507


Appendix A The Gain to Pain Ratio 513


Appendix B Options?Understanding the Basics 515


About the Author 519


Index 521
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Review Text

'A must-read for all would-be traders...while the book's focus is clearly on trading and investing, there is more than enough human interest on offer for the general reader...Like Schwager's other works...Hedge Fund Market Wizards looks set to become a classic.' (Money Week, June 2012)
'Offers valuable guidance and timeless insights for both investment professionals and market enthusiasts looking to improve their trading abilities by learning from the best.' (trade2win.com, July 2012)
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Review quote

"A must-read for all would-be traders...while the book's focus is clearly on trading and investing, there is more than enough human interest on offer for the general reader.... Like Schwager's other works...Hedge Fund Market Wizards looks set to become a classic." (Money Week, June 2012)

"Offers valuable guidance and timeless insights for both investment professionals and market enthusiasts looking to improve their trading abilities by learning from the best." (trade2win.com, July 2012)

"This book is destined to be a classic just like the others by Jack. But the latest goes one step further, these traders aren't just at the top of their game, they have defined it. What can I say? This book was so good it almost made me want to get back into the game again!"
--Paul Wilmott, mathematician and ex-hedge fund manager

"Brilliant! Brilliant! Brilliant! Another book about true traders by a true trader. Jack Schwager has become the official author of traderdom for this and future generations. Not only does Hedge Fund Market Wizards deserve a spot in every respectable trader's book collection, but the entire series should be read annually by both professional and aspiring traders. Timeless wisdom, priceless concepts!"
--Peter Lewis Brandt, Futures Trader, Stableford Asset Management, and Author of Diary of a Professional Commodity Trader

"I read Jack Schwager's first Market Wizards book when I was just starting out as in investor more than 20 years ago. It put into brilliant focus the importance of trading psychology and knowing thyself. His latest work is yet another masterpiece. It brings to light new concepts in the world of investing that apply to all investors in today's markets. Anyone who reads this work will immeasurably enrich themselves on many levels because trading is life and life is trading."
--Dr. Chris Kacher, Founder of www.SelfishInvesting.com, and Author of Trade Like an O'Neil Disciple

Author Jack Schwager seems to have built his career on the market wizardry of others. Based on this fourth wizard book--interviews with 15 hedge-fund managers who recount their careers and strategies--Schwager's long experience with wizardry has served him well. Readers captivated by the hedge-fund mystique won't be disappointed. Readers looking for insight into exactly how successful hedge-fund managers achieve success will have plenty to chew over. Schwager attempts to boil down the interviews into 40 "Market Wizard Lessons." Examples: Value investing works. Position size can be more important than entry price. Sometimes it's useful to do nothing. But the one that may ring truest is this: There is no Holy Grail in trading. What works for one may not work for another, or for you. Fortunately for us, there's a wide enough variety of portraiture in Hedge Fund Market Wizards that at least a few lessons should resonate.
--Barrons.com



"Determining how great traders acquire and use their special skills has been an elusive quest. We have no shortage of cookbooks on how to trade, but only a limited number of books describe the decision processes of those who speculate as a profession. Trader confessionals exist often as testimonies to egos, but few focus on the details of decision making. Material that does successfully capture the essence of how speculators think is the Market Wizards series by Jack D. Schwager.... Even in the interviews of well-known traders, Schwager's probing questions extract many new insights."
--FAJ Book Review



"Even in the interviews of well-known traders, Schwager's probing questions extract many new insights. The Ed Thorp interview, which is the longest, is almost worthy of a book in itself."
--CFA Institute review
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About Jack D. Schwager

JACK D. SCHWAGER is a recognized industry expert on futures and hedge funds, and the author of a number of widely acclaimed financial books. He is currently the co-portfolio manager for the ADM Investor Services Diversified Strategies Fund, a portfolio of futures and FX managed accounts. He is also an advisor to MarkeTopper Securities, an India-based quantitative trading firm. Previously, Mr. Schwager was a partner in the Fortune Group, a London-based hedge fund advisory firm that specialized in creating customized hedge fund portfolios for institutional clients. His prior experience also includes over twenty years as a director of futures research for some of Wall Street's leading firms.
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Rating details

1,883 ratings
4.34 out of 5 stars
5 53% (999)
4 33% (614)
3 11% (201)
2 3% (54)
1 1% (15)
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