Hedge Fund Market Wizards
19%
off

Hedge Fund Market Wizards : How Winning Traders Win

4.35 (2,343 ratings by Goodreads)
By (author)  , Foreword by 

Free delivery worldwide

Available. Expected delivery to the United States in 8-13 business days.


Not ordering to the United States? Click here.

Description

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.
show more

Product details

  • Hardback | 544 pages
  • 165 x 253 x 43mm | 830g
  • New York, United States
  • English
  • 1st ed.
  • 1118273044
  • 9781118273043
  • 69,755

Flap 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
show more

Back cover 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.
show more

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
show more

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)
show more

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
show more

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.
show more

Rating details

2,343 ratings
4.35 out of 5 stars
5 54% (1,259)
4 32% (746)
3 11% (257)
2 3% (59)
1 1% (22)
Book ratings by Goodreads
Goodreads is the world's largest site for readers with over 50 million reviews. We're featuring millions of their reader ratings on our book pages to help you find your new favourite book. Close X