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Hedge Fund Market Wizards: How Winning Traders Win, by Jack D. Schwager
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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.
- Sales Rank: #31054 in Books
- Brand: Brand: Wiley
- Published on: 2012-05-29
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x 1.65" w x 6.30" l, 1.70 pounds
- Binding: Hardcover
- 544 pages
- Used Book in Good Condition
Amazon.com Review
Guest review of Hedge Fund Market Wizards, by Stanley Druckenmiller Jack Schwager's newest book, Hedge Fund Market Wizards, like his previous works, is yet another solid contribution toward how to effectively manage capital. The book will have strong appeal to three main audiences; those managing capital professionally, those evaluating professional money managers, and those readers who want to manage their own money more effectively. The fact that markets and the money management industry have gone through tumultuous change makes the central message of the book all the more powerful...that the key ingredients to successful performance are timeless and true in radically different environments. Those ingredients, an appreciation for the balance of risk versus reward in a trade, discipline, adaptability, an open mind, and intellectual honesty that enables one to learn from mistakes, come to life in Schwager's riveting interviews with a number of managers. The characters' stories highlight their very different personalities and lifestyles and are interesting in and of themselves. But it is Schwager's unique ability to illustrate their winning strategies and interweave their personal backgrounds and emotional highs and lows that makes Hedge Fund Market Wizards both a highly entertaining read and learning experience. What most jumps out at the reader is how radically different styles and approaches all share the common traits mentioned above. By exemplifying these traits in a number of managers with seemingly different investment philosophies, whether it be short term vs. long term trading, large capital or small, or technical vs. fundamental analysis, Schwager is able to better highlight their essential importance to successful investing. By highlighting their differences, the common thread of their similarities is much more evident. Schwager reinforces the message with succinct summaries of what these commonalities are throughout the book. Whether a reader is a professional money manager or simply managing their own capital, I have no doubt they will find Hedge Fund Market Wizards both entertains and enhances their ability to grow their capital. Stanley Druckenmiller founded Duquesne Capital Management, which compounded at 30% per annum without a single losing year from its inception in 1981 to its closing in 2010. From 1988 to 2000, he also served as Lead Portfolio Manager of the Quantum Fund and Chief Investment Officer of Soros Fund Management (1989-2000) where he had overall responsibility for funds with a peak asset value of $22 billion. Jack Schwager's Five Market Wizard Lessons
Jack Schwager Hedge Fund Market Wizards is ultimately a search for insights to be drawn from the most successful market practitioners. The last chapter distills the wisdom of the 15 skilled traders interviewed into 40 key market lessons. A sampling is provided below: 1. There Is No Holy Grail in Trading Many traders mistakenly believe that there is some single solution to defining market behavior. Not only is there no single solution to the markets, but those solutions that do exist are continually changing. The range of the methods used by the traders interviewed in Hedge Fund Market Wizards, some of which are even polar opposites, is a testament to the diversity of possible approaches. There are a multitude of ways to be successful in the markets, albeit they are all hard to find and achieve. 2. Don't Confuse the Concepts of Winning and Losing Trades with Good and Bad Trades A good trade can lose money, and a bad trade can make money. Even the best trading processes will lose a certain percentage of the time. There is no way of knowing a priori which individual trade will make money. As long as a trade adhered to a process with a positive edge, it is a good trade, regardless of whether it wins or loses because if similar trades are repeated multiple times, they will come out ahead. Conversely, a trade that is taken as a gamble is a bad trade regardless of whether it wins or loses because over time such trades will lose money. 3. The Road to Success Is Paved with Mistakes Ray Dalio, the founder of Bridgewater, the world's largest hedge fund, strongly believes that learning from mistakes is essential to improvement and ultimate success. Each mistake, if recognized and acted upon, provides an opportunity for improving a trading approach. Most traders would benefit by writing down each mistake, the implied lesson, and the intended change in the trading process. Such a trading log can be periodically reviewed for reinforcement. Trading mistakes cannot be avoided, but repeating the same mistakes can be, and doing so is often the difference between success and failure. 4. The Importance of Doing Nothing For some traders, the discipline and patience to do nothing when the environment is unfavorable or opportunities are lacking is a crucial element in their success. For example, despite making minimal use of short positions, Kevin Daly, the manager of the Five Corners fund, achieved cumulative gross returns in excess of 800% during a 12-year period when the broad equity markets were essentially flat. In part, he accomplished this feat by having the discipline to remain largely in cash during negative environments, which allowed him to sidestep large drawdowns during two major bear markets. The lesson is that if conditions are not right, or the return/risk is not sufficiently favorable, don't do anything. Beware of taking dubious trades out of impatience. 5. Volatility and Risk Are Not Synonymous Low volatility does not imply low risk and high volatility does not imply high risk. Investments subject to sporadic large risks may exhibit low volatility if a risk event is not present in the existing track record. For example, the strategy of selling out-of-the-money options can exhibit low volatility if there are no large, abrupt price moves, but is at risk of asymptotically increasing losses in the event of a sudden, steep selloff. On the other hand, traders such as Jamie Mai, the portfolio manager for Cornwall Capital, will exhibit high volatility because of occasional very large gains-not a factor that most investors would associate with risk or even consider undesirable-but will have strictly curtailed risk because of the asymmetric structure of their trades. So some strategies, such as option selling, can have both low volatility and large, open-ended risk, and some strategies, such as Mai's, can have both high volatility and constrained risk. As a related point, investors often make the mistake of equating manager performance in a given year with manager skill. Sometimes, more skilled managers will underperform because they refuse to participate in market bubbles. The best performers during such periods are often the most imprudent rather than the most skilled managers. Martin Taylor, the portfolio manager of the Nevsky Fund, underperformed in 1999 because he thought it was ridiculous to buy tech stocks at their inflated price levels. This same investment decision, however, was instrumental to his large outperformance in subsequent years when these stocks witnessed a prolonged, massive decline. In this sense, past performance can sometimes even be an inverse indicator.
Review
"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
From the Inside Flap
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.
Most helpful customer reviews
5 of 5 people found the following review helpful.
Very Insightful
By MicroCapClub
As a full time investor I'm always interested in learning from other investors. It has been a long time since I read a 500-page book in a week, so that should tell you off the bat what I thought of the book. Jack Schwager is one of the leading experts on trading and has written several books on the subject. This book, Hedge Fund Market Wizards (2012), is a 4th edition of sorts. Jack originally wrote Market Wizards (1989), The New Market Wizards (1992), and Stock Market Wizards (2001) that are a series of interviews with the greatest stock traders and hedge fund managers of the last few decades.
In Hedge Fund Market Wizards, Jack Schwager interviews 15 more hedge fund managers that have had superior returns over a long time period. Interviews in this book include the founder of the largest hedge fund in the world ($120 billion in assets and 1,400 employees) down to a single trader/fund manager that goes it alone managing $50 million.
The three main criteria for selecting interviews to be included in this book:
The managers had superior return/risk track records for significant length periods, normally 10+ years.
The managers were open enough to provide valuable advice about trading
The interviews provided sufficient color to allow for a readable chapter.
Each chapter interview starts off with an overview of the interviewee's performance, trading style, and history. Then the rest of the chapter reads like a interview transcript where Schwager drills down in more detail across a number of topics normally first with the background of the trader/investor and moves chronologically forward from there.
I found the book very educational and highly thought provoking which is why Jack Schwager started these series of books in the first place. I would highly recommend the book to anyone.
4 of 4 people found the following review helpful.
Deserves a place next to the original Market Wizards
By F. J. Junkers
I think the best compliment I can give this book is that it deserves a place next to the original Market Wizards book, which is one of the best market books ever written in my humble opinion (along with What I Learned Losing a Million Dollars (Columbia Business School Publishing) and a couple others. To be honest, I did not like the "new market wizards" which in my opinion was done based on the success of the first book. But this one is far enough apart to contain a new generation of traders.
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".
2 of 2 people found the following review helpful.
Intriguing and Thought provoking
By m moosa
Jack Schwager's new effort is both intriguing and thought provoking.It is how the best of the best among'st the big boys function,work and think.
The author lays down the rationale and backdrop by looking at the CTA world in the 70/80's and beyond which were dominated by trend followers and noted the deterioration in their risk adjusted returns over time.This then is not a book of traditional systematic funds leaving a computer to auto execute.The running theme is risk adjusted returns rather than absolute reurns.Schwager utilises his own measure which he discusses fully ie his gain to pain ratio.
The hedge fund managers themselves are amazing characters-starting with the Macro guys and moving on to the very unorthodox,there is a variety of knowledge and fascination that is unending,unnerving at times and always amazing.Styles as diverse as Fundamental/Technical,Systematic Fundamental!,Day Trading,Pattern trading,Intuitive trading,etc are all shown to work for these geniuses.Aspects such as corellation are discussed in depth as are diversification and volatility vs Risk,trading around positions,etc.
The beauty in this book lies in it's ability to be as relevant for the newbie as it is for the seasoned pro.The markets are shown to be a muti dimensional puzzle and the best managers are those that know their edge and are highly specialised in their expertise.Most of these managers will wait for price to confirm the move and all are not afraid to think differently.They are all students of the markets with massive in depth understanding.
My advice would be to study the book as a text book,make copious notes and continually reread chapters.You will be a much more informed trader then.Sometimes in trading (and life),there are those tasks which we dont feel inclined to do such as reading on fundamental or technical trading or money management,but it just might be those aspects that take your trading to whole new level.As a more technically orientated trader i found the chapter on Ray Dalio the highlight of the book.
The world changes and markets change with similar rhythms and rhymes sometimes although the theme is never the same exactly.Similarly Schwager's book is an extension of his original masterpieces and is a must read.
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