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.
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.
©2012 Jack D. Schwager (P)2012 Audible, Inc.
I like the question and answer format of the writing. Instead of an overlaid narrative (which there was some) the questions probed deeper in the theories behind why certain managers made the decisions they did. Also, moving from one subject to the next allowed for you to observe contrasts between the managers. No one style or investment process was favored in the book. It seemed as the writer wanted to illustrate the fact that there was no one key strategy that lead to success but there was underlying traits in each manager that was common to success.
I would say the book 'Quants' by Scott Patterson. It tells a similar story and the characters are the same so you almost feel familar with them.
Yes. Just like all the Market Wizard books there is much insight that can be gained to help in trading.
The actionable ideas, the honesty of traders that had huge losses, and huge wins, and what they learned.
It was tough to determine at times (chapter 1 & 2) if he was asking the question or answering. Then in all the other chapters he changed is tone when asking questions and answering so it was more enjoyable.
Do the wizards interviewed have skill, or are they just lucky? We'll never know unless the author does a followup study a couple of decades from now. In either case, very little information presented in the book will help the average trader.
He interviews a broad range of traders and fund managers, and does a great job pulling out the most relevant content from each one. Very effective.
Recommended by a friend, and I'll recommend it to my friends. My first market wizard read, and I'm now downloading another from the series.
This is probably the most useful audiobook I have listened to so far. You get a lot of interesting, and sometimes conflicting perspectives from the various fund managers that were interviewed. Each manager has their own advice to give based on what has worked for them, but the key is that it worked for them and would not necessarily work for another fund manager.
My favorite interview in this book is with Kevin Daly since his approach aligns most with my own inclinations.
I like the way that the narrator adjusts his pace and tone to reflect the characters of the different fund managers that were interviewed.
-Determine what approach to trading best suits you as a trader-Stop doing what doesn't work, do more of what works
I have read 'Market Wizards' and 'The New Market Wizards' and I think that this newer book is worth reading also. The interviews reinforce some of the insight from the earlier books while adding context from the 2008 market crash and plenty of fresh insight.
The title is the main premise of this excellent book. The writer does an outstanding job reviewing, through personal interviews, the varied investment strategies of a handful of famous traders. It was amazing to me that the writer was able to get interviews with all of these people, and that they appeared to be quite open about their general investment philosophies. Equally amazing was that while all were extremely successful, many had very different attitudes and styles of investing. The author summarizes his findings in the end. Other than the title of this review, the other consistent theme, although not universal, was that these hedge fund managers stick with their trades, even when they are going against them. Well worth the read.
From general to specific tips on investing, this book got it all. The interviewer is thorough with his line of questions that he was able to extract the most useful information about investing. Some of the specific ideas are a bit over my head since I'm just starting to learn, but the general ideas are just superb. Moreover, listening to the real technical stuff is making me feel like I'm more knowledgeable about investing in general, even though the first 4 chapters (that's how far I am in the book) dealt mostly with macro economics, and credit, fixed income, & FX markets. These hedge fund managers are brilliant, makes me jealous, haha.
I would say this would rank behind to Market Wizards but it's currency/recency makes up for it. Market Wizards is definitely in my top 3 trading books.
Ray Dalio's insight on the world is amazing, I like his perspective on leveraging/deleveraging and inflation/deflation. It basically predicts our course via his historical knowledge. I also picked up great trading tips such as predefining your risk from putting a stop in an area that would get hit ONLY if you are wrong and THEN decide your position size based on the losses incurred from that stop. There are many gems like this and many perspectives and interesting autobiographies.
Narration felt boring at first but then it grows on you as you see more vocal variety. I still like Jack D. Schwager's narration of his own Market Wizard's book more. It sounded more 'chummy/unique?', but of course, no one can narrate a book as well as its author as they met with the characters personally.
Definitely the risk management techniques.
I would also look further in Ray Dalio's work, he has a 120 pager he makes his employees read.
Not every interview is for everyone, but if you have even the slightest interest in the markets, you'll find many useful insights in this inspiring volume.
Offers several different perspectives on being successful in the market. You are sure to take away a few nuggets about successful investing.
Great book to generate investing ideas and hear how the pros have done it.
"Best book so far"
I have learnt a lot as it shows that dedication and Discipline with get you to reach your goal.
"Excellent book if your into trading!!"
Very interesting, insightful, perfect
Exactly what you would expect from the Market Wizards series!
This book will give you insight into how top hedge fund managers think, their trials and tribulations. The learning and development process they all went through. It is amazing to hear how much money they play with. Also interesting part of the book is one trader got fired and lost so much money so many times that you would have thought he would give up a career in the markets. He persisted in his endeavours and now manages a fund worth millions. Definitely worth a read or listen to, if your into trading.
"Another great one from Jack Schwager"
Top traders with some useful insights into their strategies.Schwager asks the right questions and gets some interesting answers. Each trader interviewed has a different approach yet all have success.
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