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Market Wizards: Interviews with Top Traders [Paperback]

Jack D. Schwager (Author)
4.6 out of 5 stars  See all reviews (144 customer reviews) |
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Book Description

Publication Date: December 17, 1992
A bestselling classic (more than 200,000 copies sold in hardcover and paperback) that delves into the minds of some of the world's most successful traders.

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Market Wizards: Interviews with Top Traders + The New Market Wizards: Conversations with America's Top Traders + Reminiscences of a Stock Operator (Wiley Investment Classics)
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Editorial Reviews

Review

"One of the most fascinating books ever written about Wall Street." -- --Martin W. Zweig, Market Forecaster

About the Author

Jack Schwager is a managing director and principal of The Fortune Group, an alternative asset management firm regulated in the UK and the United States. Schwager is the Senior Portfolio manager for Fortune's Market Wizards Funds of Funds, a broadly diversified series of institutional hedge fund portfolios. He also serves on the board of Fortune's research affiliate Global Fund Analysis, a leading source of independent hedge fund research. His prior experience includes 22 years as the director of futures research for some of Wall Street's leading firms and 10 years as the co-principal of a commodity trading advisory firm.

Mr. Schwager is perhaps best known as the author of the best-selling Market Wizards (1989), and the equally popular The New Market Wizards (1992). A third volume in this series, Stock Market Wizards, published by HarperCollins, was released in early 2001. Mr. Schwager's first book, A Complete Guide to the Futures Markets, which was published in 1984, is considered to be one of the classic reference works in the field. More than a decade later he revised and expanded this original work into the three-volume series, Schwager on Futures, consisting of the following titles: Fundamental Analysis (1995), Technical Analysis (1996), and Managed Trading: Myths and Truths (1996). He is also the author of Getting Started in Technical Analysis (1999), which is part of John Wiley's popular "Getting Started" series.

Mr. Schwager is a frequent seminar speaker and has lectured on a range of analytical topics with particular focus on the characteristics of great traders, hedge fund investment, performance measurement, technical analysis, and trading system evaluation. He holds a B.A. in Economics from Brooklyn College and an M.A. in Economics from Brown University.

Product Details

  • Paperback: 480 pages
  • Publisher: Harper Paperbacks (December 17, 1992)
  • Language: English
  • ISBN-10: 0887306101
  • ISBN-13: 978-0887306105
  • Product Dimensions: 8 x 5.4 x 1.1 inches
  • Shipping Weight: 12 ounces (View shipping rates and policies)
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (144 customer reviews)
  • Amazon Best Sellers Rank: #13,779 in Books (See Top 100 in Books)

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› Visit Amazon's Jack D. Schwager Page
Jack D. Schwager
Jack Schwager is a recognized industry expert in 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. Previously, Mr. Schwager was a partner in the Fortune Group, a London-based hedge fund advisory firm, which specialized in creating customized hedge fund portfolios for institutional clients. His prior experience includes 22 years as Director of Futures research for some of Wall Street's leading firms and 10 years as the co-principal of a CTA.

Mr. Schwager has written extensively on the futures industry and great traders in all financial markets. He is perhaps best known for his best-selling series of interviews with the greatest hedge fund managers of the last two decades: Market Wizards (1989), The New Market Wizards (1992), and Stock Market Wizards (2001). The latest book in the series, Hedge Fund Market Wizards is due to be released in May 2012. Mr Schwager's first book, A Complete Guide to the Futures Markets (1984) is considered to be one of the classic reference works in the field. He later revised and expanded this original work into the three-volume series, Schwager on Futures, consisting of Fundamental Analysis (1995), Technical Analysis (1996), and Managed Trading (1996). He is also the author of Getting Started in Technical Analysis (1999), part of John Wiley's popular Getting Started series.

Mr. Schwager is a frequent seminar speaker and has lectured on a range of analytical topics including the characteristics of great traders, investment fallacies, hedge fund portfolios, managed accounts, technical analysis, and trading system evaluation. He holds a BA in Economics from Brooklyn College (1970) and an MA in Economics from Brown University (1971).

Customer Reviews

Most Helpful Customer Reviews
72 of 74 people found the following review helpful
Format:Paperback
"Market Wizards" was the first of 3 Market Wizards books in which Jack Schwager interviews top traders in the financial markets about their backgrounds, experiences, and techniques. Published in 1989, the interviews in this book were conducted while the stock market crash of October 1987 was fresh in people's minds, which I found added some interest. Some of those interviewed made money on the crash, some lost money, and many have something to say about it. The book is divided into 5 sections, each containing a series of interviews. Jack Schwager introduces each interview by telling us a little about the trader, then we get an edited transcript of the interview, followed by a brief summary of that trader's philosophy. The information the traders provide about their techniques is enough to give a general impression of what they do, not enough to tip their hand, but is outdated in today's market anyway.

Perhaps because Jack Schwager was a commodities analyst, the first and largest section, "Futures and Currencies", is dedicated to commodities traders. Jack Schwager provides brief explanations of the futures and currency markets, then moves on to interviews of 7 commodities traders. Interview subjects include the great Michael Marcus, who multiplied his company account 2500-fold in a decade, and his protégé Bruce Kovner, perhaps the world's largest currency and futures trader at the time. Larry Hite tells some great stories about what not to do when playing the markets. Part 2, "Mostly Stocks", features interviews with 4 traders of stocks or index futures, including William O'Neil, his protégé David Ryan, and the man who won big several times in the U.S. Trading Championships, S&P futures trader Marty Schwartz. Part 3, "A Little Bit of Everything", includes Mark Weinstein and Quantum Fund co-founder James B. Rogers, Jr. Part 4, "The View from the Floor", interviews 3 traders who trade in the pits.

Part 5, "The Psychology of Trading", features an interview with Dr. Van K. Tharp, a research psychologist who studied "the psychology of winning" so as to come up with a "model" of winning traits which can then be taught to other people. He's a flake, in my view, who bases his practice on various "beliefs", but his "super-trader" classes probably provided him a nice income. Explanations of program trading, portfolio insurance, and options, which are referred to in several of the interviews, are provided in Appendixes in the back of the book. There is also a glossary of terms. "Market Wizards" is often touted as being superior to Schwager's latest Wizard book, 2001's "Stock Market Wizards", but I don't think it is. The names in this one are bigger, the information more vague, but "Market Wizards" has added historical interest at this point, since most of these people traded in the 1970s, when markets were more predictable, adapted to rapid change and increased competition in the 1980s, and then traded through the crash of 1987.
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45 of 45 people found the following review helpful
Format:Paperback
I'm the Market Strategist for a NYC Investment Bank (billions under management). Someone gave me this book when I first got into the industry a decade ago; I find myself rereading it every 5 years.

I highly recommend it to anyone who is involved in the markets. Simply stated, this is THE book for anyone who wants to learn about trading or investing -- It is simply a must read.

What's so utterly compelling about the interviews is how consistent the themes are that arise from so many different traders; This is true regardless of the markets they work in (commodities, equities, currencies, bonds) or the style they employ (technical, macro-economic, fundamental, quantitative).

The basic concepts revealed by the Wizards are Discipline, Capital Preservation, Risk Management, Individual Responsibility, Flexibility, Intellectual Honesty and Consistency. Please note that these ideas have nothing to do with coming across a hot tip, or getting a big IPO allocation, or chasing the "darling of the day." It's especially relevant, given some of the speculative excesses of the most recent (March '03) rally.

This book should cause all investors, both novice and experienced, to step back and consider their strategies and methodologies. These are much more important than finding the next "flavor of the month." This is especially true now that a new group of stock pickers have been inundating the airwaves.

7/21/03

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45 of 46 people found the following review helpful
Format:Paperback
You read this book not to learn technical patterns or techniques that work. Actually, many of the traders interviewed have opposing views on some techniques. Some say one method won't work and another trader in the book uses that method and is making a killing.

No, you read this book to realize several things about yourself. If you want to make a success, you will have to work at it and stay committed. There is no way around it. Sometimes things will be difficult. Learn from your mistakes and learn that your biggest enemies are emotions and, in some cases, lack of knowledge. One common trait I see in this book is that the traders make it perfectly clear they have self-discipline. Some techniques are common between the traders, and they involve controlling their emotions after bad streaks or winning streaks.

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Most Recent Customer Reviews
Slightly disappointed for a stock trader like me.
Despite the fantastic review of previous and current edition of this book, I am a little disappointed on it. Here are the problems:

(1) Stories are too old. Read more
Published 1 month ago by David Tsai
Serious Traders Need To Read This
If you are actually serious about trading then you need to read this book. Stop searching for the holy grail of trading and see what real traders do to make money. Read more
Published 1 month ago by Robert Barr
Great book and great series
Anyone who is interested in the stock market can benefit from these books. Just like business schools present case studies, this book and others in the series provide great... Read more
Published 2 months ago by Jack
Find an edge
This is a fascinating look at traders who are making money from stocks, commodities and currencies.

I believe the average person reading this book should take away the... Read more
Published 2 months ago by Richard Stooker
Best
This book in the best book to read about traders and trading. So real, you think you are in same room interviewing and waiting for the answer. You are ready to ask next question. Read more
Published 2 months ago by Craig Reynolds
Very Interesting Read
Anyone who is interested in learning about investing, or starting a career in investing/trading, should read this book, if nothing more than to get up to speed with who the... Read more
Published 2 months ago by Cantabrigian
Essential reading for someone who wants to understand trading.
This book is rightfully a classic on the topic of trading. It successfully gets into the minds of some of the most successful traders and tries to elucidate the aspects that make... Read more
Published 3 months ago by miw
Great book with valuable information
This is the 6th book I've read on my way to becoming a great trader. This book is long and took me some time to get it read. Read more
Published 3 months ago by Dmonk
Timeless Market Insights
I am still enjoying the read - the book has produced some useful insights and is living up to expectations even the material is ~ 30 years old
Published 8 months ago by ceecat08
best book for motivation to trade better
Ive read all of the market wizards and These books are a great way to get insight on top traders from the earlier days to present. I really enjoy reading these books. Read more
Published 8 months ago by MichaelZ.
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Front Cover | Table of Contents | First Pages | Back Cover | Surprise Me!
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First Sentence:
Of all the markets discussed in this book, the futures market is prob the one least understood by most investors. Read the first page
Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
explosion position, interbank currency market, variant perception, major price moves, soybean trade, losing trader, dual trading, winning trader, high relative strength, trading philosophy, trading size, trading success, false breakouts, top traders, trading style, program trading, losing period, top shooters, good trader, novice trader, trading principles, average trader, trading experience, quote machine, trading approach
Key Phrases - Capitalized Phrases (CAPs): (learn more)
Wall Street, New York, William O'Neil, Commodities Corporation, General Motors, Investor's Daily, Richard Dennis, Elliott Wave, Ginnie Mae, Jesse Livermore, Chicago Board of Trade, Hong Kong, Marty Zweig, Michael Steinhardt, Quantum Fund, Far East, Michael Marcus, Stock Operator, Bruce Kovner, Chicago Board Options Exchange, Gary Bielfeldt, George Soros, Marty Schwartz, Paul Jones, Steinhardt Partners
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