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Stock Market Wizards: Interviews with America's Top Stock Traders Paperback – April 15, 2003
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From Publishers Weekly
Copyright 2000 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.
More About the Author
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).
Top Customer Reviews
The majority of the interviews are with fund managers who manage hundreds of millions or billions of dollars, and whose trading strategies and access to information and CFO's are not applicable to the individual. Many of the interviews are with individuals who practice arcane strategies involving financing packages or interest-rate hedges with corporations designed to essentially eliminate any market risk. These strategies are of absolutely no value to the individual trader/investor. In one interview, the person not only refused to discuss any of his trading strategies or techniques, but also refused to even discuss what markets he traded. This of course immediately begs the question of why this interview was included in the book.
The author could have easily found many stock traders who trade for their own account, and whose trading strategies would have been of significant interest to the average reader. He fails almost completely in this regard. What a waste.
The stock traders interviewed this time around are younger, cockier, and generally a lot less likeable than the futures traders in the old "Wizard" books. The most interesting chapter, and the only one on par with the original books' interviews, is with Mark Cook, who isn't really a stock trader, but is in fact a trader of S&P futures. Several of the chapters are almost unbearable to read, not because Schwager's writing is bad, but because the traders themselves are hugely pretentious (Michael Lauer) or plainly arrogant (Ahmet Okumus). Most of the interviewees would best be described as short-term investors, not traders, and a couple of them are exclusively involved in private equity financing (Fletcher, Guazzoni), which has nothing whatsoever to do with trading (filler, Jack?). If you think that you will be able to learn something about day to day trading from this book, then you will be sorely disappointed.
Lastly, there are practically none of the penetrating insights or revealing comments (except for the Cook interview) that made the first two "Wizard" books so educational and even inspirational. It's a shame that Schwager wrote this uninspired book and sullied the reputation that he built with his original "Wizard" books. He should have followed his own advice about "not getting greedy," and declined the publisher's advance in order to keep his position as an interesting writer intact.
I have read the first two Wizards again and again and this book is nowhere near their quality. Avoid!
What is a bit disconcerting, though, is that there is no mention of anything related to Lauer in the new version. I'm not sure whose decision that was, but it seems disingenuous. As embarrassing as it may have been to feature an "alleged" crook as a "wizard," there are still lessons to be learned and there should have been some sort of followup -- not just sweeping it under the rug and hope no one notices.
Kind of ironic because I found the section on Lauer to be one of the most valuable for me (at the time).
That's why I gave it 2 stars. The rest of the book is good, but since he blew his credibility with me I've got to wonder how much of it is real.
Most Recent Customer Reviews
Awesome book! Great detail and illustrations. I am so happy that I bought this valuable resource.Published 4 months ago by Books123
Jack teaches you how to think like the traders... He always writes a Great book.. I would recommend his other market wizards books as well. Read morePublished 5 months ago by Mile High Livin
Great read. Always prefer to learn from real traders especially their early years.Published 5 months ago by Brian Gwehona
I was informative to read different trading styles and perspectives. The updates were great in order to see how styles held up in the face of changing markets. Read morePublished 6 months ago by L. Major
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