45 of 46 people found the following review helpful
Unworthy of being associated with the prior "Wizards" books,
By A Customer
This review is from: Stock Market Wizards: Interviews with America's Top Stock Traders (Hardcover)
Mr. Schwager apparently needs to keep churning out more "Market Wizards" books in order to pay for his swank Martha's Vineyard address. Other than a few nuggets of trading/investing strategy contained in a couple of the interviews, this book has virtually no value to the individual trader or investor.
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.
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Showing 1-2 of 2 posts in this discussion
Initial post: Feb 26, 2011 12:06:32 PM PST
A. You says:
Trading from your own personal account and trading institutional funds are two completely different practices. This book isn't written for individuals to learn how to take $50K and become rich. This book merely provides perspective; it isn't a guide to trading. I appreciate the interviews because you take what people have to say, try to read between their lines, pair it with your own knowledge, and derive strategies yourself. Perhaps you need to learn how to think for yourself instead of looking for a cheat-sheet on how to beat the markets.
Posted on May 15, 2011 3:40:09 PM PDT
Last edited by the author on May 15, 2011 3:45:02 PM PDT
Ronald in Hawaii says:
I strongly disagree with this reviewer. This, of course, is the 3rd of three Schwager books in what might be called the "Market Wizards Series": Market Wizards, New Market Wizards, and Stock Market Wizards. None of these books is designed per se into giving an investor a completely formula (step 1, 2, 3, 4 etc) package of how to succeed in financial investing. Rather they serve many important broader purposes including giving investors history and perspective.
In the Stock Market Wizards book, Schwager (on page 293-318 of the paperback) summarizes SIXTY-SIX "Wizard Lessons". This book would be worth several times its price JUST for these lessons alone. Now don't get me wrong. It is important to read ALL THREE BOOKS and THEN read these lessons, and you see "everything coming together" into a unified whole that all financial instrument investors should always bear in mind. In other words the lessons without the interviews likely would not register with the reader with the same impact.
All of the individual stories add up to something larger that the sum of the parts (so to speak). A great book. I wish Jack would come out with one of these Wizard books every 5 years or so. I would also be very happy if Schwager had a new book in which he re-interviewed former wizards, and asked each of them what MORE had they learned in the intervening years and what their big successes and mistakes had been.
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