Hedge Fund Market Wizards (eBook)

How Winning Traders Win

Jack D. Schwager (Autor)

eBook Download: PDF

2012
John Wiley & Sons (Verlag)
978-1-118-28730-9 (ISBN)

Infos

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.

JACK D. SCHWAGER is a recognized industry expert on 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. He is also an advisor to MarkeTopper Securities, an India-based quantitative trading firm. Previously, Mr. Schwager was a partner in the Fortune Group, a London-based hedge fund advisory firm that specialized in creating customized hedge fund portfolios for institutional clients. His prior experience also includes over twenty years as a director of futures research for some of Wall Street's leading firms.

Inhalt

Foreword ix

Preface xiii

Acknowledgments xvii

Part One Macro Men 1

Chapter 1 Colm O'Shea: Knowing When It's Raining
3

Chapter 2 Ray Dalio: The Man Who Loves Mistakes 47

Chapter 3 Larry Benedict: Beyond Three Strikes 77

Chapter 4 Scott Ramsey: Low-Risk Futures Trader 103

Chapter 5 Jaffray Woodriff: The Third Way 129

Part Two Multistrategy Players 159

Chapter 6 Edward Thorp: The Innovator 161

Chapter 7 Jamie Mai: Seeking Asymmetry 223

Chapter 8 Michael Platt: The Art and Science of Risk Control
261

Part Three Equity Traders 285

Chapter 9 Steve Clark: Do More of What Works and Less of What
Doesn't 287

Chapter 10 Martin Taylor: The Tsar Has No Clothes 323

Chapter 11 Tom Claugus: A Change of Plans 359

Chapter 12 Joe Vidich: Harvesting Losses 385

Chapter 13 Kevin Daly: Who Is Warren Buffett? 405

Chapter 14 Jimmy Balodimas: Stepping in Front of Freight Trains
423

Chapter 15 Joel Greenblatt: The Magic Formula 451

Conclusion 40 Market Wizard Lessons 489

Epilogue 507

Appendix A The Gain to Pain Ratio 513

Appendix B Options--Understanding the Basics 515

About the Author 519

Index 521

Rezensionen

"A must-read for all would-be traders...while the book's focusis clearly on trading and investing, there is more than enoughhuman interest on offer for the general reader.... Like Schwager'sother works...Hedge Fund Market Wizards looks set to becomea classic." (Money Week, June 2012)

"Offers valuable guidance and timeless insights for bothinvestment professionals and market enthusiasts looking to improvetheir trading abilities by learning from the best." (trade2win.com,July 2012)

"This book is destined to be a classic just like the others byJack. But the latest goes one step further, these traders aren'tjust at the top of their game, they have defined it. What can Isay? This book was so good it almost made me want to get back intothe game again!"
--Paul Wilmott, mathematician and ex-hedge fundmanager

"Brilliant! Brilliant! Brilliant! Another book about truetraders by a true trader. Jack Schwager has become the officialauthor of traderdom for this and future generations. Not only doesHedge Fund Market Wizards deserve a spot in everyrespectable trader's book collection, but the entire seriesshould be read annually by both professional and aspiring traders.Timeless wisdom, priceless concepts!"
--Peter Lewis Brandt, Futures Trader, StablefordAsset Management, and Author of Diary of a ProfessionalCommodity Trader

"I read Jack Schwager's first Market Wizards book when Iwas just starting out as in investor more than 20 years ago. It putinto brilliant focus the importance of trading psychology andknowing thyself. His latest work is yet another masterpiece. Itbrings to light new concepts in the world of investing that applyto all investors in today's markets. Anyone who reads this workwill immeasurably enrich themselves on many levels because tradingis life and life is trading."
--Dr. Chris Kacher, Founder ofwww.SelfishInvesting.com, and Author of Trade Like an O'NeilDisciple

Author Jack Schwager seems to have built his career on themarket wizardry of others. Based on this fourth wizardbook--interviews with 15 hedge-fund managers who recount theircareers and strategies--Schwager's long experience withwizardry has served him well. Readers captivated by the hedge-fundmystique won't be disappointed. Readers looking for insightinto exactly how successful hedge-fund managers achieve successwill have plenty to chew over. Schwager attempts to boil down theinterviews into 40 "Market Wizard Lessons." Examples: Valueinvesting works. Position size can be more important than entryprice. Sometimes it's useful to do nothing. But the one thatmay ring truest is this: There is no Holy Grail in trading. Whatworks for one may not work for another, or for you. Fortunately forus, there's a wide enough variety of portraiture in Hedge FundMarket Wizards that at least a few lessons should resonate.
--Barrons.com

"Determining how great traders acquire and use theirspecial skills has been an elusive quest. We have no shortage ofcookbooks on how to trade, but only a limited number of booksdescribe the decision processes of those who speculate as aprofession. Trader confessionals exist often as testimonies toegos, but few focus on the details of decision making. Materialthat does successfully capture the essence of how speculators thinkis the Market Wizards series by Jack D. Schwager.... Even inthe interviews of well-known traders, Schwager's probingquestions extract many new insights."
--FAJ Book Review

"Even in the interviews of well-known traders,Schwager's probing questions extract many new insights. TheEd Thorp interview, which is the longest, is almost worthy of abook in itself."
--CFA Institute review

Produkt-Details

• Erscheint lt. Verlag: 25.4.2012
• Vorwort: Ed Seykota
• Sprache: englisch
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Schlagworte: Börsenhandel • Börsenhandel • Finance & Investments • Finanz- u. Anlagewesen • Hedge Fund Market Wizards: How Winning Traders Win, Hedge Fund Market Wizards, Jack D. Schwager, Jack Schwager, Jack D. Schwager book, Jack Schwager book, Schwager book, hedge fund trading, trading hedge funds, hedge fund advice, hedge fund book, hedge fund experts book, investment information, Market Wizards, Stock Market Wizards, The New Market Wizards • Trading
• ISBN-10: 1-118-28730-4 / 1118287304
• ISBN-13: 978-1-118-28730-9 / 9781118287309