- Capa comum: 330 páginas
- Editora: HarperBusiness; Edição: Rev and Updated ed. (15 de abril de 2003)
- Idioma: Inglês
- ISBN-10: 0066620597
- ISBN-13: 978-0066620596
- Dimensões do produto: 13,5 x 2 x 20,3 cm
- Peso de envio: 621 g
- Avaliação média: Seja o primeiro a avaliar este item
- Lista de mais vendidos da Amazon: no. 14,610 em Livros (Conheça o Top 100 na categoria Livros)
Stock Market Wizards: Interviews with America's Top Stock Traders (Inglês) Capa Comum – 11 jul 2016
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Sobre o Autor
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.
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Although the traders are generally more cautious to not give away their trading methods (unlike Ed Soyka, from the first Market Wizard's books, who disclosed quiet a bit about his method), most of the traders provide some value even if it is not about what method they specifically use. I think the reason the traders are more secretive is because it has increasingly become difficult to keep a static system working as more and more people figure out the same methods. In fact, some of the traders talk about how they are having to adapt and change their trading methods more often. And although some traders say that their trading method has not changed, I think their methods include an adaptable or evolving method.
All in all, this series mainly covers successful traders between 1990 to mid 1999. At the end of each interview, Jack includes a follow up interview to see how the traders performed during 2002: part of the significant bear market.
I found it helpful to see how the traders changed and evolved from the first two Market Wizard editions. As in the other Market Wizard books, Jack included a great mix of traders such as the college graduate who made millions from nothing, the Harvard graduate who landed a job with a top Wall Street firm, the farmer who overcame the odds and made it, the typical Wall Street trader who thinks he is too important to treat the interview seriously, the woman who made it strictly shorting stocks, and the smart person who started a hedge fund & raised millions before he even knew how to invest (yea, I am serious).
In each of these stories, I could not help myself but think how much luck played into some of the traders stories (more so than the other Market Wizard book stories).
For example, one of the traders lost almost a million dollars when he wrote naked calls: the trader owed the brokerage $300,000. The young trader told his mother how much money he had lost and his mother just said to keep at it and make it back. The trader said if it was not for his mother telling him to make the money back and her positive attitude about his loss, he would have likely quit. How lucky is that? His mom knew nothing about trading, and most parents would think their son was gambling and discourage such behavior. This trader later went on to make millions.
Another example is how a trader took out a mortgage against his home, lost 75%, and then made most of the money back on a lucky trade that almost made up his loss (after he sold, the stock shortly fell over 90%). This trader was unemployed, could not make the mortgage payments coming due, and said he would likely have given up but for the lucky trade. This trader later went on to make millions.
In short, great addition to the Market Wizard series. I am glad I did not listen to some of the reviewers who thought otherwise. For me, if nothing else, these interviews showed how traders continually adapt to the ever changing market.
Cook aside, my intuition told me this book would be a letdown overall... and that's exactly what it was in comparison to the first two. Being prepared for this tempered my disappointment, though, and allowed me to get more enjoyment out of the bright spots.
Furthermore, after reading a few of the interviews a second (and third) time, I have to revise my earlier poor impression and give Schwager more credit. I am upgrading my initial assessment from mild disappointment to worthy and interesting read.
A good measure of interview books is whether those being interviewed have unique and interesting things to say, or a fresh angle on a subject to give it a new or insightful perspective. I thought that Mark Minervini had some interesting commentary on why paper trading is a poor substitute for the real thing, and how skilled traders can use gut feel efficiently while novices have to fight it. John Bender's perspective on options pricing was fascinating, rooted in a common sense that most quants overlook. Stuart Walton was interesting because his psychological background was so refreshingly atypical, and Mark Cook just comes off as a candid, open and great guy all around. So, when all is said and done, Stock Market Wizards is still a step down but worth the time to read.
Last but not least, at least two interesting thought paths developed after further reading of Stock Market Wizards.
First, what are the psychological implications of the fact that so many successful traders blew out, or otherwise experienced severe financial pain, early in their careers? Is this some kind of necessary catharsis that leads to greater chances of success? If so, what are the deeper implications?
Second, why is it a common theme of successful short term traders--who tend to be more consistent in their gains--that they have to "work on taking profits too quickly." In other books too (Marty Schwartz from the first Market Wizards), taking profits too quickly is something short-term traders chide themselves for and say that they have to work on.
But could this tendency to move "too quickly" somehow be a component of success? I think it is at least a possibility, because the thought of taking profits off the table ("making the cash register ring," as Schwartz so aptly puts it) has been so vilified and rejected by the common wisdom that there may well be some value in it.
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.
All of the individual stories add up to something larger than 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 not even mind if he had a book in which he re-interviewed former wizards, and asked what MORE had they learned in the intervening years
Read Ted Williams on hitting.
Want to learn how to trade stocks?
Read this book.
The traders interviewed are very humble about their mistakes.
And they give some really useful trading tips.
"How I Got Beat-Up by the FBI When I Was Four Years Old"