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Description of Market Wizards

The Investment Classic, Updated with a New Preface and Afterword

Featuring interviews with seventeen of the most successful market–beaters, including Bruce Kovner, Richard Dennis, Paul Tudor Jones, Michael Steinhardt, Ed Seykota, Marty Schwartz, and Tom Baldwin, Market Wizards is packed with real–life anecdotes from the trading world. From the electrical engineer from MIT whose computerized trading earned returns of 250,000% over sixteen years to the trader who, after wiping out several times, successfully turned a $30,000 investment into an $80 million fortune, Schwager identifies the factors that define a true Market Wizard.

Title Information

ISBN:

9781118273050

Pages:

480 pages

Format:

Paperback

Product Code:

845444

Publisher:

John Wiley & Sons Ltd

Published:

23/02/2012

Edition:

2012 revised edition

Press and Industry Reviews

"I've read the book at several stages of my career as it shows the staying power of good down-to-earth wisdoms of true practitioners with skin in the game. This is the central document showing the heuristics that real-life traders use to manage their affairs, how people who do rather than talk have done things. Twenty years from now, it will still be fresh. There is no other like it."
- Nassim N. Taleb, former derivatives trader, author of The Black Swan, and professor, NYU-Poly


Praise for the First Edition

"Market Wizards is one of the most fascinating books ever written about Wall Street. A few of the 'Wizards' are my friends - and Jack Schwager has nailed their modus operandi on the head."
- Martin W. Zweig, PhD, Editor, The Zweig Forecast

"It is difficult enough to develop a method that works. It then takes experience to believe what your method is telling you. But the toughest task of all is turning analysis into money. If you don't believe it, try it. These guys have it all: a method, the conviction, and the discipline to act decisively time after time, regardless of distractions and pressures. They are heroes of Wall Street, and Jack Schwager's book brings their characters vividly to life."
- Robert R. Prechter Jr., Editor, The Elliott Wave Theorist

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About Jack Schwager

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, an India-based quantitative trading firm. 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, and also spent over twenty years as a director of futures research for some of Wall Street's leading firms.

Contents of Market Wizards

Preface to the Paperback Edition
Preface
Acknowledgments
Prologue
My Own Story

Part I Futures and Currencies

Taking the Mystery Out of Futures
The Interbank Currency Market Defined
Michael Marcus: Blighting Never Strikes Twice
Bruce Kovner: The World Trader
Richard Dennis: A Legend Retires
Paul Tudor Jones: The Art of Aggressive Trading
Gary Bielfeldt: Yes, They Do Trade T-Bonds in Peoria
Ed Seykota: Everybody Gets What They Want
Larry Hite: Respecting Risk

Part II Mostly Stocks

Michael Steinhardt: The Concept of Variant Perception
William O’Neil: The Art of Stock Selection
David Ryan: Stock Investment as a Treasure Hunt
Marty Schwartz: Champion Trader

Part III A Little Bit of Everything

James B. Rogers, Jr.: Buying Value and Selling Hysteria
Mark Weinstein: High-Percentage Trader

Part IV The View from the Floor

Brian Gelber: Broker Turned Trader
Tom Baldwin: The Fearless Pit Trader
Tony Saliba: "One-Lot" Triumphs

Part V The Psychology of Trading

Dr. Van K. Tharp: The Psychology of Trading
The Trade: A Personal Experience

Postscript: Dreams and Trading
Final Word
What I Believe 22 Years Later

Appendix 1: Program Trading and Portfolio Insurance
Appendix 2: Options - Understanding the Basics

Glossary

Excerpt: Edward Thorp