{"product_id":"hedge-fund-market-wizards-isbn-9781118273043","title":"Hedge Fund Market Wizards","description":"\u003cp\u003e\u003cb\u003eFascinating insights into the hedge fund traders who consistently outperform the markets, in their own words\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFrom 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, \u003ci\u003eHedge Fund Market Wizards\u003c\/i\u003e 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.\u003c\/p\u003e \u003cul\u003e \u003cli\u003ePresents exclusive interviews with fifteen of the most successful hedge fund traders and what they've learned over the course of their careers\u003c\/li\u003e \u003cli\u003eIncludes interviews with \u003cb\u003eJamie Mai, Joel Greenblatt, Michael Platt, Ray Dalio, Colm O’Shea, Ed Thorp\u003c\/b\u003e, and many more\u003c\/li\u003e \u003cli\u003eExplains forty key lessons for traders\u003c\/li\u003e \u003cli\u003eJoins \u003ci\u003eStock Market Wizards,\u003c\/i\u003e \u003ci\u003eNew Market Wizards,\u003c\/i\u003e and \u003ci\u003eMarket Wizards\u003c\/i\u003e as the fourth installment of investment guru Jack Schwager's acclaimed bestselling series of interviews with stock market experts\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eA 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.\u003c\/p\u003e \u003cp\u003eBringing together the wisdom of the true masters of the markets, \u003ci\u003eHedge Fund Market Wizards\u003c\/i\u003e is a collection of timeless insights into what it takes to trade in the hedge fund world.\u003c\/p\u003e \u003cp\u003eForeword ix\u003c\/p\u003e \u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003eAcknowledgments xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One Macro Men 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 1 Colm O'Shea: Knowing When It's Raining 3\u003c\/p\u003e \u003cp\u003eChapter 2 Ray Dalio: The Man Who Loves Mistakes 47\u003c\/p\u003e \u003cp\u003eChapter 3 Larry Benedict: Beyond Three Strikes 77\u003c\/p\u003e \u003cp\u003eChapter 4 Scott Ramsey: Low-Risk Futures Trader 103\u003c\/p\u003e \u003cp\u003eChapter 5 Jaffray Woodriff: The Third Way 129\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two Multistrategy Players 159\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 6 Edward Thorp: The Innovator 161\u003c\/p\u003e \u003cp\u003eChapter 7 Jamie Mai: Seeking Asymmetry 223\u003c\/p\u003e \u003cp\u003eChapter 8 Michael Platt: The Art and Science of Risk Control 261\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Equity Traders 285\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 9 Steve Clark: Do More of What Works and Less of What Doesn't 287\u003c\/p\u003e \u003cp\u003eChapter 10 Martin Taylor: The Tsar Has No Clothes 323\u003c\/p\u003e \u003cp\u003eChapter 11 Tom Claugus: A Change of Plans 359\u003c\/p\u003e \u003cp\u003eChapter 12 Joe Vidich: Harvesting Losses 385\u003c\/p\u003e \u003cp\u003eChapter 13 Kevin Daly: Who Is Warren Buffett? 405\u003c\/p\u003e \u003cp\u003eChapter 14 Jimmy Balodimas: Stepping in Front of Freight Trains 423\u003c\/p\u003e \u003cp\u003eChapter 15 Joel Greenblatt: The Magic Formula 451\u003c\/p\u003e \u003cp\u003eConclusion 40 Market Wizard Lessons 489\u003c\/p\u003e \u003cp\u003eEpilogue 507\u003c\/p\u003e \u003cp\u003eAppendix A The Gain to Pain Ratio 513\u003c\/p\u003e \u003cp\u003eAppendix B Options—Understanding the Basics 515\u003c\/p\u003e \u003cp\u003eAbout the Author 519\u003c\/p\u003e \u003cp\u003eIndex 521\u003c\/p\u003e \u003cp\u003e\"A must-read for all would-be traders...while the book's focus is clearly on trading and investing, there is more than enough human interest on offer for the general reader.... Like Schwager's other works... \u003ci\u003eHedge Fund Market Wizards\u003c\/i\u003e looks set to become a classic.\" (\u003ci\u003eMoney Week\u003c\/i\u003e, June 2012)\u003c\/p\u003e \u003cp\u003e\"Offers valuable guidance and timeless insights for both investment professionals and market enthusiasts looking to improve their trading abilities by learning from the best.\" (trade2win.com, July 2012)\u003c\/p\u003e \u003cp\u003e\"This book is destined to be a classic just like the others by Jack. But the latest goes one step further, these traders aren't just at the top of their game, they have defined it. What can I say? This book was so good it almost made me want to get back into the game again!\"\u003cbr\u003e—\u003cb\u003ePaul Wilmott\u003c\/b\u003e, mathematician and ex-hedge fund manager\u003c\/p\u003e \u003cp\u003e\"Brilliant! Brilliant! Brilliant! Another book about true traders by a true trader. Jack Schwager has become the official author of traderdom for this and future generations. Not only does \u003ci\u003eHedge Fund Market Wizards\u003c\/i\u003e deserve a spot in every respectable trader's book collection, but the entire series should be read annually by both professional and aspiring traders. Timeless wisdom, priceless concepts!\"\u003cbr\u003e—\u003cb\u003ePeter Lewis Brandt\u003c\/b\u003e, Futures Trader, Stableford Asset Management, and Author of \u003ci\u003eDiary of a Professional Commodity Trader\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"I read Jack Schwager's first \u003ci\u003eMarket Wizards\u003c\/i\u003e book when I was just starting out as in investor more than 20 years ago. It put into brilliant focus the importance of trading psychology and knowing thyself. His latest work is yet another masterpiece. It brings to light new concepts in the world of investing that apply to all investors in today's markets. Anyone who reads this work will immeasurably enrich themselves on many levels because trading is life and life is trading.\"\u003cbr\u003e—\u003cb\u003eDr. Chris Kacher\u003c\/b\u003e, Founder of www.SelfishInvesting.com, and Author of \u003ci\u003eTrade Like an O'Neil Disciple\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eAuthor Jack Schwager seems to have built his career on the market wizardry of others. Based on this fourth wizard book—interviews with 15 hedge-fund managers who recount their careers and strategies—Schwager's long experience with wizardry has served him well. Readers captivated by the hedge-fund mystique won't be disappointed. Readers looking for insight into exactly how successful hedge-fund managers achieve success will have plenty to chew over. Schwager attempts to boil down the interviews into 40 \"Market Wizard Lessons.\" Examples: Value investing works. Position size can be more important than entry price. Sometimes it's useful to do nothing. But the one that may ring truest is this: There is no Holy Grail in trading. What works for one may not work for another, or for you. Fortunately for us, there's a wide enough variety of portraiture in Hedge Fund Market Wizards that at least a few lessons should resonate.\u003cbr\u003e—\u003cb\u003eBarrons.com\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"Determining how great traders acquire and use their special skills has been an elusive quest. We have no shortage of cookbooks on how to trade, but only a limited number of books describe the decision processes of those who speculate as a profession. Trader confessionals exist often as testimonies to egos, but few focus on the details of decision making. Material that does successfully capture the essence of how speculators think is the Market Wizards series by Jack D. Schwager.... Even in the interviews of well-known traders, Schwager's probing questions extract many new insights.\"\u003cbr\u003e—\u003cb\u003eFAJ Book Review\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"Even in the interviews of well-known traders, Schwager's probing questions extract many new insights. The Ed Thorp interview, which is the longest, is almost worthy of a book in itself.\"\u003cbr\u003e—\u003cb\u003eCFA Institute review\u003c\/b\u003e\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eJACK D. SCHWAGER\u003c\/b\u003e 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.\u003c\/p\u003e \u003cp\u003eWhat makes a great trader? For years, financial industry expert Jack Schwager has picked the brains of remarkable individuals who have consistently beaten the markets to find out the answer. Now, in \u003ci\u003eHedge Fund Market Wizards: How Winning Traders Win\u003c\/i\u003e, he talks with some of the world's greatest hedge fund experts, highlighting the lessons to be learned from each so that you can apply their wisdom to your own trading.\u003c\/p\u003e \u003cp\u003eOver the past few decades, hedge funds have become an increasingly popular investment vehicle, but their explosive growth has made trading more competitive than ever. In \u003ci\u003eHedge Fund Market Wizards\u003c\/i\u003e, Schwager shares with readers the invaluable lessons he learned from the fifteen traders profiled, which include some of the industry's legendary figures, each of whom has compiled an exemplary return-to-risk record.\u003c\/p\u003e \u003cp\u003eFrom the founder of the world's largest hedge fund to a manager going it alone, the traders interviewed in this book approach their field in radically different ways. But each of them has brought new and unique insights and developed distinct strategies that have allowed them to outperform the markets again and again.\u003c\/p\u003e \u003cp\u003eJust as he did in his previous bestsellers, \u003ci\u003eMarket Wizards\u003c\/i\u003e and \u003ci\u003eThe New Market Wizards,\u003c\/i\u003e Schwager asks the questions that get to the core of what makes a successful trader tick. Distilling forty essential lessons to be learned from the market luminaries it profiles, \u003ci\u003eHedge Fund Market Wizards\u003c\/i\u003e offers valuable guidance and timeless insights for both investment professionals and market enthusiasts looking to improve their trading abilities by learning from the best.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePraise for HEDGE FUND MARKET WIZARDS\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"Traders regularly use passages and chapters from Schwager's books as a reference for their own methods and to guide their own trading. His work is an inseparable part of the consciousness and language of trading itself. Schwager's books are essential reading for anyone who trades, wants to trade, or wants to pick a trader.\"\u003cbr\u003e—\u003cb\u003eFrom the Foreword by Ed Seykota\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"Jack Schwager is the era's premier chronicler of financial talent. When historians look back at this mad time and wonder who the key players were, they will turn to Schwager's books.\"\u003cbr\u003e—\u003cb\u003eRobert R. Prechter, Jr.\u003c\/b\u003e, Editor, \u003ci\u003eThe Elliott Wave Theorist\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"Hedge funds have evolved into a market force, and the timing of Hedge Fund Market Wizards is as valuable as the lessons it contains. Jack's book excels in knowledge and insight, rather than specific rules that are short-lived. Among the gems are mistakes are the catalyst for improvement, stable returns are suspicious, and you can't succeed without embracing the risk inherent to your trading style. As you would expect, the book is masterful.\"\u003cbr\u003e—\u003cb\u003ePerry J. Kaufman\u003c\/b\u003e, Managing Director, Kaufman Analytics, Ltd., and author of \u003ci\u003eNew Trading Systems and Methods\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"Great traders are almost always fascinating human beings. Jack Schwager is the perfect interviewer, equally adept at eliciting life stories and professional secrets. A must-read.\"\u003cbr\u003e—\u003cb\u003eWilliam Poundstone\u003c\/b\u003e, author of \u003ci\u003eFortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street\u003c\/i\u003e\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989354660069,"sku":"NP9781118273043","price":41.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118273043.jpg?v=1761783788","url":"https:\/\/k12savings.com\/es\/products\/hedge-fund-market-wizards-isbn-9781118273043","provider":"K12savings","version":"1.0","type":"link"}