Stock Market Wizards: Interviews with America's Top Stock Traders

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9780066620589: Stock Market Wizards: Interviews with America's Top Stock Traders

Acclaimed trading expert and bestselling author of the Market Wizards books, Jack Schwager, has returned with a new and fascinating collection of interviews with the best stock market traders and investors of our time.

Focusing exclusively on successful players in the stock market, Schwager delivers informative profiles and trading strategies from fifteen traders and investors who have ridden the most dynamic bull market in U.S. history to stunning success.

The past decade has witnessed the market-shaking introduction of the Internet, a collapse in commodity prices, and dramatic failures in some of the world's leading hedge funds. How have these traders managed to dwarf the already substantial gains realized by the stock market during the 1990s, while largely sidestepping the market's periodic downdrafts? What separates them from ordinary investors, and even the vast majority of professional fund managers? And what lessons can the average trader or investor learn from these exceptional traders?

Schwager gets the answers from phenomenally successful traders, including 

  • Michael Lauer, an outspoken fund manager, who explains why he believes many of the country's leading mutual funds are following a flawed strategy and whose own fund provided investors with a 50-fold return in seven years
  • Mark Cook, a midwestern farmer who registered back-to-back annual gains of 563 and 322 percent in national trading contests he entered in 1992 and 1993 and has continued to realize stratospheric returns in his own account since then
  • Steve Lescarbeau, who developed a computerized trading model that has earned him an average of 70 percent per year with an incredibly low maximum drawdown of only 3 percent
  • Steve Cohen, a modern-day trading legend who manages billions and who has averaged trading returns of 90 percent during the past seven years with only three down months (the worst, a minuscule 2 percent loss)
  • Mark Minervini, a junior high school dropout, who has averaged a 220 percent annual return during the past five years, while keeping his maximum quarterly loss to a fraction of one percent

These are just a few of the traders you'll meet in Stock Market Wizards' all-star lineup of market masters.

In the final chapter, Schwager pulls it all together, distilling the essential advice and insights from all the interviews into a list of 65 market lessons, which are bound to be invaluable to both novices and market professionals.

Stock Market Wizards gives you the stories, tips. and an inside glimpse into today's vibrant market and the traders who can ride the bull, battle the bear, and still come out on top.

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Review:

Newcomers to Jack Schwager's series on top traders, as well as fervent fans of his first two entries Market Wizards and The New Market Wizards, will find that Stock Market Wizards offers another revealing look at a wide spectrum of trading styles through the eyes of 15 extraordinarily successful individuals. Transcripts of incisive Q&A sessions between Schwager and traders--including Michael Lauer, Dana Galante, Alphonse "Buddy" Fletcher Jr., and Claudio Guazzoni--examine the ways each approaches their specialty, whether it be value stocks, mutual funds, short selling, options trading, or other market niches. After brief but interesting introductions that place the subjects' trading practices into perspective, Schwager coaxes from them penetrating observations on setting goals, finding opportunities, learning from mistakes, and operating on a day-to-day basis. While some participants refuse to divulge proprietary practices, and Anthony admits that many traders' activities hold little relevance to individual investors, the basic doctrines nonetheless contain nuggets of wisdom that can be applied by many nonprofessionals. And, in the final "Wizard Lessons" chapter, Schwager details the 65 overarching principles (such as Trade Your Personality, Be Willing to Take a Loss, and The Importance of Setting Goals) he culled from these extensive conversations. --Howard Rothman

From the Inside Flap:

Wouldn’t you love to sit down with some of the world’s most successful investors and find out how they do it? Just how do they make millions of dollars a year—or even in hours? And how do they come back from just as colossal losses?

Market expert Jack D. Schwager interviews some of the industry’s most successful traders, including:

MARK MINERVINI—a junior high school dropout who averaged a 220 percent annual return in five years, while keeping his maximum quarterly loss to a fraction of one percent.

MARK COOK—a Midwestern farmer who registered back-to-back annual gains of 563 and 322 percent in national trading contests.

STEVE LESCARBEAU—whose computerized model earns him an average of 70 percent per year with an incredibly low down of only 3 percent.

Shcwager asks the questions we want answers to—then pulls it all together and distills the essential advice and insights into a list of 64 invaluable market lessons for both novices and market professionals alike.

What Separates the World’s most successful investors from ordinary investors, and even the vast majority of professionals fund managers?

In the third book of the best-selling Market Wizard series, acclaimed trading expert Jack D. Schwager digs into the psyches, strategies, and true accounts of 12 legendary traders who survived the most dynamic bull market in U. S. stock history—as well as a collapse in commodity prices, dramatic failures in some of the world’s leading hedge funds, the burst of the internet bubble, and a fall into recession and the subsequent rumblings of recovery.

What lessons can the average trader or investor learn from these exceptional traders?

In lively interviews with his all-start lineup, Schwager brings you true stories, invaluable market lessons, and the inside scoop on how to ride the bull, battle the bear, and still come out on top.

Mr. Schwager is a recognized industry expert in futures and hedge funds and has written extensively on the futures industry and great traders in all financial markets. He is perhaps best known for his best-selling series of interviews with the greatest hedge fund managers of the last two decades: Market Wizards (1989), The New Market Wizards (1992) Stock Market Wizards is the most recent in the series.

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