Product Description

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.

Product Details

• Amazon Sales Rank: #688630 in Books
• Published on: 2003-04-01
• Format: Bargain Price
• Number of items: 1
• Binding: Paperback
• 352 pages

Amazon.com
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 Publishers Weekly
In 1989, professional futures trader Schwager wrote the electrifying Market Wizards, featuring incisive interviews with some of the world's most successful traders, discussion of a wide variety of techniques and markets, and a detailed chronicle of various traders' track records. It quickly became a bestseller. Five years later, Schwager published The New Market Wizards, less detailed and with more generic interviews. Now, six years after, the third installment continues this unfortunate trend. The subjects of Schwager's new interviews are less than impressive, and his questions have gone soft. To make matters worse, subjects were allowed to amend their words later, resulting in many lifeless, boilerplate responses. Instead of analyzing specific trading decisions, theories or track records, subjects spend most of the interviews talking about their childhoods or disparaging ex-bosses and co-workers. Even this dirt fails to engage the reader, since Schwager has changed the names of the maligned parties. Only the author's brief, energetic commentaries on the interviews display the insight of Schwager's earlier work. Inexperienced traders may benefit from some of the platitudes in these interviews, but experienced traders already know to cut their losses. (Jan. 31) Forecast: Bolstered by an author tour (with guest appearances by some of the "wizards") to New York City, Chicago and Boston and a syndicated radio feature, Schwager's third book may get some initial sales from fans of Market Wizards and those looking for more up-to-date trading information. Poor reviews and word-of-mouth, however, probably will hurt this book's sales, as they did the previous sequel.
Copyright 2000 Reed Business Information, Inc.

From Booklist
Schwager is an expert on futures investing and trading and the author of books on both technical and fundamental investment analysis. He is also the author of two collections of interviews with other experts--Market Wizards (1989) and New Market Wizards (1992). He now reprises the interview format to glean new insights from an eclectic assortment of 15 traders who have all outperformed the market over the last several years. Because of recent declines in commodity prices and problems facing hedge funds, Schwager focuses on stock traders this time around. He is skillful at asking questions, and he gets his subjects to open up. They come from diverse backgrounds (although only one of his interviewees is a woman), and their stories are fascinating in their own right. At the same time, Schwager winnows out each trader's personal strategy for success. The readily apparent result becomes "wizard lesson" number one: "There is no single true path." In all, Schwager learns 65 new lessons David Rouse
Copyright © American Library Association. All rights reserved

Customer Reviews

Should be in the reading list of PMs
a rare chance to pick the brains of some of the best HF managers. a must read for the PMs.

nothing helpful
Too much useless background on traders. No substantial help for the average trader or investor.

good read
If you want to read about the market movers this is the place!!! Very good!