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Title: Stock Market Wizards : Interviews with America's Top Stock Traders by Jack D. Schwager ISBN: 0-06-662059-7 Publisher: HarperBusiness Pub. Date: 15 April, 2003 Format: Paperback Volumes: 1 List Price(USD): $15.95 |
Average Customer Rating: 3.33 (42 reviews)
Rating: 5
Summary: One for your collection - of three
Comment: Of all the trading, technical and fundamental analyses books I have on my shelves, none are so precious as my dog-eared and worn Market Wizards books. Jack Schwager has now once again provided a legion of fans with captivating glimpses into the environments of world-class traders. Quite honestly, I've learned more about trading from Schwager's interviews than from any of the pricey investment seminars I've attended.
In this latest publication, Schwager's wizards are essentially all managers of exclusive funds. Thumbing through the book initially, that frustrated and annoyed me. How is the small, private trader going to be able to identify with these mega successful businessmen and women? Much to my relief, Schwager bridged that gap in masterful ways by 1) enlightening the reader to bits (never flagrant) of their personal lives and characters, 2) the essence of their systems, if he could get that out of them, if not - their discipline, or other successful tactics and "edge" and 3) zeroing in on each wizard's strengths and transposing them to the basic skills or knowledge that any trader could incorporate or should possess. We see through Schwager's eyes that these wizards are real people, with the same vulnerabilities and weaknesses that we all battle. Yet, obviously, these are special traders who have mastered their craft through common sense, dedication, self-confidence and self -discipline.
As a female trader, I'm always looking for "The Great One" in the form of another female trader to look to as a role model. Unfortunately, Schwager is apparently unable to find a woman, with the exception of Linda Raschke in the previous Wizard book, who emulates the qualities / skills of a wizard. One woman, Dana Galante, was included but seemingly more so for the uniqueness of a sole short selling method of trading. There is no doubt that she is great at her job but for her, it appears that she sees trading as just a job, not an identity. That's fine and great but I would have liked to have seen a woman with the same drive and passion for trading, say as Mark Minervini.
Additionally, I found it a delightful surprise that Schwager included an MD who serves as a trading psychologist. The psychology of trading is every bit as important to one's success as is their knowledge and financial abilities to participate in the markets. With the stock market serving as the number one spectator sport these days, it is only appropriate that proper psychological help and counseling/support be available to and embraced by a nation of traders/investors.
Finally, as in every Schwager book I've ever read, he summarizes key concepts at the conclusion of the book. These are invaluable pearls of wisdom all gleaned from what are undoubtedly huge volumes of notes and memoirs of so many correspondences with highly successful traders.
Get the book. Get all three - they're a great testament to the evolution of trading wisdom achieved in these modern times.
Thank-you, once again Jack Schwager.
Rating: 5
Summary: Lots of Useful Advice
Comment: First a couple of caveats - I have not read Mr. Schwager's other Market Wizards books and I am a professional money manager. That said, I found Mr. Schwager's latest book both entertaining and full of interesting and useful advice and information (I wound up with several pages of notes after reading it). True there is no "magic formula" that is going to turn you into a great trader/investor... but what do you expect for [this amount of money]. The truth is you probably wouldn't get that even if you laid out 20 grand. As several of the traders point out in their interviews, systems lose their effectiveness over time.
But any investor/trader would be well served to pay close attention to the rules that Stuart Walton keeps taped to his computer as well as a host of other useful gems tucked throughout the selections. One of my personal favorites is that "there is no such thing as a bad book. Even one sentance has the power to change your life." As a professional, I enjoyed the fact that the traders Mr. Schwager interviewed for this book were not household names. As much as I may admire them, I don't need to read another account of Michael Price, Jimmy Rogers, James Cramer or the other CNBC/lecture circuit regulars.
The truth of the matter that being a CONSISTENTLY successful trader is very hard work. While this book will not provide you all the answers, it will give you much to think about and much that can help you in both your investing and your life in general - and that is worth [it] (and then some).
Rating: 4
Summary: Worthwhile although not as great as first two
Comment: While I enjoyed this book and would recommend it to stock market investors, I didn't think it had the same depth and level of insight as Schwager's first two Market Wizards books, which I consider two of the most valuable volumes in my investment library. There were a few interviews that I liked, though, such as the one with Ahmet Okumus, the Turkish immigrant who buys quality stocks he thinks have been punished too much and will eventually turnaround. Furthermore, he sells puts on them when he thinks they're still overvalued for the options income, and if the stock declines to that level, he's actually delighted to have the stock "put" back to him since he really wanted to own the stock at that price anyway. This means he does exhaustive fundamental research and must be very accurate and confident in and of his valuation of the company for this to work, and his historical returns show he can make this work, too, as it significantly added to his overall performance. I thought that was an interesting strategy and an example of someone with a niche that they're able to exploit. I still found most of the other interviews worthwhile, though, and I would recommend this book to stock market investors since there is a lot of good advice about the pitfalls of investing there, too.
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Title: The New Market Wizards : Conversations with America's Top Traders by Jack D. Schwager ISBN: 0887306675 Publisher: HarperBusiness Pub. Date: 26 January, 1994 List Price(USD): $17.00 |
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Title: Market Wizards : Interviews with Top Traders by Jack D. Schwager ISBN: 0887306101 Publisher: HarperBusiness Pub. Date: 27 January, 1993 List Price(USD): $17.00 |
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Title: Reminiscences of a Stock Operator by Edwin Lefèvre, Marketplace Books ISBN: 0471059706 Publisher: John Wiley & Sons Pub. Date: 11 May, 1994 List Price(USD): $19.95 |
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Title: How I Made 2,000,000 in the Stock Market by Nicolas Darvas, Nicolas Darvas ISBN: 0818403969 Publisher: Lyle Stuart Hardcover Pub. Date: April, 1986 List Price(USD): $12.95 |
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Title: Come Into My Trading Room: A Complete Guide to Trading by Alexander Elder ISBN: 0471225347 Publisher: John Wiley & Sons Pub. Date: 19 April, 2002 List Price(USD): $49.95 |
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