- Gebundene Ausgabe: 544 Seiten
- Verlag: Wiley; Auflage: 1 (22. Mai 2012)
- Sprache: Englisch
- ISBN-10: 1118273044
- ISBN-13: 978-1118273043
- Größe und/oder Gewicht: 16 x 4,2 x 23,6 cm
- Durchschnittliche Kundenbewertung: 3 Kundenrezensionen
- Amazon Bestseller-Rang: Nr. 73.518 in Fremdsprachige Bücher (Siehe Top 100 in Fremdsprachige Bücher)
- Komplettes Inhaltsverzeichnis ansehen
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Hedge Fund Market Wizards (Part of Set 9781118582978) (Englisch) Gebundene Ausgabe – 22. Mai 2012
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"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...Hedge Fund Market Wizards looks set to become a classic." (Money Week, June 2012)
"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)
"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!"
--Paul Wilmott, mathematician and ex-hedge fund manager
"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 Hedge Fund Market Wizards 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!"
--Peter Lewis Brandt, Futures Trader, Stableford Asset Management, and Author of Diary of a Professional Commodity Trader
"I read Jack Schwager's first Market Wizards 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."
--Dr. Chris Kacher, Founder of www.SelfishInvesting.com, and Author of Trade Like an O'Neil Disciple
Author 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.
"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."
--FAJ Book Review
"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."
--CFA Institute review
'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...Hedge Fund Market Wizards looks set to become a classic.' (Money Week, June 2012)
'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)
What 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 Hedge Fund Market Wizards: How Winning Traders Win, 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.
Over 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 Hedge Fund Market Wizards, 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.
From 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.
Just as he did in his previous bestsellers, Market Wizards and The New Market Wizards, 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, Hedge Fund Market Wizards offers valuable guidance and timeless insights for both investment professionals and market enthusiasts looking to improve their trading abilities by learning from the best.
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Viel gibts daher nicht zu sagen:
Eine Reihe von Interviews mit Investment Grössen. Teils Biografie, teils aktuelle Ideen zur Finanzkrise. Die Qualität sowohl der Aufbereitung, als auch der Interviewpartner steht bei Schager wohl ausser Frage .-)
Fazit: Must have für ernsthafte Investors.
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Of course, there are some flaws. This book is populated with american and british (at least) traders. Mr Schwager does not extend his research further than that and on one occasion even says that he only searches through indications of friends (there is one exception in the book). It is sad, as I personally know of South American and European (and no doubt there are others too) traders who deserved to be here and could add to the book. Even so, this is a interesting group with plenty of insights. Although, as someone who has been solely a full time futures trader for the past 15 years, I don't think he draws necessarily the correct inferences or conclusions on some interviews, but to his great credit, the information is there for you to make your own (in a few instances I would like to have asked other questions, but in general he was okay).
Even when he apparently strays off course, like when he interviews his son's boss (really???)... well, that's what I thought... but after reading the interview I thought it was indeed a good choice and very interesting interview, although Mr. Schwager get asking some wrong questions and insists on how he could "improve" his results, without taking into account what the trader had been saying between the lines all the time, which is his knowledge of his style, his emotional capacity, etc...
Anyway, this book's qualities OUTSHINE these small flaws by a wide margin. And, Mr Schwager has done something few people have... he has written 2 exceptional books about the markets. For authors writing a book like the first market wizards is hard, because following it up is very difficult. But he has done it with this one. If you, like some reviewers, are looking for specific techniques and trading tips, you are already searching for the wrong things my friend, and it won't make a difference which book you buy. But if you are interested in reading about some great traders according to their own words, reading about different perspectives, approaches and a lot of information to digest and reflect on, this is DEFINITELY A BUY!
Let me say it for the record, this is an exceptional book and Mr Schwager is to be commended for the work he has done the "trading community".
In Hedge Fund Market Wizards, Jack Schwager interviews 15 more hedge fund managers that have had superior returns over a long time period. Interviews in this book include the founder of the largest hedge fund in the world ($120 billion in assets and 1,400 employees) down to a single trader/fund manager that goes it alone managing $50 million.
The three main criteria for selecting interviews to be included in this book:
The managers had superior return/risk track records for significant length periods, normally 10+ years.
The managers were open enough to provide valuable advice about trading
The interviews provided sufficient color to allow for a readable chapter.
Each chapter interview starts off with an overview of the interviewee's performance, trading style, and history. Then the rest of the chapter reads like a interview transcript where Schwager drills down in more detail across a number of topics normally first with the background of the trader/investor and moves chronologically forward from there.
I found the book very educational and highly thought provoking which is why Jack Schwager started these series of books in the first place. I would highly recommend the book to anyone.
The book is motivational and a pleasure to read. The author's style is very strong. He has a very good binary reference of thought, which helps maintain a very coherent flow. I was never confused about what the author was trying to say in the book. The author also writes intelligently, while he summarizes every chapter, he also lets you draw your own conclusions.
If you are looking for a book that explains very well the traits and habits of what makes a great trader great, then you have come to the right place. The points against the book I would probably say are minor and are as follows:
1) As the title explains, this is hedge fund traders specific. Still it is very useful and some of the trading ideas and methods featured can be utilized by the retail trader.
2) The author keeps harping on his gain to pain ratio. It seems that he really wants his term to take off and be widely adopted. He literally keeps referencing it in every chapter!!
That's it! All and all a great book!