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

2018-01-16 来源:读书人网 
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Stock Market Wizards: Interviews with America's Top Stock Traders


Can you beat the market year after year and largely sidestep periodic downturns? What separates the country's best investors from the ordinary? What lessons can the small investor learn from modern stock market wizards?

Acclaimed trading expert Jack Schwager went to thirteen phenomenally successful traders for answers, including 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; Mark Cook, a Midwestern farmer who registered back-to-back annual gains of 563 and 322 percent in national trading contests; and Steve Lescarbeau, whose computerized trading model earns him an average of 70 percent per year with an incredibly low drawdown of only 3 percent.

In lively interviews with his all-star lineup, Schwager brings you true stories, eye-opening tips, and the inside scoop on how to ride the bull, battle the bear, and still come out on top. And in a final wrap-up Schwager lays out 64 market lessons that provide invaluable insights for average investors and market professionals alike.

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This, of course, is the 3rd of three Schwager books in what might be called the "Market Wizards Series": Market Wizards, New Market Wizards, and Stock Market Wizards. None of these books is designed per se into giving an investor a completely formula (step 1, 2, 3, 4 etc) package of how to succeed in financial investing. Rather they serve many important broader purposes including giving investors history and perspective, lessons in risk control,the ever changing nature of the markets, etc. etc.

In the Stock Market Wizards book, Schwager (on page 293-318 of the paperback) summarizes SIXTY-SIX "Wizard Lessons". This book would be worth several times its price JUST for these lessons alone. Now don't get me wrong. It is important to read ALL THREE BOOKS and THEN read these lessons, and you see "everything coming together" into a unified whole that all financial instrument investors should always bear in mind.

All of the individual stories add up to something larger than the sum of the parts (so to speak). A great book. I wish Jack would come out with one of these Wizard books every 5 years or so. I would not even mind if he had a book in which he re-interviewed former wizards, and asked what MORE had they learned in the intervening years

After reading most of the reviews I was not expecting this book to be as good as his first two books. However, after reading it and going back to take notes of what I highlighted I have to admit that I enjoyed this book just as much as the first two. Perhaps because the first two were geared to the futures market and the new book is all stocks.
I also agree with some of the other reviews about some of the interviews being weak. Although I am a growth/momentum trader I was really looking forward to the interview with Mark Minervini but after reading it I was very disappointed. If his account size is the half the size of his ego then he would be the richest man in the world. I am automatically suspicious of someone who has a goal of being interviewed as a "market wizard". Although I did write a few notes from his interview I noticed that he really didn't have anything new to say that he didn't get out of a book like How to Trade in Stocks or How to Make Money in Stocks. He almost quoted these books to the letter. He also didn't give any background of how he got started trading, how he trades, or his "secrets". (for all you new traders out there are no secrets just hard work) I am sure his "secrets" are nothing more than patterns he read in a book. I am not expecting to reveal everything you do but why even include him in the book if he is such a difficult person to talk to. After reading his interview I decided to check out his website and I had to laugh at the returns he has on it. From 1995-1999 he has averaged a 220% compounded annual return. While this is a great number it also happens to be the greatest bull market in history during that time. I started trading in 1998 and in 98 and 1999 I had triple digit returns. So if someone just starting out can make those type of returns what makes him so special? What would really be interesting is to see how he has done since spring 2000 to the present but that is conveintely left off his site.
There were some other interviews worth reading like Mark Cook and Stuart Walton. Both of whom know there are no "secrets" to trading. Also the interview with the pure short seller was interesting. She said that she didn't like to trade on the long side because making money didn't seem like work to her but selling short in a bull market takes a lot of work. I kept asking myself during the interview if because she is a woman she feels she needs to "work" at her job in order to be respected. From my point of view she seems like she needs to prove something to somebody or mayber to herself.
Although some of the interviews could have been deleted this is a good book especially if you trade stocks you can relate to stories better than the first two books. I agree with one of the other reviewers I would like to see a follow up on the market wizards of all three books to see how they have done and what has or hasn't changed.

I bought this book partially out of homage to Schwager, as the first two installments of Market Wizards had such a powerful effect on my methodology and mindset. (Ironically, though, not until the third or fourth reading of each, after two or three years of having them on my shelf). But mostly I bought SMW because I wanted to read the interview with Mark Cook, an exceptional trader I had heard a fair bit about through the grapevine.

Cook aside, my intuition told me this book would be a letdown overall... and that's exactly what it was in comparison to the first two. Being prepared for this tempered my disappointment, though, and allowed me to get more enjoyment out of the bright spots.

Furthermore, after reading a few of the interviews a second (and third) time, I have to revise my earlier poor impression and give Schwager more credit. I am upgrading my initial assessment from mild disappointment to worthy and interesting read.

A good measure of interview books is whether those being interviewed have unique and interesting things to say, or a fresh angle on a subject to give it a new or insightful perspective. I thought that Mark Minervini had some interesting commentary on why paper trading is a poor substitute for the real thing, and how skilled traders can use gut feel efficiently while novices have to fight it. John Bender's perspective on options pricing was fascinating, rooted in a common sense that most quants overlook. Stuart Walton was interesting because his psychological background was so refreshingly atypical, and Mark Cook just comes off as a candid, open and great guy all around. So, when all is said and done, Stock Market Wizards is still a step down but worth the time to read.

Last but not least, at least two interesting thought paths developed after further reading of Stock Market Wizards.

First, what are the psychological implications of the fact that so many successful traders blew out, or otherwise experienced severe financial pain, early in their careers? Is this some kind of necessary catharsis that leads to greater chances of success? If so, what are the deeper implications?

Second, why is it a common theme of successful short term traders--who tend to be more consistent in their gains--that they have to "work on taking profits too quickly." In other books too (Marty Schwartz from the first Market Wizards), taking profits too quickly is something short-term traders chide themselves for and say that they have to work on.

But could this tendency to move "too quickly" somehow be a component of success? I think it is at least a possibility, because the thought of taking profits off the table ("making the cash register ring," as Schwartz so aptly puts it) has been so vilified and rejected by the common wisdom that there may well be some value in it.

Want to learn how to hit baseballs?
Read Ted Williams on hitting.
Want to learn how to trade stocks?
Read this book.
The traders interviewed are very humble about their mistakes.
And they give some really useful trading tips.

Dee Hill
"How I Got Beat-Up by the FBI When I Was Four Years Old"

I think the first two Market Wizards books are classics, I really like Schwager as a writer, and I really really really wanted this book to be as good. I resisted coming to the same conclusion as the other 2-or-3 star reviewers as long as I could, but you know what? Sadly, they're right. The first Market Wizards book is completely indispensable. The second, it's true, was not as good overall - but half of it was. This book isn't in the same league. The best I can call it is light entertainment, for those of us who find books about the markets entertaining. To Schwager's credit, his writing is consistently clear and readable. (To appreciate this better, take a look at the slapdash Market Wizards knockoff, "The Best: Conversations with Top Traders", which contains a few insights scattered amidst a great deal of repetition and incoherence.) But not only do most of the traders interviewed here not have nearly the track records of the original Market Wizards; they don't seem to have the same substance or depth either. There are no minds here of the calibre of an Ed Seykota or a Jim Rogers, just to name two. (I mean, of course, judging solely by these interviews). Not only that, but several display a distasteful absence of class. (I'm not talking about social class, I'm talking about that elusive quality of graciousness which makes a successful person seem deserving...) Nonetheless, I did enjoy reading several of the interviews, for example those with Fletcher and Galante.

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