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Hedge Fund Market Wizards: How Winning Traders Win

(Market Wizards #4)

4.36  ·  Rating details ·  2,564 ratings  ·  97 reviews
Fascinating insights into the hedge fund traders who consistently outperform the markets, in their own words

From bestselling author, investment expert, and Wall Street theoretician Jack Schwager comes a behind-the-scenes look at the world of hedge funds, from fifteen traders who've consistently beaten the markets. Exploring what makes a great trader a great trader, "Hedge
Hardcover, 549 pages
Published April 25th 2012 by Wiley (first published 2012)
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Mar 24, 2013 rated it really liked it
This is excellent; the best one yet in the series. Following are notes from the various interviews -- simply what I picked up as relevant on this round of reading, not indicative necessarily of what is most generally important or essential. The top three interviews to me were probably Ray Dalio (Bridgewater), Joel Greenblatt (Gotham) and Jamie Mai (Cornwall). I liked many of the others too. A few -- e.g. Jimmy Balodimas, Jeff Woodriff, Edward Thorp -- felt less relevant as their style is beyond ...more
Andrew Tollemache
May 28, 2014 rated it it was amazing
Most books about trading are total garbage, you can troll through B&N or this bootleg Russkie site I know with tons of trading books and find only a handful of worthy reads. That's what makes Jack Schwager unique. In the last 25 years he has written 4-5 solid books on trading and traders that thru a series of interviews with traders of all pedigrees he uncovers all types of useful insights and outlooks. "Hedge Fund Market Wizards" is no different. Once again I found myself reading chapters heavy ...more
Jan 01, 2013 rated it it was amazing
Hedge Fund Market Wizards has some of the most interesting interviews I have come across - most notably Jamie Mai, Michael Platt, Colm O'Shea, Scott Ramsay and of course Ray Dalio. If one were to optimize the read I would select those chapters.

The interview with Jamie Mai is of particular interest to me because I also trade a long volatility book, not a tail risk fund, but one which buys vol when it's "cheap". One simple message sits with me, which I think is very timely, roughly: "the best ind
Sanford Chee
Feb 05, 2019 rated it really liked it

Further reading:
Ed Thorp 'A Man for All Markets'

Learning from the best: ‘Hedge Fund Market Wizards’, Jack Schwager
Colm O’Shea, COMAC Capital
* Large trading losses are simply incompatible with his methodology
* I recognize the world as I find it and that I am flexible enough to change my mind
* His edge is not forecasting what will happen, but rather recognizing what has happened
* I look for deviations between the fundamental probability distribution I perceive an
Greg Barabas
Mar 08, 2015 rated it it was amazing
One of the best book with interviews with top hedge fund managers, absolute stars in achieving extraordinary results over many years. There are many histories, anecdotes and advice and lessons you can learn from those wizards, the most important ones in my opinion are the following:

- Find a niche you can specialize in that fits your personality.

- Trade within your comfort zone but try to expand it constantly.

- Be flexible and open to new information and ideas and have courage to change your mind
Lyndon Antcliff
Aug 30, 2014 rated it really liked it
Real traders at the top of their field telling it all.
Aug 13, 2022 rated it it was amazing  ·  review of another edition
I've read several Market Wizards series titles -- all are very good -- but this book is probably the best. Mr. Schwager interviewed several hedge fund managers who describe their analysis methods and processes for taking and leaving investment positions based on market behavior. Some of their responses surprised me.

I found it fascinating how these investment managers hedged risk during the 2008 market downturn and their individual approaches to investing.

As with other books in this series, the a
Dec 30, 2020 rated it it was amazing
This is yet another classic in the Market Wizards series. Schwager interviews the top HF managers in the world, with a proven track record of low volatility and excess returns, and asks all the right questions. Anybody with an interest in markets can benefit from hearing what these practitioners have to say. These interviews cover a lot of ground; I was thoroughly impressed with the philosophic, strategic, scientific, artistic, and humorous aspects of these traders' anecdotes. ...more
Max Winkelmann
Oct 06, 2021 rated it it was amazing
Exceptional like the other Market Wizard books. A little look into the minds of the most brilliant people in the industry.
David Shepherd
Feb 25, 2019 rated it liked it
Shelves: read-growth
*Before Reading Notes*
I’m reading this book because I want to amplify my skills as an investor/money manager and would like to learn any shortcuts I can to integrate into my own systems/models.

*After Reading Summary*
Summed up in three sentences or less, the wisdom of this book is this: Eliminate all emotions when it comes to investing/trading - emotion is different than intuition. Never let your purchase or sales price dictate when and where you get out of or into a position, never, the market
Keith Amberg
Nov 17, 2014 rated it really liked it
A good book although some of the more technical stuff was a little beyond me at this point. I did, however really enjoy the Ed Thorpe and Joel Greenblatt. I think if you're an active trader you'd like it even more than I did. ...more
David O'Neill
Jun 11, 2012 rated it really liked it
If you like the rest of the books in the series you'll like this more modern update. Should be on any traders reference bookshelf. ...more
Sep 03, 2014 rated it it was amazing
Shelves: finance
great. must read if interested in trading, esp. automated trading.
Sep 07, 2014 rated it it was amazing
Shelves: finance
i really liked the booked. there are a lot of advice you can get from different hedge fund managers. they may not be your trading style, but you can adjust the way, it works for you.
James Hull
Apr 15, 2016 rated it it was amazing
Schwager has written another Must Read market wizards book. My favorite one yet. If you are interested in capital markets, read this book.
Jun 23, 2015 rated it it was ok
Not really useful if you are a fundamental investor.
Aug 03, 2015 rated it it was amazing
Excellent interview with important hedge fund managers
Ian Cassel
Interviews with some of the best traders and investors in the world highlighting their strategies.
John Richards
Feb 15, 2016 rated it really liked it
a must read for every serious financial pro
Denny Troncoso
Jan 27, 2022 rated it it was amazing
This review has been hidden because it contains spoilers. To view it, click here.
Aug 21, 2018 rated it it was amazing
Twenty three years after the first Market Wizard book Jack Schwager, hedge fund PM, derivatives expert and author, again serves us a brimming smorgasbord of unforgettable characters in this fourth book in the series. Trading legend Ed Seykota says in his foreword that the previous books in the series stand next to LeBon’s The Crowd, Levère’s Reminiscence of a Stock Operator and MacKay’s Extraordinary Popular Delusions and the Madness of Crowds in his bookshelf. This forth book will not disappoin ...more
Chris Esposo
This book is probably best served for those who have had a few months of basic trading experience at least. Reading it now twice, very little of the first read stuck, outside of the interviews of Jamie Mai (of Jamie fams from the Big Short) and Ed Thorpe, and those two only stuck cause of interest developed prior to reading this book.

A series of over a dozen interviews, mostly with traders practising a combination of Fundamental / Technical, and virtually no algorithmic perspective outside of Th
Amaan Pirani
Oct 16, 2022 rated it really liked it
Interesting set of interviews with leaders in the hedge fund industry - I like how the author summarizes the interviews at the end with key takeaways and also inserts explanatory commentary throughout the text.

I don't know if I can do as good a job of noting takeaways as the author (who lists 40 takeaways in the epilogue)

But a few thoughts that I thought were particularly interesting
1. Correlation changes over time - one cannot take the approach that many retirement funds take of weighting corr
Anderson Huang
Sep 23, 2018 rated it it was amazing
The amount of actionable advice is so relevant to every person that you don't have to be a financial expert to appreciate this book. As a caution, if you are unfamiliar with finance, you will have to do a lot of rabbit-hole searches to supplement your understanding since the book is dense with information.

My takeaways:
1. The amount of financial instruments that exist in this world is staggering. As a result, there are countless ways to structure a trade. Retail investors (you and me presumably)
Viktor Nilsson
The Market Wizards series is great over all, this being the fourth book, they just seem to get better and better. My main takeaway from this one is that markets and their participants have evolved greatly over time. It was particularly striking to me to see the amount of sophistication that has been developled - patterns of analysis that were described in the first book may not be so efficient anymore. Then it was a lot about technical analysis, trend following and stop losses. Now it is about a ...more
Dave McGrath
Aug 05, 2022 rated it really liked it
The pros: detailed insights into the views, ways of thinking and sometimes even strategies of hedge fund managers who otherwise do not talk to the public. The author has also improved the formatting of the book over the previous wizard books (nb i've only read Stock Market Wizards at this point) - in particular adding succinct summaries to the end of each interview and also an epilogue with the key lessons. In particular i enjoyed his interview with ray dalio - a man who really loves to monologu ...more
Noor Ali
Jul 28, 2022 rated it really liked it
In the market wizard series the author picks a number of market geniuses (traders) who outperform the market and interviews them for his books. I picked this book on a whim because I didn’t have anything to listen to during my daily commute and thanks to Scribd I found this on my suggested books list. I listened to this book every morning over the course of a month and I gotta say the stories of these people and their insights and their very different and diverse backgrounds fascinated me even t ...more
Rafi Barash
May 23, 2017 rated it really liked it
This is an amazing book and taught me many valuable things about the market, but it is also a tough read at times. It probably took me around 4 months to finish this from start to finish. This book takes you through interviews with successful hedge fund managers and gives you insights on their investment strategy. Interviews with people such as Jamie Mai (a big short hero) and Edward Thorp (a brilliant professor/investor/gambler who created the first winning blackjack strategy) were interesting ...more
Yuni Amir
Nov 30, 2018 rated it it was amazing
DNF - I thoroughly enjoyed reading this book though didn't have enough time to finish it. Had to return to the library, and I'm too lazy to renew it.

The book consists series of interviews with many hedge fund managers. Schwager is the most captivating interviewer as he proceeds to ask relevant questions - sometimes can be very technical, questions you yourself want to know the answers too.

I've learnt many techniques, skills but most importantly, I learnt to understand how I feel about different
Yates Buckley
Sep 27, 2020 rated it it was amazing
The book is a series of interviews with financial “traders” of different background and scale of operation. It is important to read this book only in part because of the advice. The aspect I found most surprisingly insightful is that the stories are of people who lie behind some of the most important socioeconomic movement. These are not only the thoughts of people who make a living trying to outguess market movement, but also are the ones that to some extent define value for everyone else.

The b
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Jack Schwager is a recognized industry expert in futures and hedge funds and the author of a number of widely acclaimed financial books. He is currently the co-portfolio manager for the ADM Investor Services Diversified Strategies Fund, a portfolio of futures and FX managed accounts. Previously, Mr. Schwager was a partner in the Fortune Group, a London-based hedge fund advisory firm, which special ...more

Other books in the series

Market Wizards (5 books)
  • Market Wizards: Interviews with Top Traders (Market Wizards, #1)
  • The New Market Wizards: Conversations with America's Top Traders  (Market Wizards, #2)
  • Stock Market Wizards: Interviews with America's Top Stock Traders  (Market Wizards, #3)
  • Unknown Market Wizards: The Best Traders You've Never Heard of (Market Wizards, #5)

News & Interviews

It’s hard to believe the year 2022 is already coming to an end. That went fast, didn’t it? Still, there’s just enough time to wedge in a...
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