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Market Sense and Nonsense

3.58  ·  Rating details ·  169 ratings  ·  15 reviews
Bestselling author, Jack Schwager, challenges the assumptions at the core of investment theory and practice and exposes common investor mistakes, missteps, myths, and misreads

When it comes to investment models and theories of how markets work, convenience usually trumps reality. The simple fact is that many revered investment theories and market models are flatly wrong--th
Hardcover, 368 pages
Published November 6th 2012 by Wiley (first published October 1st 2012)
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Alan Lattanner
Jan 13, 2013 rated it it was amazing
Shelves: investing
In "Market Sense and Nonsense" author Jack Schwager takes one piece of Wall Street wisdom to task after another. In all he analyzes and overturns 55 common misconceptions about the way markets work. The book is divided into three parts plus an epilogue and two appendices. All tie together pointing the way to better-informed investment strategies.

- Part One lays the groundwork by overturning many common fallacies about the value of expert opinions, past performance metrics, mutual funds and lever
Yousif Al Zeera
Dec 05, 2019 rated it really liked it
Shelves: finance
Jack Schwager, an American trader born in Antwerp, Belgium, is a recognized industry expert in futures and hedge funds. In this book, he covers a wide range of investment insights and strategies; and in the process, dusts 55 investment misconceptions in the dust bin. Things related to hedge funds, portfolio allocation, standard deviation, equal weighting, measuring risk, risk/return metric, diversification over 10, standalone vs portfolio analysis, correlations, efficient market and much more. A ...more
Jul 22, 2020 rated it it was amazing
I like the data and examples to support each point. To some people's criticism, my view on books like this is not to take it purely on its face value but rather see them as tools to provoke your own thought process. ...more
I was excited when I first heard about this book. This is for two reasons. A new book from Jack Schwager is always something to look forward to. He has done the Investment Management industry tremendous service through his educational and entertaining in-depth interviews with knowledgeable, passionate money managers. These interviews make it obvious to me, that the market is not efficient if you have a well thought-out investment philosophy, a coherent process, strong work ethics and discipline. ...more
Jun 19, 2018 rated it really liked it
Not exactly what I expected, but it's quite good. This is more a collection of things the author wants to say about markets that go against prevailing "wisdom". It's a bit dry, but Schwager is brief, makes his point, and moves on so it stays interesting. And by "interesting", I mean if you care about reading an argument regarding why hedge funds are less risky than equity funds and moving promptly into a discussion of why leverage doesn't necessarily increase risk. That should tell you almost ev ...more
Nov 07, 2017 rated it liked it
Some good stuff but also too much self serving propaganda for the hedge fund industry.
Jun 08, 2021 rated it liked it
Shelves: patrick-boyle
I liked the EMH topic, but the rest of the book is extremely dull. The only reason I finished it is because I like the author.

Diagnosing the Flaws of the Efficient Market Hypothesis

We are now in a position to identify the exact points at which the line of reasoning of the efficient market hypothesis is flawed. The efficient market hypothesis can be summarized as follows:

1. The markets incorporate all known information.
2. Therefore prices are always correct.
3. The arrival of new information is ra
May 22, 2013 rated it did not like it  ·  review of another edition
A supreme rubbish book. It's a book filled with jibber jabber about technicalities in the markets and performances thereof.

Just avoid it.

(It does have a decent cover though).
Andrew Pratley
Feb 24, 2018 rated it really liked it
Very valuable book full of insights that are clearly explained. It has given me much food for thought. I imagine that in future that I will be consulting its pages from time to time. It is not a an easy read. The subject matter will be somewhat dry for some. If, however, you contemplating investing some money then it is a good place if not to start but is certainly worth a visit at the early stages.
Amanpreet Singh
Jun 10, 2021 rated it it was ok
Had quite different expectations from book reading older market wizards.

This book is more around expalining MF's, Hedgefunds, common fallacies choosing funds.

This book writes against efficient market hypothesis. Okish read, can skip if you have other reads planned. Market wizards are much better.
Aug 17, 2017 rated it really liked it
Started a little slow for me. But excellent info about investments. Really helps to understand how hedge investing works. A lot different than the information you might hear from your broker. Good unique information with references, charts, and even the formulas of how things were calculated.
Jun 25, 2017 rated it it was ok
Shelved at p94
Value investor
Aug 15, 2020 rated it liked it
Insightful and value added. Suitable for beginner who wanted to know more about investing.
Don Macfarlane
Apr 08, 2014 rated it it was amazing
Schwager slaughters the so-called Efficient Market Hypothesis that has stultified academic finance deptartments for 40 years. He shows how many of the commonly-used key financial measures of risk are false or misleading and provides superior alternatives. As always Schwager is lucid and objective in presenting the evidence.
Tom Foreman
Dec 27, 2012 rated it it was amazing
Shelves: economics, investing
Good read from someone that understands how markets really work. And another nail in the coffin of the ridiculous "efficient market" believers rhetoric which is still being pushed by most MBA programs. ...more
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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

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