Product Description

This decade has witnessed the most dynamic bull market in US stock history, a collapse in commodity prices, and dramatic failures in some of the world′s leading hedge funds. How have some traders managed to significantly outperform a stock market that,until recently, moved virtually straight up? This book will feature interviews with those traders who achieved phenomenal success, from an Ohio farmer who has constantly made triple–digit returns, to a Turkish emigre who transformed a $16000 account into $6 million, to spectacularly successful professional hedge–fund managers such as Michael Lancer of the Lancer Group and Michael Masters of Capital Management.
Today, the action is on the stock market. This book will be a must–have for that sector, as well as for the legions of individuals who eagerly bought Market Wizards.

Product Details

• Amazon Sales Rank: #172312 in Books
• Published on: 2001-01-30
• Original language: English
• Number of items: 1
• Binding: Hardcover
• 352 pages

Amazon.co.uk Review
Stock Market Wizards looks at 15 of the men and women who have beaten the US indexes year in, year out--and tries to uncover their secrets. In a world of tracker funds, computer-generated buying decisions, and roller-coaster stock prices, the ability to consistently outperform the market is a precious commodity.

Each trader is interviewed at length. The dialogue is then presented Question and Answer style on the page, and at the conclusion of each chapter, Schwager summarises what lessons can be drawn from their replies. Unsurprisingly, perhaps, in a clutch of mavericks who beat the crowd, every one is different. There are obsessives like Mark Minervini, with his 14-hour trading days, who claims not to have taken a day off in ten years; but then there is Mark Cook, who combines caning the market with working on his farm. There is Ahmet Okumus, whose goal is to be the best money manager in the business, this year and every year; but there is Stuart Walton who walked away from trading for several years, and would rather be a writer and artist anyway. Schwager grills each on how they pick their stocks, the technical analysis they employ, how they choose to hold or sell, how they structure their portfolios. Each, it emerges, has his own "edge". Michael Lauer, with his constant search for value stocks, uses a six-step selection process that identifies stocks with good return and risk prospects; David Shaw invests heavily in research, and cuts his transaction costs to the bone, allowing him to profit from tiny market inefficiencies. Each, again, is different, but in the fascinating summary chapter, Schwager identifies the key qualities they all share. All have failed and come back better and wiser dealers. All, no matter how laid back or eccentric they may appear, have a rock-solid trading philosophy and strategy. All are flexible and responsive to change--and all work like demons.

It's a fascinating glimpse into minds of stock-market winners, and the 65 lessons he draws would form a good blueprint for anyone's forays into shares. But perhaps the best is No. 1: "There is no single true path". In the end, you have to do it yourself. --John Rennie

Review
"It is very readable and informative with plenty of insights into trader psychology." (Lloyd′s List, 24th February 2001)

"An important resource." (Financial Times, 31st March 2001)

"…there is not a more important trilogy for you to read…" (Shares, October 2002)

Review
"It is very readable and informative with plenty of insights into trader psychology." (Lloyd′s List, 24th February 2001)

"An important resource." (Financial Times, 31st March 2001)

Customer Reviews

Not as good as the previose two wizards
I really enjoy the two Markte Wizards by Schwager and learned a lot from them. And I was waiting the third one in the series for a long time. Unfortunatlly, this one is not as good as the previose two. The price is higher and the contents are less useful. There are quite a lot of irrevelant questions. And some of the interviews do not give any insight about the methods used by those traders. When I reading the previous Wizards, I need to highlight the critical points and there are plenty of them. I also read them over and over. But I do not need to do the same thing this time. You can skip quite a lot of the questions and only read the few that is related to trading. The plus side is Schwager is a good writer so I enjoyed reading it even though I was dissapointed. My conclusion is if you can borrow this book from the library then it is still worth reading. If you need to pay for it, buy the previous two books instead.

Not as strong as before but entertaining as always
Yes my fellow amazon reviewers are correct, this latest volume is not as strong as its counterparts but it is highly readable, humourous and full of insight. The interviewees however do not volunteer as many usuable insights but there is sage advice between the lines. I think the weakness is due to the fact that the main subject, the stockmarket, is and remains a sinkhole of loss for the majority of us novice traders due to the shortening trends and increased volatility. For most of us, particularly those starting out, the stockmarket is the "kindergarten" of the markets and we expect to be told the yellow brick road from the books we buy. The interviewees have systems and reputations to protect and are not readily going to volunteer really valuable insights. But what is there that can be assimilated by us "turtles" is worth the price of this book. At the very least Schwager's humourous and witty writing style forgives all sins!!

Some Helpful Suggestions
Well, I think there's a lot of difference between fund managers and stocks traders: inside the book there isn't. Anyway, an helpful reading about the strategy when you wanna buy stocks. In specific, impressed me the phrase "it's not important hom many times you win or you lose, but how much". Think about it!