Book Review: Hedge Fund Market Wizards By Jack Schwager

As a full time investor I’m always interested in learning from other investors.  It has been a long time since I read a 500-page book in a week, so that should tell you off the bat what I thought of the book.  Jack Schwager is one of the leading experts on trading and has written several books on the subject.  This book, Hedge Fund Market Wizards (2012), is a 4^th edition of sorts.  Jack originally wrote Market Wizards (1989), The New Market Wizards (1992), and Stock Market Wizards (2001) that are a series of interviews with the greatest stock traders and hedge fund managers of the last few decades.

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:

1. The managers had superior return/risk track records for significant length periods, normally 10+ years.
2. The managers were open enough to provide valuable advice about trading
3. 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.

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Here is a good interview from a month ago with author Jack Schwager:

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