Jack Schwager is a managing director and principal of The Fortune Group, an alternative asset management firm regulated in the UK and the United States. Schwager is the Senior Portfolio manager for Fortune's Market Wizards Funds of Funds, a broadly diversified series of institutional hedge fund portfolios. He also serves on the board of Fortune's research affiliate Global Fund Analysis, a leading source of independent hedge fund research. His prior experience includes 22 years as the director of futures research for some of Wall Street's leading firms and 10 years as the co-principal of a commodity trading advisory firm.
Mr. Schwager is perhaps best known as the author of the best-selling Market Wizards (1989), and the equally popular The New Market Wizards (1992). A third volume in this series, Stock Market Wizards, published by HarperCollins, was released in early 2001. Mr. Schwager's first book, A Complete Guide to the Futures Markets, which was published in 1984, is considered to be one of the classic reference works in the field. More than a decade later he revised and expanded this original work into the three-volume series, Schwager on Futures, consisting of the following titles: Fundamental Analysis (1995), Technical Analysis (1996), and Managed Trading: Myths and Truths (1996). He is also the author of Getting Started in Technical Analysis (1999), which is part of John Wiley's popular "Getting Started" series.
Mr. Schwager is a frequent seminar speaker and has lectured on a range of analytical topics with particular focus on the characteristics of great traders, hedge fund investment, performance measurement, technical analysis, and trading system evaluation. He holds a B.A. in Economics from Brooklyn College and an M.A. in Economics from Brown University.
How do the world's most successful traders amass tens,hundreds of millions of dollars a year? Are they masters of anoccult knowledge, lucky winners in a random market lottery,natural-born virtuosi—Mozarts of the markets? In search of ananswer, bestselling author Jack D. Schwager interviewed dozens oftop traders across most financial markets. While their responsesdiffered in the details, all of them could be boiled down to thesame essential formula: solid methodology + proper mental attitude= trading success. In Market Wizards Schwager lets you hear,in their own words, what those super-traders had to say about theirunprecedented successes, and he distils their responses down into aset of guiding principles you can use to become a trading star inyour own right.Features interviews with superstar money-makers including BruceKovner, Richard Dennis, Paul Tudor Jones, Michel Steinhardt, EdSeykota, Marty Schwartz, Tom Baldwin, and moreTells the true stories behind sensational trading coups,including the one about the trader who turned $30,000 into $80million, the hedge fund manager who's averaged 30% returns everyyear for the past twenty-one years, and the T-bond futures traderwho parlayed $25,000 into $2 billion in a single day!
"Market Wizards is one of the most fascinating books everwritten about Wall Street. A few of the 'Wizards' are myfriends—and Jack Schwager has nailed their modus operandi onthe head."
--Martin W. Zweig, Ph.D., Editor, The Zweig Forecast
What happens when ordinary people are taught a system to make extraordinary money? Richard Dennis made a fortune on Wall Street by investing according to a few simple rules. Convinced that great trading was a skill that could be taught to anyone, he made a bet with his partner and ran a classified ad in the Wall Street Journal looking for novices to train. His recruits, later known as the Turtles, had anything but traditional Wall Street backgrounds; they included a professional blackjack player, a pianist, and a fantasy game designer. For two weeks, Dennis taught them his investment rules and philosophy, and set them loose to start trading, each with a million dollars of his money. By the time the experiment ended, Dennis had made a hundred million dollars from his Turtles and created one killer Wall Street legend.
In The Complete Turtle Trader, Michael W. Covel, bestselling author of Trend Following and managing editor of TurtleTrader.com, the leading website on the Turtles, tells their riveting story with the first ever on the record interviews with individual Turtles. He describes how Dennis interviewed and selected his students, details their education and experiences while working for him, and breaks down the Turtle system and rules in full. He reveals how they made astounding fortunes, and follows their lives from the original experiment to the present day. Some have grown even wealthier than ever, and include some of today's top hedge fund managers. Equally important are those who passed along their approach to a second generation of Turtles, proving that the Turtles' system truly is reproducible, and that anyone with the discipline and the desire to succeed can do as well as—or even better than—Wall Street's top hedge fund wizards.
In an era full of slapdash investing advice and promises of hot stock tips for "the next big thing," as popularized by pundits like Jim Cramer of Mad Money, the easy-to-follow objective rules of the TurtleTrader stand out as a sound guide for truly making the most out of your money. These rules worked—and still work today—for the Turtles, and any other investor with the desire and commitment to learn from one of the greatest investing stories of all time.
So trading guru Richard Dennis reportedly said to his long-time friend William Eckhardt nearly 25 years ago. What started as a bet about whether great traders were born or made became a legendary trading experiment that, until now, has never been told in its entirety.
Way of the Turtle reveals, for the first time, the reasons for the success of the secretive trading system used by the group known as the “Turtles.” Top-earning Turtle Curtis Faith lays bare the entire experiment, explaining how it was possible for Dennis and Eckhardt to recruit 23 ordinary people from all walks of life and train them to be extraordinary traders in just two weeks.
Only nineteen years old at the time-the youngest Turtle by far-Faith traded the largest account, making more than $30 million in just over four years. He takes you behind the scenes of the Turtle selection process and behind closed doors where the Turtles learned the lucrative trading strategies that enabled them to earn an average return of over 80 percent per year and profits of more than $100 million. You'll discoverHow the Turtles made money-the principles that guided their trading and the step-by-step methods they followed Why, even though they used the same approach, some Turtles were more successful than others How to look beyond the rules as the Turtles implemented them to find core strategies that work for any tradable market How to apply the Turtle Way to your own trades-and in your own life Ways to diversify your trading and limit your exposure to risk
Offering his unique perspective on the experience, Faith explains why the Turtle Way works in modern markets, and shares hard-earned wisdom on taking risks, choosing your own path, and learning from your mistakes.
"The most entertaining book written on investing isReminiscences of a Stock Operator, by Edwin Lefèvre,first published in 1923."
—The Seattle Times
"After twenty years and many re-reads, Reminiscences isstill one of my all-time favorites."
—Kenneth L. Fisher, Forbes
"A must-read classic for all investors, whether brand-new orexperienced."
—William O'Neil, founder and Chairman, Investor'sBusiness Daily
"Whilst stock market tomes have come and gone, this remainspopular and in print eighty years on."
First published in 1923, Reminiscences of a StockOperator is the most widely read, highly recommended investmentbook ever. Generations of readers have found that it has more toteach them about markets and people than years of experience. Thisis a timeless tale that will enrich your life—and yourportfolio.
When it comes to investment models and theories of how marketswork, convenience usually trumps reality. The simple fact is thatmany revered investment theories and market models are flatlywrong—that is, if we insist that they work in the real world.Unfounded assumptions, erroneous theories, unrealistic models,cognitive biases, emotional foibles, and unsubstantiated beliefsall combine to lead investors astray—professionals as well asnovices. In this engaging new book, Jack Schwager, bestsellingauthor of Market Wizards and The New Market Wizards,takes aim at the most perniciously pervasive academic precepts,money management canards, market myths and investor errors. Like somany ducks in a shooting gallery, Schwager picks them off, one at atime, revealing the truth about many of the fallacious assumptions,theories, and beliefs at the core of investment theory andpractice.A compilation of the most insidious, fundamental investmenterrors the author has observed over his long and distinguishedcareer in the marketsBrings to light the fallacies underlying many widely heldacademic precepts, professional money management methodologies, andinvestment behaviorsA sobering dose of real-world insight for investmentprofessionals and a highly readable source of information andguidance for general readers interested in investment, trading, andfinanceSpans both traditional and alternative investment classes,covering both basic and advanced topicsAs in his best-selling Market Wizard series, Schwagermanages the trick of covering material that is pertinent toprofessionals, yet writing in a style that is clear and accessibleto the layman
Dr. Alexander Elder leads you into 16 trading rooms where youmeet traders who open up their diaries and show you their trades.Some of them manage money, others trade for themselves; some tradefor a living, others are on the semi-professional level. All aretotally serious and honest in sharing their trades with those whowould like to learn. You will meet American and internationaltraders who trade stocks, futures, and options using a variety ofmethods. All are normally very private, but now, thanks to theirrelationships with Dr. Elder, you can see exactly how these tradersdecide to enter and exit trades. Each chapter illustrates an entryand an exit for two trades, with comments by Dr. Elder. With thisbook as your guide, you can get closer to mastering the key themesof trading—psychology, tactics, risk control, record keeping,and the decision-making process.
The companion Study Guide is filled with striking insights andpractical advice allowing you to test your knowledge and reinforcethe principles outlined in Entries & Exits.
This no-nonsense book takes a uniquely blunt look at the realities of trading. Filled with real-life examples and intended for use by both short- and long-term traders, it explores each aspect of successful trading.
What differentiates the highly successful marketpractitioners—the Market Wizards—from ordinary traders?What traits do they share? What lessons can the average traderlearn from those who achieved superior returns for decades whilestill maintaining strict risk control? Jack Schwager has spent thepast 25 years interviewing the market legends in search of theanswers—a quest chronicled in four prior Market Wizardsvolumes totaling nearly 2,000 pages.
In The Little Book of Market Wizards, Jack Schwager seeksto distill what he considers the essential lessons he learned inconducting nearly four dozen interviews with some of the world'sbest traders. The book delves into the mindset and processes ofhighly successful traders, providing insights that all tradersshould find helpful in improving their trading skills andresults.Each chapter focuses on a specific theme essential to marketsuccessDescribes how all market participants can benefit byincorporating the related traits, behaviors, and philosophies ofthe Market Wizards in their own tradingFilled with compelling anecdotes that bring the tradingmessages to life, and direct quotes from the market greats thatresonate with the wisdom born of experience and skill
Stepping clearly outside the narrow confines of most investmentbooks, The Little Book of Market Wizards focuses on thevalue of understanding one's self within the context of successfulinvesting.
In a straightforward and accessible manner, The DhandhoInvestor lays out the powerful framework of value investing.Written with the intelligent individual investor in mind, thiscomprehensive guide distills the Dhandho capital allocationframework of the business savvy Patels from India and presents howthey can be applied successfully to the stock market. The Dhandhomethod expands on the groundbreaking principles of value investingexpounded by Benjamin Graham, Warren Buffett, and Charlie Munger.Readers will be introduced to important value investing conceptssuch as "Heads, I win! Tails, I don't lose that much!," "Few Bets,Big Bets, Infrequent Bets," Abhimanyu's dilemma, and a detailedtreatise on using the Kelly Formula to invest in undervaluedstocks. Using a light, entertaining style, Pabrai lays out theDhandho framework in an easy-to-use format. Any investor who adoptsthe framework is bound to improve on results and soundly beat themarkets and most professionals.