Hedge Fund Market Wizards

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 Fund Market Wizards breaks new ground, giving readers rare insight into the trading philosophy and successful methods employed by some of the most profitable individuals in the hedge fund business. Presents exclusive interviews with fifteen of the most successful hedge fund traders and what they've learned over the course of their careers Includes interviews with Jamie Mai, Joel Greenblatt, Michael Platt, Ray Dalio, Colm O Shea, Ed Thorp, and many more Explains forty key lessons for traders Joins Stock Market Wizards, New Market Wizards, and Market Wizards as the fourth installment of investment guru Jack Schwager's acclaimed bestselling series of interviews with stock market experts A candid assessment of each trader's successes and failures, in their own words, the book shows readers what they can learn from each, and also outlines forty essential lessons from finding a trading method that fits an investor's personality to learning to appreciate the value of diversification that investment professionals everywhere can apply in their own careers. Bringing together the wisdom of the true masters of the markets, Hedge Fund Market Wizards is a collection of timeless insights into what it takes to trade in the hedge fund world.

Fascinating insights into the hedge fund traders whoconsistently outperform the markets, in their own wordsFrom bestselling author, investment expert, and Wall Streettheoretician Jack Schwager comes a behind-the-scenes look at theworld of hedge funds, from fifteen traders who've consistentlybeaten the markets. Exploring what makes a great trader a greattrader, Hedge Fund Market Wizards breaks new ground, givingreaders rare insight into the trading philosophy and successfulmethods employed by some of the most profitable individuals in thehedge fund business.* Presents exclusive interviews with fifteen of the mostsuccessful hedge fund traders and what they've learned over thecourse of their careers* Includes interviews with Jamie Mai, Joel Greenblatt, MichaelPlatt, Ray Dalio, Colm O'Shea, Ed Thorp, and manymore* Explains forty key lessons for traders* Joins Stock Market Wizards, New Market Wizardsand Market Wizards as the fourth installment of investmentguru Jack Schwager's acclaimed bestselling series of interviewswith stock market expertsA candid assessment of each trader's successes and failures, intheir own words, the book shows readers what they can learn fromeach, and also outlines forty essential lessons--from findinga trading method that fits an investor's personality to learning toappreciate the value of diversification--that investmentprofessionals everywhere can apply in their own careers.Bringing together the wisdom of the true masters of the marketsHedge Fund Market Wizards is a collection of timelessinsights into what it takes to trade in the hedge fund world.

Foreword ixPreface xiiiAcknowledgments xviiPart One Macro Men 1Chapter 1 Colm O'Shea: Knowing When It's Raining3Chapter 2 Ray Dalio: The Man Who Loves Mistakes 47Chapter 3 Larry Benedict: Beyond Three Strikes 77Chapter 4 Scott Ramsey: Low-Risk Futures Trader 103Chapter 5 Jaffray Woodriff: The Third Way 129Part Two Multistrategy Players 159Chapter 6 Edward Thorp: The Innovator 161Chapter 7 Jamie Mai: Seeking Asymmetry 223Chapter 8 Michael Platt: The Art and Science of Risk Control261Part Three Equity Traders 285Chapter 9 Steve Clark: Do More of What Works and Less of WhatDoesn't 287Chapter 10 Martin Taylor: The Tsar Has No Clothes 323Chapter 11 Tom Claugus: A Change of Plans 359Chapter 12 Joe Vidich: Harvesting Losses 385Chapter 13 Kevin Daly: Who Is Warren Buffett? 405Chapter 14 Jimmy Balodimas: Stepping in Front of Freight Trains423Chapter 15 Joel Greenblatt: The Magic Formula 451Conclusion 40 Market Wizard Lessons 489Epilogue 507Appendix A The Gain to Pain Ratio 513Appendix B Options--Understanding the Basics 515About the Author 519Index 521