Jack D. Schwager

Hedge Fund Market Wizards (eBook, ePUB)

How Winning Traders Win

• Format: ePub

Produktbeschreibung

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.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 544
• Erscheinungstermin: 25. April 2012
• Englisch
• ISBN-13: 9781118283615
• Artikelnr.: 37362872

Autorenporträt

JACK D. SCHWAGER is a recognized industry expert on 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. He is also an advisor to MarkeTopper Securities, an India-based quantitative trading firm. Previously, Mr. Schwager was a partner in the Fortune Group, a London-based hedge fund advisory firm that specialized in creating customized hedge fund portfolios for institutional clients. His prior experience also includes over twenty years as a director of futures research for some of Wall Street's leading firms.

Inhaltsangabe

Foreword ix Preface xiii Acknowledgments xvii Part One Macro Men 1 Chapter
1 Colm O'Shea: Knowing When It's Raining 3 Chapter 2 Ray Dalio: The Man Who
Loves Mistakes 47 Chapter 3 Larry Benedict: Beyond Three Strikes 77 Chapter
4 Scott Ramsey: Low-Risk Futures Trader 103 Chapter 5 Jaffray Woodriff: The
Third Way 129 Part Two Multistrategy Players 159 Chapter 6 Edward Thorp:
The Innovator 161 Chapter 7 Jamie Mai: Seeking Asymmetry 223 Chapter 8
Michael Platt: The Art and Science of Risk Control 261 Part Three Equity
Traders 285 Chapter 9 Steve Clark: Do More of What Works and Less of What
Doesn't 287 Chapter 10 Martin Taylor: The Tsar Has No Clothes 323 Chapter
11 Tom Claugus: A Change of Plans 359 Chapter 12 Joe Vidich: Harvesting
Losses 385 Chapter 13 Kevin Daly: Who Is Warren Buffett? 405 Chapter 14
Jimmy Balodimas: Stepping in Front of Freight Trains 423 Chapter 15 Joel
Greenblatt: The Magic Formula 451 Conclusion 40 Market Wizard Lessons 489
Epilogue 507 Appendix A The Gain to Pain Ratio 513 Appendix B
Options--Understanding the Basics 515 About the Author 519 Index 521

Rezensionen

Frankfurter Allgemeine Zeitung | Besprechung von 03.09.2012

Hinter den Kulissen
Zwei Bücher über Leben und Arbeit von Hedgefonds-Managern

Keine Kategorie von Geldverwaltern gilt als ähnlich geheimnisvoll wie die Manager von Hedgefonds. Das ist insofern zutreffend, als sich viele Manager von Hedgefonds ungern in der Öffentlichkeit zeigen. Das brauchen sie im eigenen Interesse auch nicht, da ihre Kunden ausschließlich Großanleger sind. Wären Hedgefonds unbedeutende Investoren, müsste man sich nicht um sie kümmern. Aber Hedgefonds gelten nicht nur als geheimnisvoll, sondern auch als mächtig, wobei ihre Macht von Außenstehenden häufig unterschätzt wird. Zudem zeigt sich anhand von Anlageergebnissen in der aktuellen Krise, dass man auch in Hedgefonds nur mit Wasser kocht. Zuletzt wurde bekannt, dass sich viele Fonds mit Geschäften im Euroraum verspekuliert haben sollen.

Ein grundlegendes Buch über den Aufstieg und die Eigenarten dieser Branche hat Sebastian Mallaby verfasst (F.A.Z. vom 4. Juli 2011). Nunmehr liegen zwei Bücher amerikanischer Autoren vor, die wichtige Manager von Hedgefonds präsentieren.

"Hedge Fund Market Wizards" ist von Jack D. Schwager, einem (im guten Sinne) Veteranen der Finanzmarktberichterstattung in den Vereinigten Staaten, verfasst worden. Es stellt 15 Manager vor, die nicht nur porträtiert, sondern auch interviewt werden, und ist damit das deutlich umfangreichere Buch. Es schließt mit 40 Grundsätzen, die man im Handel an Finanzmärkten respektieren sollte. Manche wirken banal ("Man soll nicht Geschäfte im Zustand der Euphorie tätigen"), aber es zeigt sich immer wieder, dass viel Geld als Folge offensichtlicher Fehler versenkt wird.

"The Alpha Masters" ist von der noch nicht 30 Jahre alten Journalistin Maneet Ahuja verfasst, die für einen Fernsehsender Hedgefonds beobachtet und viele Manager kennt. Sie behandelt neun Vertreter der Branche, die vorgestellt werden, aber im Unterschied zu Schwagers Werk gibt es keine Interviews. Manche Manager wie Ray Dalio werden in beiden Büchern behandelt. Schwagers Buch ist deutlich breiter angelegt und verrät den erfahrenen Autor, aber als Einstieg in die Materie erscheint Ahujas Werk sehr wohl ausreichend.

Die Bücher zeigen: Es gibt "den" Hedgefondsmanager nicht, und es kann ihn nicht geben, weil Hedgefonds sehr unterschiedliche Strategien verfolgen und im Prinzip an allen Märkten dieser Welt handeln können. Die beiden Bücher beschreiben denn auch sehr unterschiedliche Geschäfte - manche mögen auch erfahrene Privatanleger anregen. Unverkennbar ist aber die Faszination dieser Menschen für die internationalen Finanzmärkte.

GERALD BRAUNBERGER.

Maneet Ahuja: The Alpha Masters.

John Wiley & Sons. Hoboken 2012. 246 Seiten, 29,95 Dollar.

Jack D. Schwager: Hedge Fund Market Wizards.

John Wiley & Sons. Hoboken 2012. 526 Seiten, 40 Dollar

Alle Rechte vorbehalten. © F.A.Z. GmbH, Frankfurt am Main

"A must-read for all would-be traders...while the book's focus is clearly on trading and investing, there is more than enough human interest on offer for the general reader.... Like Schwager's other works...Hedge Fund Market Wizards looks set to become a classic." (Money Week, June 2012)

"Offers valuable guidance and timeless insights for both investment professionals and market enthusiasts looking to improve their trading abilities by learning from the best." (trade2win.com, July 2012)

"This book is destined to be a classic just like the others by Jack. But the latest goes one step further, these traders aren't just at the top of their game, they have defined it. What can I say? This book was so good it almost made me want to get back into the game again!"
--Paul Wilmott, mathematician and ex-hedge fund manager

"Brilliant! Brilliant! Brilliant! Another book about true traders by a true trader. Jack Schwager has become the official author of traderdom for this and future generations. Not only does Hedge Fund Market Wizards deserve a spot in every respectable trader's book collection, but the entire series should be read annually by both professional and aspiring traders. Timeless wisdom, priceless concepts!"
--Peter Lewis Brandt, Futures Trader, Stableford Asset Management, and Author of Diary of a Professional Commodity Trader

"I read Jack Schwager's first Market Wizards book when I was just starting out as in investor more than 20 years ago. It put into brilliant focus the importance of trading psychology and knowing thyself. His latest work is yet another masterpiece. It brings to light new concepts in the world of investing that apply to all investors in today's markets. Anyone who reads this work will immeasurably enrich themselves on many levels because trading is life and life is trading."
--Dr. Chris Kacher, Founder of www.SelfishInvesting.com, and Author of Trade Like an O'Neil Disciple

Author Jack Schwager seems to have built his career on the market wizardry of others. Based on this fourth wizard book--interviews with 15 hedge-fund managers who recount their careers and strategies--Schwager's long experience with wizardry has served him well. Readers captivated by the hedge-fund mystique won't be disappointed. Readers looking for insight into exactly how successful hedge-fund managers achieve success will have plenty to chew over. Schwager attempts to boil down the interviews into 40 "Market Wizard Lessons." Examples: Value investing works. Position size can be more important than entry price. Sometimes it's useful to do nothing. But the one that may ring truest is this: There is no Holy Grail in trading. What works for one may not work for another, or for you. Fortunately for us, there's a wide enough variety of portraiture in Hedge Fund Market Wizards that at least a few lessons should resonate.
--Barrons.com

"Determining how great traders acquire and use their special skills has been an elusive quest. We have no shortage of cookbooks on how to trade, but only a limited number of books describe the decision processes of those who speculate as a profession. Trader confessionals exist often as testimonies to egos, but few focus on the details of decision making. Material that does successfully capture the essence of how speculators think is the Market Wizards series by Jack D. Schwager.... Even in the interviews of well-known traders, Schwager's probing questions extract many new insights."
--FAJ Book Review

"Even in the interviews of well-known traders, Schwager's probing questions extract many new insights. The Ed Thorp interview, which is the longest, is almost worthy of a book in itself."
--CFA Institute review