Stock
Market Wizards: Interviews with America's Top Traders by Jack D. Schwager
The
new wizards are here!
Acclaimed trading expert and best selling author of the Market Wizards
books, Jack Schwager, has returned with a new and fascinating collection
of interviews with the best stock market traders and investors of our
time.
Focusing exclusively on successful players in the stock market, Schwager
delivers informative profiles and trading strategies from fifteen
traders and investors who have ridden the most dynamic bull market in
U.S. history to stunning success.
The past decade has witnessed the market-shaking introduction of the
Internet, a collapse in commodity prices, and dramatic failures in some
of the world's leading hedge funds. How have these traders managed to
dwarf the already substantial gains realized by the stock market during
the 1990s, while largely sidestepping the market's periodic downdrafts?
What separates them from ordinary investors, and even the vast majority
of professional fund managers? And what lessons can the average trader
or investor learn from these exceptional traders?
Schwager gets the answers from phenomenally successful traders,
including
- Michael Lauer, an outspoken fund manager, who explains why he believes
many of the country's leading mutual funds are following a flawed
strategy and whose own fund provided investors with a 50-fold return in
seven years
- Mark Cook, a Midwestern farmer who registered back-to-back annual
gains of 563 and 322 percent in national trading contests he entered in
1992 and 1993 and has continued to realize stratospheric returns in his
own account since then
- Steve Lescarbeau, who developed a computerized trading model that has
earned him an average of 70 percent per year with an incredibly low
maximum drawdown of only 3 percent
- Steve Cohen, a modern-day trading legend who manages billions and who
has averaged trading returns of 90 percent during the past seven years
with only three down months (the worst, a minuscule 2 percent loss)
- Mark Minervini, a junior high school dropout, who has averaged a 220
percent annual return during the past five years, while keeping his
maximum quarterly loss to a fraction of one percent
These are just a few of the traders you'll meet in Stock Market Wizards'
all-star lineup of market masters.
In the final chapter, Schwager pulls it all together, distilling the
essential advice and insights from all the interviews into a list of 65
market lessons, which are bound to be invaluable to both novices and
market professionals.
Stock Market Wizards gives you the stories, tips, and an inside glimpse
into today's vibrant market and the traders who can ride the bull,
battle the bear, and still come out on top.
Table of Contents
Prologue: An
Inauspicious Beginning xi
Stuart Walton:
Back from the Abyss 1
Michael Lauer:
Wisdom of Value, the Folly of Fad 30
Steve Watson:
Dialing for Dollars 54
Dana Galante:
Against the Current 75
Mark D. Cook:
Harvesting S&P Profits 95
Alphonse "Buddy" Fletcher Jr.:
Win-Win Investing 127
Ahmet Okumus:
From Istanbul to Wall Street Bull 148
Mark Minervini:
Stock Around the Clock 169
Steve Lescarbeau:
The Ultimate Trading System 189
Michael Masters:
Swimming Through the Markets 207
John Bender:
Questioning the Obvious 221
Claudio Guazzoni:
Eliminating the Downside 239
David Shaw:
The Quantitative Edge 254
Steve Cohen:
The Trading Room 275
Ari Kiev, M.D.:
The Mind of a Winner 288
Wizard Lessons 298
Appendix: Options-Understanding the Basics 327
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