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Stock Market Wizards: Interviews with America's Top Stock Traders

ISBN: 978-1-59280-336-1
416 pages
September 2012
Stock Market Wizards: Interviews with America
This decade has witnessed the most dynamic bull market in U.S. stock history, a collapse in commodity prices, and dramatic failures in some of the world's leading hedge funds. How have some traders managed to significantly outperform a stock market that, until recently, moved virtually straight up? This book will feature interviews with those traders who achieved phenomenal success, from an Ohio farmer who enjoyed triple-digit returns to a Turkish émigré who transformed a $16,000 account into $6 million, to professional hedge-fund managers such as Michael Masters of Capital Management.
Today, the action is on the stock market. This book will be a must-have for that sector, as well as for the legions of individuals that eagerly bought Market Wizards.
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Author's Note to the Paperback Edition 

Acknowledgments 

Prologue: An Inauspicious Beginning 

Stuart Walton: Back from the Abyss 1

Steve Watson: Dialing for Dollars 34

Dana Galante: Against the Current 56

Mark D. Cook: Harvesting S&P Profits 79

Alphonse "Buddy" Fletcher Jr. : Win-Win Investing 114

Ahmet Okumus: From Istanbul to Wall Street Bull 136

Mark Minervini: Stock Around the Clock 160

Steve Lescarbeau: The Ultimate Trading System 184

Michael Masters: Swimming Through the Markets 206

John Bender: Questioning the Obvious 222

David Shaw: The Quantitative Edge 243

Steve Cohen: The Trading Room 266

Ari Kiev, M.D.: The Mind of a Winner 280

Wizard Lessons 293

App Options - Understanding the Basics 319

Index 323

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Jack D. Schwager is the former director of Futures Research and Trading Strategy at Prudential Securities, Inc., where he is currently a consultant. Author of the best-selling Market Wizards and New Market Wizards, he lives in Martha's Vineyard, MA.
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In 1989, professional futures trader Schwager wrote the electrifying Market Wizards, featuring incisive interviews with some of the world's most successful traders, discussion of a wide variety of techniques and markets, and a detailed chronicle of various traders' track records. It quickly became a bestseller. Five years later, Schwager published The New Market Wizards, less detailed and with more generic interviews. Now, six years after, the third installment continues this unfortunate trend. The subjects of Schwager's new interviews are less than impressive, and his questions have gone soft. To make matters worse, subjects were allowed to amend their words later, resulting in many lifeless, boilerplate responses. Instead of analyzing specific trading decisions, theories or track records, subjects spend most of the interviews talking about their childhoods or disparaging ex-bosses and co-workers. Even this dirt fails to engage the reader, since Schwager has changed the names of the maligned parties. Only the author's brief, energetic commentaries on the interviews display the insight of Schwager's earlier work. Inexperienced traders may benefit from some of the platitudes in these interviews, but experienced traders already know to cut their losses. (Jan. 31) Forecast: Bolstered by an author tour (with guest appearances by some of the "wizards") to New York City, Chicago and Boston and a syndicated radio feature, Schwager's third book may get some initial sales from fans of Market Wizards and those looking for more up-to-date trading information. Poor reviews and word-of-mouth, however, probably will hurt this book's sales, as they did the previous sequel. Copyright 2000 Cahners Business Information. —Publishers Weekly

Schwager (Market Wizards, New Market Wizards) interviews 15 top traders, attempting to cull their secrets in order to explain their winning methodologies. It's not a terribly original approach, and many of the questions and answers sound remarkably alike. While none of the interviewees is as recognizable as Fidelity's Peter Lynch, all have produced impressive returns for their investors. Many share characteristics that helped shape their trading philosophies: becoming interested in the stock market through their fathers, experiencing numerous failures in early trading but never giving up, and developing a strong work ethic and self-confidence. Discipline, according to the author, is the one trait that all of his subjects have in common, enabling them to ride out the turbulence of the stock market each day. The book concludes with a list of 65 wizard lessons. One of the more insightful traders described himself and his colleagues as "detectives. We are trying to find out information that is not widely dispersed and then put all the pieces together to get an edge." Reading this book might help readers develop their own edge in investing. Appropriate for larger public libraries.--Richard Drezen, Washington Post News Research, New York City Bureau Copyright 2000 Cahners Business Information.—Library Journal

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