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.

Auteur

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.

Résumé

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 lessonsfrom finding a trading method that fits an investor's personality to learning to appreciate the value of diversificationthat 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.

Contenu

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