THE INVESTMENT CLASSIC
‘I’ve read Market Wizards at several stages of my career
as it shows the staying power of good down-to-earth wisdoms of true
practitioners with skin in the game. This is the central document
showing the heuristics that real-life traders use to manage their
affairs, how people who do rather than talk have done things.
Twenty years from now, it will still be fresh. There is no other
like it.’
–NASSIM N. TALEB, former derivatives trader, author of
The Black Swan, and professor, NYU-Poly
‘Market Wizards is one of the most fascinating books ever
written about Wall Street. A few of the ‘Wizards’ are my
friends–and Jack Schwager has nailed their modus operandi on
the head.’
–MARTIN W. ZWEIG, Ph D, Editor, The Zweig
Forecast
‘It is difficult enough to develop a method that works. It then
takes experience to believe what your method is telling you. But
the toughest task of all is turning analysis into money. If you
don’t believe it, try it. These guys have it all: a method, the
conviction, and the discipline to act decisively time after time,
regardless of distractions and pressures. They are heroes of Wall
Street, and Jack Schwager’s book brings their characters vividly to
life.’
–ROBERT R. PRECHTER, JR., Editor, The Elliott Wave
Theorist
Jadual kandungan
Preface, ix
Prologue, xiii
My own story, xv
Part 1: Futures and Currencies
Taking the mystery our of futures, 3
The interbank currency market defined, 7
Michael Marcus: Blighting never strikes twice, 9
Bruce Kovner: The world trader, 51
Richard Dennis: A legend retires, 85
Paul Tudor Jones: The art of aggressive trading, 117
Gary Bielfeldt: Yes, they do trade T-bonds in Peoria, 141
Ed Seykota: Everybody gets what they want, 151
Larry Hite: Respecting Risk, 175
Part 2: Mostly Stocks
Michael Steinhardt: The concept of variant perception, 193
William O’Neil: The art of stock selection, 219
David Ryan: Stock investment as a treasure hunt, 237
Marty Schwartz: Champion trader, 257
Part 3: A Little Bit of Everything
James B. Rogers, Jr.: Buying value and selling hysteria, 283
Mark Weinstein: High-percentage trader, 321
Part 4: The View From the Floor
Brian Gelber: Broker turned trader, 345
Tom Baldwin: The fearless pit trader, 367
Tony Saliba: ‘One lot’ triumphs, 387
Part 5: The Psychology of Trading
Dr. Van K. Tharp: The psychology of trading, 411
The trade: A personal experience, 431
Postscript: Dreams and trading, 437
Final Word, 439
Appendix1: Program trading and portfolio Insurance, 441
Appendix 2: Options–understanding the basics, 443
Glossary, 447
Mengenai Pengarang
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 Marke Topper 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.
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