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Hedge Fund Market Wizards



"Traders regularly use passages and chapters from Schwager's books as a reference for their own methods and to guide their own trading. His work is an inseparable part of the consciousness and language of trading itself. Schwager's books are essential reading for anyone who trades, wants to trade, or wants to pick a trader."--From the Foreword by Ed Seykota

"Jack Schwager is the era's premier chronicler of financial talent. When historians look back at this mad time and wonder who the key players were, they will turn to Schwager's books."--Robert R. Prechter, Jr., Editor, The Elliott Wave Theorist

"Hedge funds have evolved into a market force, and the timing of Hedge Fund Market Wizards is as valuable as the lessons it contains. Jack's book excels in knowledge and insight, rather than specific rules that are short-lived. Among the gems are mistakes are the catalyst for improvement, stable returns are suspicious, and you can't succeed without embracing the risk inherent to your trading style. As you would expect, the book is masterful."--Perry J. Kaufman, Managing Director, Kaufman Analytics, Ltd., and author of New Trading Systems and Methods

"Great traders are almost always fascinating human beings. Jack Schwager is the perfect interviewer, equally adept at eliciting life stories and professional secrets. A must-read."--William Poundstone, author of Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street

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.

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