Unknown Market Wizards - Jack Schwager - The Worlds Greatest Unknown Traders
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- เผยแพร่เมื่อ 2 ธ.ค. 2020
- Market Wizards - Jack Schwager on the worlds greatest unknown traders.
An interview with Jack Schwager, the author of The Market Wizards series of books, on his new book, Unknown Market Wizards. Jack has been involved in financial markets for over 45 years, he worked as a market analyst, a trader, managed institutional portfolios of managed accounts, and has written extensively on the futures industry. He is most famous for his Market Wizards series of books, interviews with great traders in all financial markets. He has just released the newest installment of that series Unknown Market Wizards, which I reviewed in my Top Ten Books for Traders list earlier this week.
Schwager has interviewed Bruce Kovner, David Shaw, Paul Tudor Jones, Ed Seykota, Michael Steinhardt, William O’Neill, William Eckhardt, Monroe Trout, Stanley Druckenmiller, Mark Ritchie, Blair Hull, Larry Hite, Jim Rogers, Edward Thorp, Richard Dennis, and many more of the worlds most famous and highest returning traders.
Patrick Boyle asks Jack about the characteristics these great traders have in common, what it takes to be a great trader, and what kind of returns do market wizards make in the long run. They discuss the efficient markets hypothesis, risk management, and how markets change over time.
Unknown Market Wizards by Jack Schwager: amzn.to/3om6SHJ
Jack Schwager Author Page on Amazon: amzn.to/3mBTq1L
Jack's Website: jackschwager.com/
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Statistics for the Trading Floor: amzn.to/3eerLA0
Derivatives for the Trading Floor: amzn.to/3cjsyPF
Corporate Finance: amzn.to/3fn3rvC
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Patrick, this isn't related to the video but was hoping to ask you about charts. Is there any stats regarding the validity of tech analysis and momentum? Can you trade successfully with tech analysis?
@@LiquidityThieves seems to be you can trade off a heck of a lot of "different systems" as long as they fit who you are.
Read the "Unknown Market Wizards" - I'd always believed that to be the case but they entirely cement it. There's one guy who trades (traded?) off "social media trends" so to speak that uses neither TA nor fundamentals. He just believed in it, it fitted his personality.
Nasim Talab also uses the CUBA asset story.
patrick? do you reply to any of your comments? Id love to hear your input!!!!
@@LiquidityThieves They are self fulfilling prophecy. They work sometimes, because everyone is looking for the same patterns, and act the same whrn they see them.
It's not long term viable, because it would require you to have an edge on when to enter and exit the position, while you are using the same instruments as other and act the same way as everyone else.
A simple AI will beat 90% of you in the market on every such short term trade, and they are doing it everywhere.
What he talks about around the 27 minute mark is so incredibly important. Not letting losses on any one position exceed roughly 5% ( depending on the standard deviation of the asset ) has been one of the greatest and hardest things that I have implemented. Managing risk was probably the hardest thing for me to learn how to successfully execute
There is a tonne to learn from Jack.
Ic UT at -30%
This right here 💯
I remember buying deer and co when merril edge said not too, it was this year, i was prolly extremely lucky that the stock didn't fall so far before climbing back up again
Loss strategy is thesingle most important thing an investor orgambler should umpkement and almost none do
How does this not have more views? Jack is a legend. What a great conversation and also finished the book last week and loved it. Thank you Patrick for the content!
Glad you enjoyed it!
Because no lambos and piles of money in the thumbnail
Because Intelligent people only gather around other intelligent people. Goobers to Goobers. Smart to Smart!
@@jammapcb this is true
@@DanielZanSalazar need flames and this look on your face: :O
'Trading exposes your flaws' - 👏
So true
Two things I'm loving about this channel:
1. So much great information
2. You have a very nice suit
Jack needs to get on TH-cam, seems like he would be great at interviewing traders, so we get all of the right questions answered
Would love to see a round table hosted by Schwager with Dalio, Talib, Marks, Ackman and Buffet.
Easy peasy. I'll send out the meeting invite tonight.
Excellent episode. Patrick thank you for not interrupting like too many hosts.
I've gone back to this interview many times, grabbed all of Jacks books, Thanks Patrick love the channel
Trading reveals one's character. My beginnings were characterised by failure which was driven largely by emotion, and that propelled me to learn and be self-disciplined.
Thank you Patrick and Jack.
I love the second version of "The Wolf You Feed"
"The Fight of Two Wolves Within You
An old Cherokee is teaching his grandson about life:
“A fight is going on inside me,” he said to the boy.
“It is a terrible fight and it is between two wolves. One is evil-he is anger, envy, sorrow, regret, greed, arrogance, self-pity, guilt, resentment, inferiority, lies, false pride, superiority, and ego.”
He continued, “The other is good - he is joy, peace, love, hope, serenity, humility, kindness, benevolence, empathy, generosity, truth, compassion, and faith. The same fight is going on inside you-and inside every other person, too.”
The grandson thought about it for a minute and then asked his grandfather: “Which wolf will win?”
The old Cherokee simply replied, “If you feed them right, they both win.” and the story goes on:
“You see, if I only choose to feed the white wolf, the black one will be hiding around every corner waiting for me to become distracted or weak and jump to get the attention he craves. He will always be angry and will always fight the white wolf.”
“But if I acknowledge him, he is happy and the white wolf is happy and we all win. For the black wolf has many qualities - tenacity, courage, fearlessness, strong-willed and great strategic thinking-that I have need of at times. These are the very things the white wolf lacks. But the white wolf has compassion, caring, strength and the ability to recognize what is in the best interest of all.”
“You see, son, the white wolf needs the black wolf at his side. To feed only one would starve the other and they will become uncontrollable. To feed and care for both means they will serve you well and do nothing that is not a part of something greater, something good, something of life.”
“Feed them both and there will be no more internal struggle for your attention. And when there is no battle inside, you can listen to the voices of deeper knowledge that will guide you in choosing what is right in every circumstance.”
“Peace, my son, is the Cherokee mission in life. A man or a woman who has peace inside has everything. A man or a woman who is pulled apart by the war inside him or her has nothing.”
“How you choose to interact with the opposing forces within you will determine your life. Starve one or the other or guide them both.”"
@@BigHenFor the optimal number of wolves inside you is zero. See a doctor immediately.
This is the best Therapy session I ever had about trading, an excellent interview, and an excellent guest. Thank you.
I keep returning to this channel. Great work!
Jack's first book set me up on my own trading journey and I recommend his books to anyone who asks me about trading. You pinpointed the reason why are his books unique exactly. Jack is a trader himself and you can see it by the way he approaches the interviews and asks the correct questions. Thank you for sharing this.
Best TH-cam channel for investing and financial information, BY FAR!
I listened to this interview two times so far, and download it as well. Very important interview.
Your content is great Patrick👍🏻👍🏻👍🏻and I love your guitars❤️
10:00 "If your a doctor you'd be better off living as a doctor and then investing in a index fund. Than trying to beat the market."
Michael Burry has entered the chat.
Awesome, interview! Thank you, Patrick.
This channel is pure Alpha!
Well done with with this interview. Your channel is amazing
Love this Patrick. I love hearing two people who are clearly passionate about trading discuss the game!
As always - top quality content. Love your Channel Patrick.
This was such a great video. You always provide great content, and this one is certainly a gem of a discussion among them.
Patrick, keep up the good work, love seeing actual relevant content and insights from such people on YT.
picked up a copy of unknown market wizards after watching this. what a fantastic book. read the whole thing in 3 days
You said you'd be doing this but you caught me right off guard with it being so soon! On a bit of a dull day, this is excellent! I look forward to watching this tomorrow morning with my tea and coffee (as I tend to do).
Really looking forward, and tell him I'm absolutely engrossed in his series of interviews! What a channel to be subscribed to 👌🏻👍🏼
PS: Literally reading "Market Wizards" this afternoon still. At the Ed Seykota interview.
Quality of your content is mental. Keep it up Patrick 👍
Hi Patrick - thanks for this I realy appreciate these kind of vids where you go deeper into a subject but I guess that are not as popular as the shorter vids.
Another more recent example (other than CUBA) was for ZOOM. Another company mistaken for the ticker popped even though it had nothing to do with video conferencing.
Favorite video so far!
Same with GME in australia, some mining company
Incredible video. Great depth. Keep up the great work Patrick
Great information and interviews… and guitars! Even better! ❤️ 🇦🇺
You have one of the best shows on finance in the world! Thank you and keep it up!
You come across as a very authentic interviewer. Great job Patrick!
Thanks Patrick
Fantastic questions and great answers
Great interview - thanks Patrick 👍👍
Great Interview, Loved it mate!
Awesome as always Patrick!
That was a great conversation. Looking forward to hearing from other traders in the future
What a superb interview ! 🙏🏻
awesome interview patrick. thanks for putting this together.
love your work Pat.
Mr. Boyle, I cannot thank you enough for all the knowledge you choose to share for free to all of us.
Thanks Patrick exceptional interview, please keep it up. Your quality of work is amazing keep it up im sure your channel will grow.
I love this channel. Everything about it. Seriously, I don’t know if running this channel is technically “worth your while” at this point but your work is miles superior to some who are paid big bucks to interview.
Phenomenal interview. Thank you!
Thank you Patrick for this content. Very valuable. Regards from Chile.
What a wonderful thing to get jack on
Amazing Interview! Will recommend for sure. Thanks for the upload!
Great content as always and nice Guitar collection! Thanks
Hey Patrick Boyle,I discovered your channel yesterday (I am a private trader with a german professional mentor , who is an ex certified stockbroker from Frankfurt) . Your channel is simply splendid, I will definitely recommend it to my trading community in Germany.Yours is one of the few authentic trading channels on the internet.What do you think of Antoin Kreil. he sounds authentic too (especially what he tells about retail brokers), but I am not really sure yet.
Two other great examples of the Efficient Market Hypothesis not being true is Game Stop stock and for a more long term over valuation you have Tesla.
Thoroughly enjoyed that interview, watched it with my coffee (s) this morning, thank you! Perhaps you should do something similar wih traders every once in a while. Or how how about this, get Jack to interview YOU for the channel...
Patrick Boyle featuring Jack Schwager on Patrick Boyle.
Thanks for the interview.
This is a goldmine, thank you sir 👍
Glad you enjoyed it!
This is gold! Thank You for the content.
This was entertaining... educational.. and memorable. Thanks.
You do great work Patrick. Thank you !
Great interview, halfway through but I have to say. Love that sea foam, maple guitar.
I love these videos Patrick, you're the best!
13:06 The face of a man being reminded of the chances of being a great musician while conducting an interview from his music room.
Fantastic! I really don’t know what else to say...
This is fucking awesome, and the sort of quality content youtube viewers deserve from other channels but simply won't come close too. Also reading "statistics for a trading floor" has improved my personal non-discretionary approach of trading to a new level so I must thank you for your excellent work. I'd love to have a mini series from you about starting a fund and the opportunities out there for younger people. Thanks Patrick
Amazing story about the phone call from Jack where you thought it was a prank. Reminds me of the time I received a phone call only to hear "congratulations you have won..." and I just hung up thinking "bloody scammers" like how often do you just "win something". Took them a few more attempts before I said I'd block their number and they had enough time to explain that I did actually win a Vmoto Milan scooter because I brought my car into the Nissan Dealership for a service while they were running a promotion some months earlier (information a scammer probably wouldn't have).
Watching all your videos all over again. ✌️
Amazing content, keep up the great work.
GREAT interview. I'll def be checking out the books 👍🏽
What a legend - thanks for providing us this premium content :)
Time to buy a new one then, I read his earlier wizzards book enjoyed it very much, it was very impactful in my own trading.
I've read market wizards countless times and I always learn something - it's incredible to hear the man himself
I own a closed-end fund so I started listening very carefully
Wow just listened to him on Bloomberg’s Master in Business and now I stumbled upon your interview with him. Awesome stuff!
Wait, is he telling me 1 hour per week is not enough to achieve 100% return a year?
I'm thinking exactly the same thing he never met Johnny Jammer Goldenburger nor seen how Johnny Jammer could turn your idol savings into moonjamming kickbacks in gold bar form. Be a Goldenburger deciple and you'll be eating golden burgers immediately.
I can best summarize how I feel about this channel in the following way: thank you for your terrific content. For me to judge this channel’s content would be tantamount to a kindergartener judging a PhD candidate’s thesis, but I am assured by your mannerisms and command of the intricacies of the subject matter that you are on the direct opposite end of those “gurus”.
I’ve learned more watching your videos than I have in several quarters of university with a degree in Economics with a focus on finance. Maybe the degree is dated, but your presentation is always engaging and it’s a great glimpse into how the sausage is made.
Very interesting interview, many thanks.
Really good interview, love to hear Jack Schwager's thoughts on markets. A lot of great insights into trading!
Wow...I remember trying to get borrow for Palm Pilot to do the arbitrage against 3Com. Finally, some guys with experience and sophistication on TH-cam.
My favorite band
Jack rocks. Happy new year!
Yooo I see you with the Jackson in the background!! Baller! Haha any chance we get a tour of your guitar collection in a future video??
Would love to see a video by PB on High Frequency traders and trading. What is it and how can they make money form it.
Good interview, thanks.
I wrote this in 2012 after watching The Flaw.
“Watching The Flaw:
Something struck me. The efficient market hypothesis is codified by one of the presenters as the idea that the price of a thing is determined by the aggregate beliefs of the actors in the marketplace, and therefore to question this price makes no sense. This right off the bat seems to be the flaw:
If you assume the price is set by large numbers of actors who have critically examined the value with the information they possess, you are necessarily led to the position that you need not critically examine the value yourself. Eventually, this abrogation of critical evaluation makes the price entirely disconnected from the efficient market process, and a the price is no longer efficient. Now you have a bubble.”
Marvelous video... love it.
I think Shiller is right when he says that the EMH is a 'half-truth'. I also think Cochrane tries to salvage the rest of the EMH's merits by saying it's merely a framework to organize empirical work. Brunnermeier also states the empirical content of the EMH is poor and that it merely 'holds ex-post by definition'. Fama himself makes the point against 'bubbles' (as if they were the only argued violation of the EMH) that they cannot be demonstrated to persist bc nobody can tell when they are going to burst. This like saying the theory of gravity cannot be true because it cannot tell me when exactly the apple will fall from the tree". EMH stems from a time when computing power expensive and it was difficult to handle large datasets, which did not even exist back then. Hence, theories were rough shots at best. Ample data are ubiquitous today. EMH does not tell you how exactly information about markets is processed, just that it magically somehow happens instantly. At the very least, EMH proponents should develop EMH further and test it with novel data sets (like fund-flows after news announcements, HF order flows, etc). Machine Learning methods also cannot fully solve the disaster that is cross-sectional asset pricing commonly used to test market efficiency. I would agree if EMH were to be modified to "on average (over time), returns are related to (multiple) sources of risk. It is possible to earn excess returns consistently if and only if you understand and manage risk sources you are an expert in". I think it is plausible to argue that markets are efficient in that sense, but not in the original Fama-sense. Just because proponents of the EMH refuse to accept the empirical evidence EMH's critics, does not make it correct. EMH is not true because somebody failed to disprove it according to some arbitrary technical standard.
There's a rather long list of anomalies to the EMH that's statistically significant. I mean, "markets are efficient except for these 25 things" doesn't exactly sound very efficient to me.
EXCELLENT!!
Patrick, first time I saw you smile.
Keep up the good work.
great video
Jack is an absolute Legend , love his books
His comments on the market are absurd. A market is efficient if it brings buyers and sellers together at minimum transaction cost, it has nothing to do with a third party’s perceived asset value. The markets he mentions were all efficient at balancing sellers and buyers. The whole point of a market is that the price fluctuates according to the relative saturation or scarcity of one or the other
Nanny nanny poo poo ☹️
Im a simple man, I see jack schwagger and I click
Nice guitars Patrick! Sometime throw us a list of your equipment. I’ll bet you have quite a few followers who’d be interested.
Thank you for the content
I've been trying to learn to trade, for awhile now,... The great thing about this Chanel is consistently, video after video, the knowledge shared is insanely interesting and spot on....
Amazing content thank you
Very informative channel
Great stuff!
Love the electric guitar in the background! New subscriber here Patrick!
Awesome!
What an amazing channel. Keep up the great work. Insightful content without the trying to sell you something.
NIce video. Thanks.