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Each trader is interviewed at length. The dialogue is then presented Question and Answer style on the page, and at the conclusion of each chapter, Schwager summarises what lessons can be drawn from their replies. Unsurprisingly, perhaps, in a clutch of mavericks who beat the crowd, every one is different. There are obsessives like Mark Minervini, with his 14-hour trading days, who claims not to have taken a day off in ten years; but then there is Mark Cook, who combines caning the market with working on his farm. There is Ahmet Okumus, whose goal is to be the best money manager in the business, this year and every year; but there is Stuart Walton who walked away from trading for several years, and would rather be a writer and artist anyway. Schwager grills each on how they pick their stocks, the technical analysis they employ, how they choose to hold or sell, how they structure their portfolios. Each, it emerges, has his own "edge". Michael Lauer, with his constant search for value stocks, uses a six-step selection process that identifies stocks with good return and risk prospects; David Shaw invests heavily in research, and cuts his transaction costs to the bone, allowing him to profit from tiny market inefficiencies. Each, again, is different, but in the fascinating summary chapter, Schwager identifies the key qualities they all share. All have failed and come back better and wiser dealers. All, no matter how laid back or eccentric they may appear, have a rock-solid trading philosophy and strategy. All are flexible and responsive to change--and all work like demons.
It's a fascinating glimpse into minds of stock-market winners, and the 65 lessons he draws would form a good blueprint for anyone's forays into shares. But perhaps the best is No. 1: "There is no single true path". In the end, you have to do it yourself. --John Rennie
In 1989, professional futures trader Schwager wrote theelectrifying Market Wizards, featuring incisive interviews withsome of the world's most successful traders, discussion of a widevariety of techniques and markets, and a detailed chronicle ofvarious traders' track records. It quickly became a bestseller.Five years later, Schwager published The New Market Wizards, lessdetailed and with more generic interviews. Now, six years after, the third installment continues this unfortunate trend. Thesubjects of Schwager's new interviews are less than impressive, andhis questions have gone soft. To make matters worse, subjects wereallowed to amend their words later, resulting in many lifeless, boilerplate responses. Instead of analyzing specific tradingdecisions, theories or track records, subjects spend most of theinterviews talking about their childhoods or disparaging ex-bossesand co-workers. Even this dirt fails to engage the reader, sinceSchwager has changed the names of the maligned parties. Only theauthor's brief, energetic commentaries on the interviews displaythe insight of Schwager's earlier work. Inexperienced traders maybenefit from some of the platitudes in these interviews, butexperienced traders already know to cut their losses. (Jan. 31)Forecast: Bolstered by an author tour (with guest appearances bysome of the "wizards") to New York City, Chicago and Boston and asyndicated radio feature, Schwager's third book may get someinitial sales from fans of Market Wizards and those looking formore up-to-date trading information. Poor reviews andword-of-mouth, however, probably will hurt this book's sales, asthey did the previous sequel. Copyright 2000 Cahners BusinessInformation. --Publishers Weekly
Schwager (Market Wizards, New Market Wizards) interviews 15 toptraders, attempting to cull their secrets in order to explain theirwinning methodologies. It's not a terribly original approach, andmany of the questions and answers sound remarkably alike. Whilenone of the interviewees is as recognizable as Fidelity's PeterLynch, all have produced impressive returns for their investors.Many share characteristics that helped shape their tradingphilosophies: becoming interested in the stock market through theirfathers, experiencing numerous failures in early trading but nevergiving up, and developing a strong work ethic and self-confidence.Discipline, according to the author, is the one trait that all ofhis subjects have in common, enabling them to ride out theturbulence of the stock market each day. The book concludes with alist of 65 wizard lessons. One of the more insightful tradersdescribed himself and his colleagues as "detectives. We are tryingto find out information that is not widely dispersed and then putall the pieces together to get an edge." Reading this book mighthelp readers develop their own edge in investing. Appropriate forlarger public libraries.--Richard Drezen, Washington Post NewsResearch, New York City Bureau Copyright 2000 Cahners BusinessInformation.--Library Journal
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