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Friday, July 1, 2016

Friday Feature Book Review: Hedge Fund Market Wizards: Jack D. Schwager 続マーケットの魔術師 (ウィザードブックシリーズ) ジャック・D・シュワッガー

This is the author's 4th "Market Wizards Series" book, and the best by far. Luckily, it is a series of 15 direct and revealing interviews, so every compelling chapter ends while another begins every 30+ pages. Each hedge fund legend, known or unknown to the financial public, brings much to learn. 

At the end, the author Jack Schwager, gathers a great set of patterns and conclusions that can even help the simple small scale investor. All readers can therefore learn from the interviews with high level hedge fund managers active in the market.

I could not put this book down most days once started. The interview with Michael Platt, the founder of BlueCrest, a US$35BN+ AUM debt focused hedge fund firm, was the most enlightening. He fleshes out a crystal clear style of risk control and trading understanding, that many other hedge funds or internal prop teams, will try to follow more often over time. 

To my surprise, Michael explained that he started out trading his grandmother's account in equities around age 17. He did well until the 1987 crash. He then was mentally scarred for life, and never forgot. He then decided that risk control and downside drawdowns were at the core of overall trading success, not the upside of potential winning trades. It is not how much you can win, it is more about how much more you may lose.

Other big hedge fund superstars include Ray Dalio, founder of BridgeWater, a US$120BN in AUM with 1400 staff in the firm. The honesty of Ray with his staff within a culture of open criticism on mistakes, is still difficult for me to access and understand. The method and the secret internal written rules that have been assembled would be a goldmine to read. 

Another great profile is Joel Greenblatt, founder of Gotham Capital, author of a well-known market bible, "You Can Be A Stock Market Genius". He has continued to share his market insight with "The Little Book That Beats The Market", followed by "The Big Secret for the Small Investor". All of them like this great book, are filled with great views with amazing insights that keep you reading. Highly Recommended!

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance!

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