About the Author
Who is Jack Schwager?
Jack Schwager, the author of “The Little Book of Market Wizard“, is a professional investor and author of several well-known and critically acclaimed investment books.
Highly Recommend His Market Wizards Series
Jack Schwager is best known for his Market Wizards series, which features interviews with dozens of top traders worldwide over forty years. These interviews are considered invaluable classics in the investment world.
The Market Wizards series is characterized by its use of firsthand accounts from investors with exceptionally high returns to share their investment strategies, principles, and advice. It is highly readable and informative, and even Warren Buffett highly recommends it.
Market Wizards Series
Jack Schwager Jack Schwager’s “Market Wizards” book series includes:
- Market Wizards
- The New Market Wizards
- Stock Market Wizards: please see my post of “Stock Market Wizards“
- Hedge Fund Market Wizards
- The Little Book of Market Wizard: The topic of this article
I regularly read the Market Wizards series
I have personally read every book he has published, especially his Market Wizards series, which I still reread periodically. I learn from the insights shared by these highly successful investors, drawing lessons from their experiences and constantly reminding myself of them.
About this book
Reason to Recommend this book
The book “The Little Book of Market Wizard” is a continuation of Schwager’s style of his Market Wizard series of books. It is based on his interviews with top investors and summarizes some heartfelt advice to investors.
Key points of the book
The following are my own excerpts from the book, which I think are worth sharing with you:
- James Rogers Jr.: I have never seen anyone get rich from technical analysis. The rule that anyone learns is to do nothing unless there is something worth doing.
- Paul Tudor Jones II: Don’t just think about making money, protect what you have already made.
- Don’t make your market predictions public, otherwise people will tend to invest according to your predictions.
- No matter how skilled the other party is, following their advice is guaranteed to result in disaster.
- Trading is not about work or getting rich, but something they love, an activity worth pursuing for fun and challenge.
- People firmly believe that what happened recently will continue into the future, even if the sky falls.
- Using a trading system that suits you is the key to success. This is why most people fail when using trading system packages.
- Good traders close their positions when they make a mistake, and top traders reverse their positions.
- Daniel Kahneman’s experiment shows that people are risk averse when it comes to making a profit, but they accept risk when it comes to losing money.
- Edward. Thorp’s Newport Fund’s 19-year IRR was as high as 19.1%.
- Edison: I haven’t failed, I’ve found ten thousand ways that won’t work.
- Successful traders find a method that suits their temperament.
- There is no such thing as being absolutely right or beating the market. If you make money, it is because your understanding is consistent with the market. If you lose money, it’s because you got it wrong.
- Discipline is what the Geeks agree is what sets them apart from most people.
- A hallmark of lack of confidence is seeking the opinions of others.
- Listening to other people’s opinions can harm personal trading.
- Confidence is a common trait among the successful traders I interviewed.
- Self-made investment strategies are actually worse than those set by machines.
- What makes you feel good is usually wrong.
- Martin Schwartz: You have to be more prepared than your opponents, so you have to work hard every day.
Relative articles
- “The key points of Andy Lin investment style“
- “Andy Lin’s long-term investment experience sharing“
- “Stock Market Wizards“
- “Best Loser Wins”
- ““A Random Walk Down Wall Street” is a must-read for US stock investors“
- “Great primer books for Investing in the stock market“
- ““One Up on Wall Street”, Peter Lynch’s great book for investing newbie“
Disclaimer
- The content of this site is the author’s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.
- I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers’ direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.
