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Bestselling author Michael Covel is the host of Trend Following Radio with 10+ million listens. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trading -- all passionately explored and debated. Guests include Nobel Prize winners: Robert Aumann, Angus Deaton, Daniel Kahneman, Oliver Hart, Harry Markowitz & Vernon Smith. More guests: Jack Canfield, Howard Marks, James Altucher, Dan Ariely, Jean-Philippe Bouchaud, Kathleen Eisenhardt, Marc Faber, Tim Ferriss, Jason Fried, Gerd Gigerenzer, Larry Hite, Sally Hogshead, Ryan Holiday, Jack Horner, Ewan Kirk, Steven Kotler, Michael Mauboussin, Tucker Max, Barry Ritholtz, Jim Rogers, Jack Schwager, Ed Seykota, Philip Tetlock & Walter Williams.

May 22, 2012

My guest today is Jack Schwager, an American trader and author. He is the author of the Market Wizard series. His books have remained relevant over the past 25 years, and for many traders they are the best trading books on the shelves today.

The topic is his book Hedge Fund Market Wizards.

In this episode of Trend Following Radio we discuss:

  • Some of the commonalities between the many traders Schwager has interviewed, and the lessons that can be gleaned from their diverse approaches
  • Schwagger's new book opens with a quote regarding the importance of even-mindedness from rock climber Alex Honnold
  • How topics seemingly unrelated to trading can contain relevant lessons
  • Many of the other traders profiled in Hedge Fund Market Wizards are discussed, including Ed Thorp, Steve Clark, Jaffray Woodriff, and Ray Dalio.
  • Schwager's big takeaways from his interviews have been, and the lessons he's learned from talking to some of the most successful traders in the game
  • How markets behave differently in different environments
  • The importance of asymmetric positive skew trades
  • How diversification is the "only free lunch on wall street"
  • How Schwager defines risk
  • The "gain to pain" ratio

Jump in!

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I’m MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I’m proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show.

To start? I’d like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/

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