Zachari SaltmerFifteen interviews, fifteen incompatible methods, one common thread: survival first. The most useful trading book on the shelf for one reason, it shows you what discipline looks like in fifteen different accents.
Library
Hedge Fund Market Wizards
Read · October 2024
Thoughts
The punchline of the whole Wizards series: no two traders share a strategy, but they all share the same relationship with risk. Schwager asks better questions than most interviewers in any field, and the footnotes are half the value, because he argues with his guests. Politely, but he argues.
Learned
- There is no holy grail. Every wizard built a system around their own temperament, then refused to deviate from it.
- Risk control is the only universal. Position sizing is where the ego goes to be quiet.
- The best traders are wrong constantly. They're just wrong small and right big.