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TDI Podcast 105: Schwager on Wizards and Keynesianism

April 20, 2009

Guest: Jack Schwager, Author of Market Wizards discusses markets and bailouts with us. From what was done to what to do now. Jack tells us what he learned from the best and brightest in the industry and how they succeed in most market conditions. Andrew starts it off with a discussion that can best be described as a “Conspiracy of Optimism” before providing near term outlook for the economy and the markets.

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schwagerJack Schwager is a managing director and principal of The Fortune Group, an alternative asset management firm regulated in the UK and the United States. Schwager is the Senior Portfolio manager for Fortune’s Market Wizards Funds of Funds, a broadly diversified series of institutional hedge fund portfolios. He also serves on the board of Fortune’s research affiliate Global Fund Analysis, a leading source of independent hedge fund research. His prior experience includes 22 years as the director of futures research for some of Wall Street’s leading firms and 10 years as the co-principal of a commodity trading advisory firm.

Check out Jack’s Website here

Mr. Schwager is perhaps best known as the author of the best-selling Market Wizards (1989), and the equally popular The New Market Wizards (1992). A third volume in this series, Stock Market Wizards, published by HarperCollins, was released in early 2001. Mr. Schwager’s first book, A Complete Guide to the Futures Markets, which was published in 1984, is considered to be one of the classic reference works in the field. More than a decade later he revised and expanded this original work into the three-volume series, Schwager on Futures, consisting of the following titles: Fundamental Analysis (1995), Technical Analysis (1996), and Managed Trading: Myths and Truths (1996). He is also the author of Getting Started in Technical Analysis (1999), which is part of John Wiley’s popular “Getting Started” series.

Jack’s article on FT.com – Insight: World of Bizarro Keynesianism

Stocks mentioned in this episode: Research In Motion (RIMM), Apple (AAPL), Proshares Inverse 2X Real Estate (SRS), S&P ETF (SPY) and many others.

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Written by Andrew Horowitz · Filed Under Markets, PODCASTS, SHOW NOTES 

Comments

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18 Responses to “TDI Podcast 105: Schwager on Wizards and Keynesianism”

  1. nomadwolf on April 21st, 2009 5:27 am

    Andrew, you should put links to articles that you mention "you'll put up on the blog." By the time I get to a computer after listening to your podcasts, I forget which articles I'm supposed to be looking for!

  2. Afraid to Trade.com Blog » New Disciplined Investor Podcast with Jack Schwager on April 21st, 2009 1:25 pm

    [...] had the distinct honor to interview Mr. Schwager on this week’s Podcast entitled “Schwager on Wizards and Kensianism“   I’ve also added the direct iTunes link [...]

  3. New Disciplined Investor Podcast with Jack Schwager | Penny Stock Trading System Blog on April 21st, 2009 4:42 pm

    [...] had the distinct honor to interview Mr. Schwager on this week’s Podcast entitled “Schwager on Wizards and Kensianism“   I’ve also added the direct iTunes link [...]

  4. Andrew Horowitz on April 22nd, 2009 2:06 am

    Noman:

    All are in the show notes? No? Above..

    A

  5. Matt on April 22nd, 2009 5:32 am

    What is the URL to the article on the barclays leveraged ETF's during the 3-4pm volatility?

  6. phil raso on April 22nd, 2009 5:25 pm

    Whre's the Barclays article you mentioned on the podcast? And where's the SRS article as well?

  7. Eli on April 22nd, 2009 5:30 pm

    Andrew, thanks for your podcast, I find it very educational and entertaining. I have noticed your are puzzled by the almost daily last hour rally in the stock market. You speculate that leveraged ETFs are the culprit. This makes sense to me( but I am not a professional trader) and in one of your recent podcasts an expert on ETF did not agree with this theory- did you change your mind? also in your podcasts you and your guests recommend frequently to close all deals by the end of the day, ie. to be a true day trader. Is possibe that the end of the day rally is because trader just follow your advice?

  8. Andrew Horowitz on April 22nd, 2009 6:14 pm

    Re: phil raso commented on TDI Podcast 105: Schwager on Wizards and Keynesianism –

    Check out the article and the site
    http://zerohedge.blogspot.com/2009/04/truth-about... /> Andrew

  9. TheTradingReport » Blog Archive » New Disciplined Investor Podcast with Jack Schwager on April 23rd, 2009 2:35 am

    [...] had the distinct honor to interview Mr. Schwager on this week’s Podcast entitled “Schwager on Wizards and Kensianism“   I’ve also added the direct iTunes link [...]

  10. Greg on April 23rd, 2009 5:14 pm

    Andrew, that link is broken. Blogspot reports an error. Do you have a different link?

  11. Greg on April 23rd, 2009 5:27 pm

    I thought this guest was great. It was really good to hear his advice for beginning traders at the end. It was one question I wanted to ask, and I'm glad you asked it!

    I noticed that your guest (and yourself) discouraged the use of the blackbox analysis methods for stocks. As somebody who uses and studies these blackbox methods, I'd give the same advice. If you don't understand how the machine works then you shouldn't use it. As a beginning investor I've had some experimental success with some blackbox methods, and there are times when they don't work. If you don't understand why it doesn't work, then you'll keep misplacing your trust in a system that doesn't work.

    If you want to apply some blackbox techniques to technical data, then you can also get free and very good tools for this — for example, Rapidminer, or the Rattle GUI for the open source language R — but time is required to understand these tools and how to get them working. It also takes some additional time to get the technical data (using TTR and/or quantmod for R, but I'm sure there are others).

  12. Andrew Horowitz on April 24th, 2009 12:35 am

    —

    Which link ?

    A

  13. nomadwolf on April 24th, 2009 2:26 am

    If you cutoff the last 3 characters of the link it works out OK.

    http://zerohedge.blogspot.com/2009/04/truth-about...

  14. Andrew Horowitz on April 24th, 2009 2:31 am

    http://zerohedge.blogspot.com/2009/04/truth-about...

  15. Eric on April 25th, 2009 9:30 am

    I've owned Jack Schwager's first two books since they were first published. They are two of my most important books in my library; highlighted, dog-eared and referred to frequently. His comments at the beginning of the interview are absolutely true. Whenever I get in trouble investing, it's when I've been impulsive and not following a strategy. He also stressed that it's OK to lose (i.e. it's OK to be wrong) meaning it's more important to minimize your losses than to be proven right.

  16. VPro on April 27th, 2009 12:50 am

    A – Thanks for having Jack on, good stuff.
    Thanks also for your determination to dig into the last hour of trading volatility. The article on the zerohedge link is intense but very clear and substantiates what you have suspected. iI's very true what they wrote about leveraged ETFs being widely misunderstood by retail investors and pros alike. They are short-term trading vehicles only.

  17. Jay on May 6th, 2009 2:14 am

    At about 20 minutes into this episode you mention that the ZeroHedge author has some insights into SRS, the ProShares double inverse. But I didn't hear any mention of that in episode 106 (the ZeroHedge interview). Can you point us to that discussion on ZeroHedge? I didn't find it in the ZeroHedge link above.

  18. Andrew Horowitz on May 6th, 2009 2:24 am

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    ZH talked about it on his blog often and simply search on his site

    If you have trouble I will locate

    A

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