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Masters in Business

Jack Schwager on the Glory Days of Trading (Podcast)

Masters in Business

Bloomberg

Business, Entrepreneurship, Investing

4.42.2K Ratings

🗓️ 1 October 2021

⏱️ 94 minutes

🧾️ Download transcript

Summary

Bloomberg Opinion columnist Barry Ritholtz speaks with Jack Schwager, an expert in futures and hedge funds and co-founder and chief research officer of FundSeeder. Schwager has also written many books, including the "Market Wizards" series; his most recent is "Unknown Market Wizards: The Best Traders You’ve Never Heard Of."

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Transcript

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0:00.0

Little could be done for children with duchin muscular dystrophy until the gene responsible

0:09.2

for the disease was known.

0:11.1

Hear about the possibilities geneticists are now exploring on the latest episode of Targeting

0:15.8

the Toughest Diseases, a new podcast by Bloomberg Media Studios and Vertex Pharmaceuticals.

0:26.7

This is Masters in Business with Barry Reynolds on Bloomberg Radio.

0:36.4

This week on the podcast I get to welcome back the person who was really part of the inspiration

0:43.8

for Masters in Business in the first place.

0:46.6

Jack Schwager is the author of a new book, Unnode Market Wizards, the best traders you've

0:51.1

never heard of.

0:52.6

But this is the fifth or maybe even if I include the little book, the sixth book of Market

0:58.7

Wizards he's put out.

1:01.4

When I was a young stud on a trading desk back in the 1890s, Schwager's book, Market Wizards

1:09.6

was one of the first books I picked up to learn a little bit about the idea of markets.

1:18.6

I found the book to be tremendously formative to me, not so much because it said by this

1:25.2

sell that, but it was very revealing about discipline and risk management and mental

1:32.8

models and containing your emotions.

1:36.1

And that book really was one of the early books that sent me scampering off to learn

1:42.2

more about behavioral economics and behavioral finance, not so much because he was channeling

1:50.3

to Versky and Connemon or Thaler or any of those folks, but it was pretty clear from

1:56.6

the successful traders he was interviewing that consensus was problematic, that examining

2:03.1

your motivations was really important, that being aware of not only your own emotions,

2:09.0

but your own biases and some of your own cognitive deficits and blind spots was really,

...

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