SI113: The Unknown Market Wizards ft. Jack Schwager
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 670 Ratings
🗓️ 8 November 2020
⏱️ 71 minutes
🧾️ Download transcript
Summary
Today, we welcome legendary author Jack Schwager onto the show to discuss his new book ‘Unknown Market Wizards’ and a range of topics such as: what timeframe makes the most successful trader, how the best traders seem to have uncorrelated returns to the overall stock market, why elite traders can often have terrible starts to their careers, how embracing risk management can take returns to a much higher level, what investors should look for in a money manger, mean-reversion versus momentum trading, and a lot more.
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Episode TimeStamps:
00:00 – Intro
01:27 – Macro recap from Niels
02:17 – Weekly review of performance
05:01 – Niels: Where do systematic traders tend to rank in your book, compared to discretionary traders? What is the minimum length of track record you looked at, to be considered for inclusion in your book?
10:50 – Moritz: To what extent did mean reversion traders feature in your book, versus momentum-orientated traders?
16:47 – Niels: How much do you think luck played a part in the results of the traders in your new book?
23:01 – Moritz: When you were interviewing the traders in your book, did you, at any time, get the feeling that there were tailwinds, outside of their control, that helped their strategies?
27:41 – Niels: Some of the traders in your book blew up their accounts a few times, so can they still be called ‘wizards’ of the market?
34:37 – Moritz: There seems to be opposing views on diversification in your book. What are your thoughts on this?
39:07 – Niels: How do you think...
Transcript
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| 0:00.0 | You're about to join Jerry Parker, Maritz Siebert, and Nealz Kastrup Larson on their raw and honest |
| 0:07.3 | journey into the world of systematic investing and learn about the most dependable and consistent |
| 0:12.3 | yet often overlooked investment strategy. Welcome to the Systematic Investor podcast series. |
| 0:23.0 | Mertz Zibin and I, Niels Kastrolastner, back with this week's edition of the |
| 0:26.4 | Systematic Investor Series, which is our weekly ongoing raw exploration of the world |
| 0:31.1 | of rules-based investing, and of course where we also answer your questions. |
| 0:34.8 | But today we're changing the format a bit because we are delighted to be |
| 0:38.5 | joined by a very special guest, namely Jack Swager, a true legend in our industry. And I hope that |
| 0:44.0 | all of you listening today have read at least one of his Market Wizard's books, if not all |
| 0:49.9 | of them. So let me start by saying welcome to the show. Jack, it's great to have you here. |
| 0:55.1 | And of course, also, hi to you, Moritz. Thank you very much. Hey, Jack. Hi, Niels. Hey. Now, we, of course, |
| 1:03.3 | very much look forward to diving into the world of trading and what you have learned from many, |
| 1:07.8 | many hours of conversation with some of the best traders of all times. |
| 1:11.7 | But before we do, we normally just do a quick review of the past week from the lens of a trend |
| 1:16.9 | follower. And so while we do that, maybe you have an extra sip of your morning coffee and we'll |
| 1:22.0 | quickly run through some of the highlights of last week, which I hope is fine with you, Jack. |
| 1:27.6 | Moritz, since we want to spend as much as we can in terms of time with Jack, of course, |
| 1:32.3 | why don't we do a very short round up this week? |
| 1:35.9 | And in terms of a market wrap, I mean, we kind of knew that this week would be influenced |
| 1:39.6 | by the outcome of the US elections, even if the election took a few days to officially get decided. |
| 1:46.0 | And it's kind of interesting to see how stocks initially rallied strongly on the expected Trump |
| 1:52.8 | win early on. But then it extended this rally when Biden started to look like the winner, |
... |
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