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...

SI113: The Unknown Market Wizards ft. Jack Schwager

Top Traders Unplugged

SI113: The Unknown Market Wizards ft. Jack Schwager