Lessons From History’s Best Traders | Market Wizards | Jack Schwager

In this episode we speak to Jack Schwager. Jack is the author of the Market Wizards series of books and has been studying the best traders for decades. He has interviewed some of history's most successful traders and investors for the series, including Paul Tudor Jones, Steve Cohen, Joel Greenblatt, Michael Steinhardt and many others. We discuss the biggest lessons investors can learn from these legendary investors and get his take on a variety of other topics including what makes a good interview, the impact of technology on trading and his outlook for the new Robinhood traders that have entered the market in recent years.

00:00 - Introduction and background on the Market Wizards books
03:07 - How Jack got top investors like Paul Tudor Jones and Stanley Druckenmiller to agree to interviews for the first Market Wizards book
08:15 - Jack's process for interviewing top traders and investors
14:10 - What track records Jack looks for when selecting traders to interview
21:50 - The importance of finding a trading methodology that fits your personality
28:30 - Why having an edge is critical for trading success
34:35 - The stupidity of the saying "even a poor system can make money with good money management"
40:50 - Balancing patience with cutting losses quickly
44:45 - Limiting risk with position sizing while also being able to bet big on high conviction trades
55:10 - Do quantitative tools and increased data make it harder to have an edge in markets today?
1:02:10 - Jack's views on Robinhood and the influx of new retail traders
1:04:56 - Greatest lessons Jack learned from Paul Tudor Jones , Joel Greenblatt, Steve Cohen and Michael Steinhardt
1:10:35 - Some of the most likeable and interesting people Jack has interviewed

MORE ABOUT JACK SCHWAGER & THE MARKET WIZARDS BOOKS

https://jackschwager.com/

ABOUT THE PODCAST

Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.

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