I haven’t read the book yet, but I’ve heard good things from a lot of different people. If you’re familiar with Schwager’s classic “Market Wizards” then you likely know that this will be a quality book. The line-up of names he interviews for the book sounds great. I’d buy a book on Dalio and Thorp individually just to glance into their views of the world. These guys are BIG BIG thinkers….Mike Covel also did this excellent podcast interviewing Schwager about some of the people he spoke with and some of the lessons from these great investors:
“Michael Covel talks to writer and trader Jack Schwager, author of the Market Wizards series. Schwager’s new book, Hedge Fund Market Wizards, is now out. Covel and Schwager discuss some of the commonalities between the many traders Schwager has interviewed, and the lessons that can be gleaned from their diverse approaches. Schwagger’s new book opens with a quote regarding the importance of even-mindedness from rock climber Alex Honnald, and Covel and Schwager discuss how topics seemingly unrelated to trading can contain relevant lessons. Many of the other traders profiled in Hedge Fund Market Wizards are discussed, including Ed Thorp, Steve Clark, Jaffray Woodriff, and Ray Dalio. Covel asks Schwager what his big takeaways from his interviews have been, and the lessons he’s learned from talking to some of the most successful traders in the game. Further topics include how markets behave differently in different environments; the importance of asymmetric positive skew trades; how diversification is the “only free lunch on wall street”; how Schwager defines risk; and the “gain to pain” ratio.”
It’s worth a listen if you decide not to purchase the book….