图书标签: 对冲基金 投资 金融 交易 英文原版 量化策略&对冲基金 trading Finance
发表于2024-12-23
Hedge Fund Market Wizards pdf epub mobi txt 电子书 下载 2024
"Five Market Wizard Lessons" by Jack Schwager, author of Hedge Fund Market Wizards
Hedge Fund Market Wizards is ultimately a search for insights to be drawn from the most successful market practitioners. The last chapter distills the wisdom of the 15 skilled traders interviewed into 40 key market lessons. A sampling is provided below:
1. There Is No Holy Grail in Trading
Many traders mistakenly believe that there is some single solution to defining market behavior. Not only is there no single solution to the markets, but those solutions that do exist are continually changing. The range of the methods used by the traders interviewed in Hedge Fund Market Wizards, some of which are even polar opposites, is a testament to the diversity of possible approaches. There are a multitude of ways to be successful in the markets, albeit they are all hard to find and achieve.
2. Don't Confuse the Concepts of Winning and Losing Trades with Good and Bad Trades
A good trade can lose money, and a bad trade can make money. Even the best trading processes will lose a certain percentage of the time. There is no way of knowing a priori which individual trade will make money. As long as a trade adhered to a process with a positive edge, it is a good trade, regardless of whether it wins or loses because if similar trades are repeated multiple times, they will come out ahead. Conversely, a trade that is taken as a gamble is a bad trade regardless of whether it wins or loses because over time such trades will lose money.
3. The Road to Success Is Paved with Mistakes
Ray Dalio, the founder of Bridgewater, the world's largest hedge fund, strongly believes that learning from mistakes is essential to improvement and ultimate success. Each mistake, if recognized and acted upon, provides an opportunity for improving a trading approach. Most traders would benefit by writing down each mistake, the implied lesson, and the intended change in the trading process. Such a trading log can be periodically reviewed for reinforcement. Trading mistakes cannot be avoided, but repeating the same mistakes can be, and doing so is often the difference between success and failure.
4. The Importance of Doing Nothing
For some traders, the discipline and patience to do nothing when the environment is unfavorable or opportunities are lacking is a crucial element in their success. For example, despite making minimal use of short positions, Kevin Daly, the manager of the Five Corners fund, achieved cumulative gross returns in excess of 800% during a 12-year period when the broad equity markets were essentially flat. In part, he accomplished this feat by having the discipline to remain largely in cash during negative environments, which allowed him to sidestep large drawdowns during two major bear markets. The lesson is that if conditions are not right, or the return/risk is not sufficiently favorable, don't do anything. Beware of taking dubious trades out of impatience.
5. Volatility and Risk Are Not Synonymous
Low volatility does not imply low risk and high volatility does not imply high risk. Investments subject to sporadic large risks may exhibit low volatility if a risk event is not present in the existing track record. For example, the strategy of selling out-of-the-money options can exhibit low volatility if there are no large, abrupt price moves, but is at risk of asymptotically increasing losses in the event of a sudden, steep selloff. On the other hand, traders such as Jamie Mai, the portfolio manager for Cornwall Capital, will exhibit high volatility because of occasional very large gains-not a factor that most investors would associate with risk or even consider undesirable-but will have strictly curtailed risk because of the asymmetric structure of their trades. So some strategies, such as option selling, can have both low volatility and large, open-ended risk, and some strategies, such as Mai's, can have both high volatility and constrained risk.
As a related point, investors often make the mistake of equating manager performance in a given year with manager skill. Sometimes, more skilled managers will underperform because they refuse to participate in market bubbles. The best performers during such periods are often the most imprudent rather than the most skilled managers. Martin Taylor, the portfolio manager of the Nevsky Fund, underperformed in 1999 because he thought it was ridiculous to buy tech stocks at their inflated price levels. This same investment decision, however, was instrumental to his large outperformance in subsequent years when these stocks witnessed a prolonged, massive decline. In this sense, past performance can sometimes even be an inverse indicator.
Jack Schwager is a recognized industry expert in futures and hedge funds and the author of a number of widely acclaimed financial books. He is currently the co-portfolio manager for the ADM Investor Services Diversified Strategies Fund, a portfolio of futures and FX managed accounts. Previously, Mr. Schwager was a partner in the Fortune Group, a London-based hedge fund advisory firm, which specialized in creating customized hedge fund portfolios for institutional clients. His prior experience includes 22 years as Director of Futures research for some of Wall Street's leading firms and 10 years as the co-principal of a CTA.
Mr. Schwager has written extensively on the futures industry and great traders in all financial markets. He is perhaps best known for his best-selling series of interviews with the greatest hedge fund managers of the last two decades: Market Wizards (1989), The New Market Wizards (1992), and Stock Market Wizards (2001). The latest book in the series, Hedge Fund Market Wizards is due to be released in May 2012. Mr Schwager's first book, A Complete Guide to the Futures Markets (1984) is considered to be one of the classic reference works in the field. He later revised and expanded this original work into the three-volume series, Schwager on Futures, consisting of Fundamental Analysis (1995), Technical Analysis (1996), and Managed Trading (1996). He is also the author of Getting Started in Technical Analysis (1999), part of John Wiley's popular Getting Started series.
Mr. Schwager is a frequent seminar speaker and has lectured on a range of analytical topics including the characteristics of great traders, investment fallacies, hedge fund portfolios, managed accounts, technical analysis, and trading system evaluation. He holds a BA in Economics from Brooklyn College (1970) and an MA in Economics from Brown University (1971).
刚读两章,非常棒!我没看过他前3本market wizards的书,无法比较。但是这本书确实是解读了对冲基金的一些故事,有点传奇。
评分Interviews with some famous traders.
评分Classic renewed
评分放假了读一读还蛮有趣的,就是太长了
评分Colm O'Shea和Jamie Mai的部分受益匪浅
Colm O’Shea - COMAC 1、不预测市场,跟随市场泡沫,但是需要发现市场正在发生转折,证实后及时离场,不要做空。 2、波动率较低的泡沫市场最适合买入看涨期权(有下跌保险)。 3、资金管理大忌:将止损点设置为不能承受的点位,而不是确定价格趋势与之前交易思...
评分其中有一让人琢磨之处的是采用加减仓对锁来控制风险和不失机会。当波动与自己头寸方向相反是减仓容易理解,降低了风险。但格林布拉特也说机械的交易比手工加减仓的交易要好,可能的原因在于后来波动方向与头寸方向相同了却来不及加仓。看来风险和机会还真是同源的。
评分Colm O’Shea - COMAC 1、不预测市场,跟随市场泡沫,但是需要发现市场正在发生转折,证实后及时离场,不要做空。 2、波动率较低的泡沫市场最适合买入看涨期权(有下跌保险)。 3、资金管理大忌:将止损点设置为不能承受的点位,而不是确定价格趋势与之前交易思...
评分书是几个人翻译的,难免前后风格不一。 本书的前两章就值得全本书价。 本书后面几章也非常不错。 内容的精彩程度还是要取决管理人的交易风格的。 要多读多想多用! 评论怎么会短? 评论怎么会短?评论怎么会短?评论怎么会短?评论怎么会短?评论怎么会短?评论怎么会短?评论...
评分schwager还是能抓住这些交易员的交易思路,并用文字体现出来的。这一点从market wizard系统中将体现得很好。 买的是精装版,纸质颇为奇怪,带一定纹理的粗纸,用荧光笔划线时却不会透过去,还算过得去。
Hedge Fund Market Wizards pdf epub mobi txt 电子书 下载 2024