In this week’s “Masters in Business” podcast – our 100th episode! — we chat with Jack Schwager, co-founder and Chief Research Officer for FundSeeder, and author of “Market Wizards: Interviews With Top Traders (there are 4 in the series). These books remain among the most widely read books on Wall Street trading desks.
Schwager discussed he managed to convince numerous press shy traders and asset managers to have long, on-the-record conversations with him. He notes the “secret sauce” of Market Wizards was the editing process — turning what was a discursive, rambling series of digression into a coherent narrative. He said that he eventually became so good at figuring out what these traders were trying to communicate that the traders couldn’t tell when reviewing the final edit, could not tell what he edited.
The consistent themes in all of the wizards were discipline, risk management and capital preservation, intellectual flexibility, personal responsibility and honest self-appraisal.
Next week, we sit down with Danny Kahneman, behavioral & cognitive psychologist, author of Thinking Fast & Slow, and winner of the 2002 Nobel prize for economics.