YouSaid · the spoken record

Jack Schwager

lines on the record: 123
first: 2016-07-22
most recent: 2016-07-22
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I'm actually superb at coming in with a small steak and even just controlling a lost tiny amount or not losing anything and just getting ahead and never being behind. I'm really, really good at that. But I'm really been terrible about once I get ahead not giving back a chunk, which because I do things or take more risk or do things differently than I would have done when I was being so super cautious. So when I start out in the beginning, every time I cut, and I don't trade all the time, so it depends on how busy I am. But every time I start trading, I start very small and very cautious. And that's when I'm best.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that one of the themes of Marco Wizzes is that risk management is more important than trading strategy. Oh, you know what? And this is one I've made, a mistake I've made more recently, and I wish I learned much quicker. And even if I learned it, I kind of repeated it. Hopefully I'll never repeat it again. But maybe my biggest flaws of trader is be careful of getting too complacent when you're doing very well. So all my, you know, for years and years, every time I've had any significant drawdowns, it's always been after I've done extremely well.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The tree has to be geared to something that, well, you want to go with your strength. So if you can write, you want to try to find an angle that emphasizes writing. If you can do analytics, do that if you good in computers. So take advantage of what your strength and try to break into the career on your strong point, basically.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, first, make sure it's what you really want to do. I mean, you're not just looking to do it for the money. I guess in terms of finding a job, probably only effective way to do it these days is networking. What about the career?”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I've done interviews. I remember doing an interview in Australia, and I said, look, I can talk about training, I can talk about this, I can talk about that. But he said, don't ask me, don't ask me what I'm not following. First question, what do you think the Australian stock market's going to do?”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Into existence, a whole bunch of approaches that would have been impossible because of the calculations of Alvigist who intends to do any other way. So you have changed the nature of trading in that sense. I guess there's a lot more strategies. I mean, it used to be much simpler. You got 58 different hedge fund strategies now, all sorts of arcane stuff. So those are some of the changes, but human nature doesn't change, and that's where the similarity markets remains.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, we talked about the floors disappearing, you know, tremendous computers. I mean, the whole, I started out in a day where we didn't even have quilt machine, you know, on desk. We had these giant wall boards where they click, and that was technology, the wall boards, which clicked every time the price changed. Technology has been a tremendous change, and that's brought into...”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So the shackle of the story is an antiotic expedition, bottom line, gets stuck, trapped in the ice. In the middle of ice, there's no, they just have nothing. And by all means, they should have been, yeah, they hunted to some extent, but they couldn't be rescued for years. But I almost don't want to say what happened or what happened with survival. But it's worth reading. Because you don't know. If you don't know, it makes it much more interesting. But as a tale of survival, if it's not the best tale of survival ever written, and human endurance, I mean... Endurance. Endurance. The book is well titled. And there are so many images in there and so many, the story itself is so compelling. It's just a great read.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“He had dozen movies and stuff, I think. Well, there have been. But that first book, I think it was by Lansing, which was written, if I remember, I think it was written 55, but it is the most compelling story. So tell it quickly.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“What other books do you find? Well, I mentioned reminiscence of a stock operator as a grand tradition. Classic Bullton Classic. Beat the dealer, beat the market. My favorite book, my personal favorite book of all time, one of the only books I've read several times is a book called Endurance about Shackleton's Endurance. Endurance. So it was the original book. There have been several books about Shackleton that the Antarctic event. There's a movie.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Full Nassima on it, the And I was very surprised when I saw there were some comments that he was making. I didn't really read the whole thing. Naseem, come back. Unblack”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Talib doesn't suffer. I know the fascinating guy doesn't suffer fools. But that's the same thing. But I think sometimes maybe he may confuse who the fools are, you know.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Noah It he goes And we should tell people for Noah Smith. His blog is called No Opinion. Noah opinion, which is the word.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Fabulous writer. So let me give a dozen here. Noah Smith, who's a economist blogger and Talley by No Hates Him, but Noah Smith is for a guy who writes short, succinct articles on economics that are pertinent. They're just extremely well explained. He's not a liberal. He's not a conservative. That's what I love about him.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Fooled by randomness is Personally, fooled by randomness and Talib would not agree with me because I think he thinks Black Swan is his best book, I think. I'm not sure. But I think fool by randomness is not just because it was the first of those type of books, but it really got all the key lessons. It's so much captured how a lot of what people think is skill is really luck and confused the two and also not appreciate the fact that there are the tail nature of events in the markets. And so those themes really come out very well.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, right. Because I always read Yeah, so it's entertaining you learn stuff, it's insightful, it's creative. Yeah, so an oven author I would put very high up and whose influence I think will stay for a long time is Nassim Taleb. So I guess the black swan is probably his most famous book personally.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think Michael Lewis is one of the great authors of all time. I mean, just tremendously entertaining, but also a brilliant talent. You take a book like The Big Short, and I can appreciate this because I wrote an Entford Market Wizzes, I had to cover some of the same territory, to take the complexity of what went on there and to make it entertaining and understandable is the talent. So anything.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You're not emotional. You don't have bullets whizzing. Or your analogy works. Don't do it in Heat of Combat. Do it when you're planning it.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Perfect analogy. Well, the one thing I would add to that is also that the key about it is that what he's really saying there is do it before you get in because that's when you still have objectivity.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But yeah, in the formative days, well, I would say of all, there are a number of people who made the same point, but as a line that sticks in my mind, maybe the single most important sentence that anybody uttered, you know. Okay, that's something to get people, right? Is Bruce Covernor's line is always know where you're going to get out before you get in.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Pretty A lot of traders who follow him. Yeah. So, Pete, not that I meant to say not that he's a mentor, but he and I are very similar in the type of approach. I mean, we may not look at the chart and get the same opinion sometimes, yes, sometimes no. That's not what we're similar, but it's the same type of thought that, you know, you're only going to win a certain percentage of your time. You always know your risk point is much more important to keep your losses controlled and be unemotional and just use the information. Don't try to make the markets work. Do what you want them to do. Just follow what the markets are telling you. And it's a lot of similar philosophy.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, which is not a. I just ended up not because I learned the basic things from Steve and then from the markets I find everybody, you look at charts, you get your own biases, certain things. I'll mention another fellow who's a close friend, Peter Brandt. Oh, sure. I know Pete. Absolutely. And not that he's a friend. By the way, Peter,”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“My mentors. Yeah, so the one mentor, I really would say have one mentor, and that mentor would be Steve Cronowitz because he's a fellow who taught me classical chart analysis. Yeah, I didn't read actually. I never even read to admit this, but I never read the classical chalk books and everything else. No.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know. I think for some people they learn to use some of those indicators in certain ways that work for them. And so it gives them, there's like much more variety. And insofar as people need to find a way to works for them, it makes it possible to just multiplies tremendously the amount of ways people can trade to market. So I guess in that way it's probably useful. But no matter back then and now, there's only going to be a smaller number of people that will excel in the markets.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm not My approach, and again, I'm not a great trader, but my approach basically is just look at the charts, form an opinion, could be trend following type trade, could be counter trend, but either way it's got some sort of reason off the charts why I'm looking at it that way. And in every case, I'm putting in a stop along of the entry.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“They're just formulations of price. So you're really not getting anything more than price. You're just getting it in a different type of picture. And my analogy for that is it's, you know, you take something like sunglasses. And some people like an amber color better, something like, you know, a bluish color better. You know, it's a personal taste. And some people will work, but one color worked better for some people. One color worked better for other people. It's a matter of personal taste. So in my case, I just like the plain choice, plain vanilla clear.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And the traders are traders who I interviewed who still insist on, you know, it's still insistent to or met on doing it by hand. And as far as I go, for example, I don't use any of the indicators. I just look at charts. I mean, I'm more comfortable with that. And my attitude is All these indicators are just derivatives of price, anyway.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right. That's a type of thing. And I'll give you one example personally. It was a week or two ago. It was long the bonds and the market was going up. And then one morning it gaps into highs. I'm doing great, right? And it's sort of, and then during the day just goes down, starts going down and down and down and down. And I say, hey, that is just not the right type of action. And I had stops in. So if it got close to unchanged, I'd be out. I got out. And yeah, now if Brexit has gone back up again, but it had a good size reaction. And that's a good example of you had a gap breakout. It should have been strong and it failed. It came back into, you know, so that's again, so to me, that's a much better signal than the breakout.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It shows up in the price That's a key thing that the technicals aren't some mysterious thing. They are the reflection of all the participants in the market. So they do reflect fundamentals. Another thing, and this is one of the main things, the complete guide to futures market, one of my main points is, and I go through lots of chart analysis, technical analysis, all that, I say, it's not so much interpreting one of these patterns and it's a lot of subjectivity. What's even more important is when things that should work one way based upon the technical analysis don't work. So what I call a sort of a failed signal is more important than a classical signal.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, so he said, you know, well, he made me understand why these things work. You know, so I came in with a, well, does the how could this stuff work? And to appreciate that it works because it reflects everything going to market. It's reflecting the psychology of what you're seeing. You're seeing fundamentals in the charts. It's just you're seeing them through the price action. And that's what people don't understand. People say, oh, it's Bajambo Jumbo and all that. Well, no, because anything that fundamental people who are moving the markets for fundamentals, they can't hide what they're doing. It shows up in the price.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, so I should. Yeah, absolutely. Steve Kronowitz, and unfortunately, Steve Kronowitz was a very close friend, and he unfortunately died just A couple of months ago, so I was probably the big worst loss I had as a friend in my life.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“When? Yeah, and that's a good way to do it. And you could use fundamentals of that. You can say, you can say, well, yeah, and if you're a good fundamental analyst, you can say, well, this market should go up over time. I want to look for only buy trade. That's a good use of fundamentals. And the way I got into technicals is because I was a research director and one of my analysts was a technical analyst. I didn't do anything. But I noticed that of all the analysts, he was the only one who was doing well, right? And so I didn't want... like to think I was a little bit open-minded. So I said, Steve, you know, tell me what you do. And he started, you know.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I come from what's my education. I've got a degree in economics. So you'd be inclined to look for statistical, that type of analysis approach. But I found that the fundamental analysis was very poorly attuned to trading because fundamentals don't give you timing. And it's worse than actually, I say the only way that fundamentals are useful for timing is to Is in a contrarian way, so in other words, if you have something that's supposed to be bullish for the market and it doesn't cause the market to go up much or as much as you think or cause the market goes down, that might be useful, bearish information, but used as the way it's intended fundamentals do not work for timing because they're just too broad. They're much too broad.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so I did the Marco Wizards, but that book is now getting redone. I have a co-author, Marquette School, who's doing a great job, doing great legwork, getting it updated. And so the updated version, the new version of the Complete Guide of Guide to the Futures of Markets, the Complete Guide to Futures Market, which is fundamentals, technical options, et cetera, et cetera, et cetera, trading, that comes out this fall sometime”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it's not the The book that got me into this whole thing writing was an analytical book called The Complete Guide to the Futures Market, 1984. Which was the catalyst for the Marco Wizza books that book, I thought you had the idea years before, that book did well for an analytical book. I had some publishers say, hey, why don't you do a whole bunch of analytical books? I said, no, thank you. I've done that once.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Harry Marco Polos. Marco Polos, right? I mean, he wrote this great paper. Beautifully, beautiful analysis. And they'd ignore it.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“We had some fun. But, anyway, so he had that side of his life, and then he did all these, he was the creator of so many hedge fund strategies. He's the first guy to do it. And all sorts of things. I can't even think. He was a Madoff. He kind of, he knew Madoff. He figured out what Madoff was up to like a dozen years before. And he investors, because one of his investors said, hey, what do you think of this? He said, give me the trades. And he's a mathematician. Clearly not. He gave him 18 reasons why it was pleased. They get your money out.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Worse than bad. Let's put it this way one of the stories in hedge fund market was it tells about, and this is like out of a movie with his brakes not working, you know, going a downhill on the car. On the car and just throwing the car in reverse and finding out that the car had been tampered with. Really? Yeah. Yeah. So we had the”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Because he has all that elements. He figured out how to beat the casinos at their own game. In fact, they had meetings about what to do about Thorpe, about this math professor. Really?”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Was it an option? He made it. He had the first type option fund. He had the first convertible bond fund. He had the first Stat Op fund. He came up with all of these things on his own. And when before his trading career, then he was doing stuff like he was the first person with an MIT professor, Shannon, who was the father of information theory. They did the first miniature computer. This was back in the 60s. We had IBM mainframes as large as a room to do simple calculations. They created their own little miniature computer and did the studies to use Newtonian physics to beat roulette wheel just to show that it could be done. And they got like a 44% edge on the roulette. And so he did all these amazing things.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“was getting his PhD and was working on his thesis and PhD in physics decided he decided he didn't have enough math knowledge started auditing courses in the graduate math courses ended up with a PhD in math never wrote his thesis so he you know in physics so technically speaking he's not a PhD in physics so he never bought writing the the some some of the stuff he did he actually and he has this amazing track record his first fun 19 years 19 years he only had like two or three losing months in all those 19 years one percent loss was the largest loss 19 compounded but that's a track record he also did stuff like the reason he did so well he he came up with the black a mathematical equivalent formulation of the black shows model about five years before the famous paper that won the Nobel Prize and he didn't publish it because why asked him why because he was too busy”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“He's still around. Now, when I interviewed him, he think he was 2012. I think he was 78 or so or 79. So he's low 80s. Now, this is, you know, he's just an audience. He's a mathematician, PhD mathematician. Actually, the way he became a PhD mathematician, which tells you a lot about the man, is he was doing his PhD. And this is a kid who grew up in a depression In a poor school district with very bad education, taught himself physics at a young age got accepted into top universities in California.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The one trader we didn't talk about who I just think is a phenomenal individual is and probably in some ways of all the great people that I interviewed is probably the most amazing. And that would be Ed Thorpe.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, deep quantitative, really deep quantitative stuff. So people like Simon and Shaw is a similar, you know. Basically, very highly quantitative approaches.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“They were not looking for people like game inventors. They were looking for chess players. They were looking for people who kind of had. Creative and analytical and thing, but they don't want people who actually know anything about market. They don't want to be sullied by the wrong approach.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Primes and Aldu Street Channel was it? Yeah, I think actually it was a Wall Street Journal, right? The Wall Street Journal, they did it two years and they picked about 20 people each time. With no.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“While we're trying for Cedar, except we're not trying to train them or anything, and Dennis and another trader we talked about in Intermission Eckhart, who was his partner, trained this group of traders called the Turtles, and some of them went on to do quite well. And so that's the kind of a famous story. And they put an ad in.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, yeah, I mean, well, there's a group of traders called the Turtles, which where the name comes from the story is that he was in Singapore and he saw a farm where they were raising turtles as Vata turtles.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But it's more fundamental than that, is because the things that really drive the big moves are things that last. So a central bank decides to secular trends. Yeah, they decide, well, we're going to weaken the dollar or strengthen the euro or whatever they're going to do.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“He was a trend follower. And part of it, I think, maybe was like when he operated, when the markets were conducive to that. Now, trend following, we can get into this if you want. I mean, there's a reason why trend following works to some extent all the time, over time. There are elements of...”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source