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

“So that trade, I think, pretty much wiped that killed his first ventures. But he never again reached that. But what was...”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“There was an overnight move of two hundred and fifty points. I mean, think about that. That's like in that, that's $2,500 per contract. So it was like a $7,000 move roughly, I think it was per contract. And we're talking a guy who's trading like, you know, thousands of contracts. And he couldn't do anything. It was like, oh, it was instantaneous. It just like it was. Gap, you couldn't do anything.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“There's quite a few. I mean, that would certainly be one of them for sure. Yeah. And now Dennis ultimately went on to manage money. That didn't work out so well. He did much better if it was own money. And he started, blew out. In fact, he got stuck in the big thing that hurt Dennis was. And that was also a bit of bad luck, I would say, was the 87 crash. Everybody thinks that the 87 crash, of course, was like the immense decline in the stock market. But what also happened in 87 Crash was this amazing rally in the interest rate markets. And euro dollars, which nowadays, you think of euro dollars, they'll trade a couple, you know, they go five or ten points, right?”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Hi, Richard Dennis started out as a floor trader. He started out on the Mid-America Exchange. Of course, we don't have any floors altogether, but the Mid-America, for people who are unless they're old timers like us, Mid-America's change was an exchange for people, small conqueror, mini-contracts, so people who couldn't afford to trade the regular grain contracts, which weren't that big, really. They would trade them in Mid-America. And that's where he started out. And he started out literally, I think about $200. you know, eventually got it up to a few thousand. But that little stake multiplied ultimately a couple hundred million dollars.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I'm sure it was very helpful. I mean, because when people go to that, and the first thing they see is your review, it's certainly helpful.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And that is reluctant. But the thing is, your review, how Amazon has, if you like a review, was helpful. And so that review, like, I don't know what it was like in 98 out of 99 people found it helpful or something like that. And it shows up as the top reviewed review.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Funseeder.com, you know, just funceder is like one word and what it sounds like. And I have my own site which I didn't do anything with, but if you want to get the books or any other links to any stuff, Jack Schweger.com.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's fair. Yeah, so Stanley Drackemiller, again, won the incredible traders of all time. I think people don't know how great he was. I mean, first of all, he ran his own Duquesne Fund for close to 40 years and probably averaged around 30% compounded, trading billions of dollars. People also, unless they read my book, would not necessarily know that Drucken Miller ran the sources quantum fund for a long period when Sorus was in Eastern Europe kind of doing other stuff that he was interested in doing. And so really an extraordinary trader.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And he only had, I think, two or three losing months in the entire period, and I think his worst losing month is like a 3% loss. And he went out and it was two. And he went out of his way to tell me that those were the months his kids were born, so he had distractions.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Schwartz was very intense. Schwartz was a very intense guy. Schwartz, by the way, also had this when I, and people, these people can't keep up records like this, but Schwartz, like a 10-year record, Wuchi had audited, this is one of the times, he was very proudly showing me his order record.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, no, and this is back in the we did this in the 80s. Of course, they had TVs and stuff, but it wasn't as prevalent to have the big screens and all that.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And he said, he said, Having a quote machine on your desk is like having a slot machine on your desk. You end up feeding a quarters all day. So his idea was he fixes trades. He did it systematically. He put them in. He doesn't want to watch. He doesn't want to be enticed by the market to do stuff that's outside of what the approach is.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So Sakota is a very odd character, very kind of galactic, if you could use that as a colorful he'd like to free. He'd have a phrase for everything. I noticed like I was there and I said, you know, hey, I notice you don't have a quote machine on your desk.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Bruce Cobner Caxton, you know, again, one of the greatest traders of modern times. He and so just to give you an idea. So somebody like Marcus is telling you about the best trader he knows. That means something. That's real. That's real. And what was it like?”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“He thought it's a Sakota. So I know Sakota's the real thing because I know this guy, I work to come out of his corp. I know he's real. I know he did this amazing. And Michael Marcus, not only that, Michael Marcus hired Covener and was Covener worked with, you know, that was Marcus's protege. Covenant had his own style. Now, which covenant?”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That strong praise from him. Not half bad. Oh, really? He was the one who said, Then you two interview, you shouldn't view Sakota because Sakota is the best trader I know.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And he pushes back the chair and he says, you know, this wasn't half bad. This was kind of a cathodic experience. I kind of find it much better.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it's recording it. Yeah, oh, yeah, yeah, or everything. I had two recorders. I didn't take any chances. And anyway, at the end of dinner, which cooked by his in-house chef.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“This was all futures, and this was in the 70s and early 80s, and these markets were just, but he knew how to, he just knew how to exploit that type of market. And so he built a fortune in that period. But when I interviewed him, he said, you know, he should speak. And he didn't want to do the interview because he's a very, very private person. He's never done another interview as far as I know. Really? Yeah. Nobody would have known who he is. He's very shy, very quiet, very photos. Yeah, doesn't give any talks, doesn't, yeah. I don't think you'll find a photo of him. So that's Michael Marcus, and he agreed reluctantly, and only through the intervention of a mutual friend to do the interview. And I flew out to Malibu to interview him, spent a day, spent two days at his house, and the day we did the full interviews all over on the beach and walking and sitting and whatever.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, Michael Mark said triple digit returns for he might have had a quadruple digit. I mean, he had just astounding, he did astounding.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so here's the thing with Sakota. And this is the thing. I try to verify people as much as I can in any ways you can. But sometimes you're dealing with people that are just private, not managing other people's money, that you're lucky to get them to interview. Now, Sakota, his name came up because I didn't know who he was. I had interviewed Michael Marcus, who I knew personally. You mentioned Marcus. And just so people have context, Michael, we're talking about a guy that commodity scorp, which used to be a different type of firm, but they were like a prop trading firm of futures traders. They gave Michael a $30,000 account and about a dozen years later that account was worth $80 million. And that was with them taking out like 20% a year for expenses. Wow. Just the enormity of that track. He had a string of years. Mindful market.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I guess I didn't think that far. Like I say, the fact that the original market wizards now is going on, I don't know, 20th anniversary. Well, it was past 25th. So two years, will it be 28 now, like 28 years since I wrote it. So that really was like the goal I was trying to reach. Am I surprised? I don't know. Maybe I didn't realize how difficult that should be, but it was what I was trying to achieve.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Paul knows he's dead in the water, and he really almost completely wiped out in that trade. But stories like that couldn't happen anymore because the floors don't exist anymore. So those things change. But the realities and what makes trading successful and not successful, those things haven't”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, the world of marks have changed. For one thing, I had people who had floor trading experience and some of the most colorful stories in Market Wizards come, you know, like Paul Tudor Jones with the trade that almost blew him out of the business, you know, where he puts on a trade way too large and it's in a cotton pit and the broker who almost kills himself trying to get to hit the opposite side of the order is the broker for the merchant that owns all the deliverable supply.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, they only didn't put words in there. Well, they never even knew I changed. I mean, they added things. What I was trying to do was get as close to what they were trying to say in a most readable form, throwing out the stuff that didn't have anything to say and that was boring and keeping the best parts and reshuffling it so it flowed so you don't discuss the same thing in 18 different spots but it was all It was a combination of trying to be as true as possible to what they were communicating while making it as readable as possible. So trying to really serve both purposes and that was that was what I was trying to do and nobody ever thought that I had changed I don't think they ever realized that they”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It would sound illiterate, confusing, boring. So my goal, and a journalist, I guess a journalist's goal is to be exactly word for word accurate. My goal was to be as accurate to the truth that I could. So if a trader was like going somewhere, didn't finish the point, I knew what he was going to make the point, I would finish the point. But of course the traders, I get let the traders read the end of product. And they always”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I thought, well, yeah, and Toy, the editing part is interesting, and you maybe appreciate it. People sometimes think, you know, one comment I get is, boy, you know, you're a great interview, you know, you're a great interviewer, you know, you really ask great questions. And I say, no, I'm not a great interviewer. What I am is I'm a really great editor because I got like, you know, I have like 10 or 20 times the material I actually use for the book. And not only that. A lot of times you have these, as you know, you get conversations, people go off on tangents, and it works well in this type of format, right? It's okay. You don't notice it because that's the way we speak. But in a written format, if you, if I did verbatim of what everybody said, child.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The books became, yes, yes, and but it always sounds a little bit, I don't know, conceited. I did when I wrote the book, and I mentioned reminiscence of a stock operator originally, right? I did have a goal of doing a modern day version, although my format's totally different, but the thing I had in mind is I was reading reminiscences, which I thought was the best book on trading that I ever read. I was reading it 65 years after its publication. And it was still totally relevant, even though the market still today. It is today, too, right? So my goal was to do a book that hopefully in 65 years from then, you know, people would still be reading because it's still totally relevant. So that was my goal. The fact that it, yeah.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So let's take the flip side of this. What is fun season? Okay, so we can't do any investment on that for compliance reasons, all that. So we have a separate company called Fun Cedar Investments, which will use the database created on Fund Cedar Technologies, which is the FunSeder.com site is FunCedar Technologies, and we'll find by ranking, by searching, we got search filters and all that, we'll find the best traders. Those traders that we believe have potential, we may have investors who are looking for certain types of traders. We can play the introductory role or one of our plans is hopefully by next year we'll have an emerging manager fund. And so we'll take a bunch of these guys and gals and put them into one fund and also create a fund. And this is important. Our plan right now is to create a fund that also is much fairer to investors because you being part of this industry, no.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's what they get, and then they can do all sorts of analytics they can create. Underwater curves, all sorts of stats, all sorts of studies like what happens, like you could apply moving averages across a moving average to your equity curve and say, what would have happened if every time the 10 and 40 moving average crossed down, I stopped trading and I didn't start until it crossed up. Questions like that. So that stuff is there and it's free.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, but if it were drawdowns, when are you starting to deviate from your normal pattern? What does it look like over time? What are the, we have all sorts of analytics on that, but just to start with the basic equity curve, just to be able to see how your equity is fluctuating over time itself is a really good important thing to have.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“No, no. So your equity day by day, you know, think simply sign off $100,000, you make $5,000, you got $105,000, you lose seven, you got 98. That track record over time, what does it look like? Hopefully up.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, yeah, what Frontseeda Technology, the main technology there is it's a platform for traders. Traders, first of all, it's the link, you know, traders can get their track records linked through the broker and get them verified daily record. But then it does nice, neat stuff, which like ISATE would love to see a daily equity curve. It's something very difficult to get. I don't know if any brokers that have daily equity curves.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah And we're trying to swim in the other direction. Our thought is there's a lot of talent out there that just has no way of getting found. If we provide a venue where they can be found, discovered, then we can utilize that database to either introduce them to investors.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“They wouldn't. I mean, they wouldn't. And that's why, I mean, I think what is like something like 680 plus billion dollar funds control sort of 88% of the numbers like 88%. I just saw that data not too long ago. It's a very fat-headed long-tail distribution. Yeah, I mean, it's just super, super, and it gets more and more concentrated seams over the years. So we live in a world where big money, all the institutional money goes to the same big traders and everybody else is sort of left out of it. Right.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, or actually, depending on what broker could be their entire performance. But it's not meant to be a replacement for the audit, but it is meant as getting real numbers we believe are probably quite true.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. Yeah, you got people that say you got a mathematician in Eastern Europe, let's say, right? Comes up with a great algorithm making money in the markets. Doesn't have much money to trade. Nobody will discover them. Nobody will speak to him. So our idea was create a central spot on the web where traders could go get their track records verified on daily data. And by verified, verified by, because the track records and numbers come not from the traders, but they come directly by linking their account from their custodians. From the broker. So we're getting down.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. So the concept of fun cedar is globally now, not just the US or industrialized nations. There are just who knows how many hundreds of thousands or millions of traders. Now, most of them are not going to be any good, but you only need a tiny fraction of 1% that are good, and that's a realistic expectation. But they'll never they'll never be discovered, they might be in countries where there's no real place. No institutions.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It should make any difference because I'll have good luck too. Just the bad ones you really noticed, the good ones you figure on, the bad ones are bad luck, right? So that's it.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I put a stop out right. Exactly. And so my order rests there, and I have a stop that rests there. So one morning I wake up and I look at the trades and boy, I'm in and out of the cocoa trade. And this was the one day was like bizarre. It was the market that they didn't even know if there was any news, but it traded like about 20 times the range it normally trades. And I remember that one day, and it spiked down in one minute. I don't even know if there was any news. It spiked down a few hundred points in one minute. So here I get in, which would have been, I think, a great entry. But then within one minute's time, within seconds, it like ticks down sort of like three, you know, I had two stops. One, you know, one is at like right almost at a low, one ten, but like a second apart or whatever. And then it goes right back up again. So sure, you could say that's bad luck. And maybe, you know, that trade, I think, was bad luck, but that doesn't make a difference. The point is over time.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And the bad luck comes into it all the time. I can't tell you how many times I get the one for last week. It was like a cocoa trade. And I kind of picked my, and one of my types of trades is that I like to buy markets counter trend at spots where I think that they'll be sold out or bought out or whatever.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Gonna blow. Anybody, and that's when I talk about traits. I mean, any decent trader will admit that it's his, you know, or her fault. Who pulled the truck?”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And you look at his record, you could cut his record in half, and you still have one of the best records of all time. So, you know, so what if a few trades, it doesn't make”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, well, that's the question, right? Right. But even if you want it, what I'm saying is even if people want to say, hey, these people work for him, he would have known. But this is a guy who does like God, 30,000 trades a year. Who knows what”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, regardless of my thing about CBON, I don't know anything more than anybody else knows. I read in the press and all of that. I know if there was anything really obvious, they would certainly have loved to nail him and they never did. But if people want to argue that he made insider trades, I don't know. I don't know. The question with him was.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“No, the book is out. The book is out. And some of the guys, you know, there are some famous people in there like Dee Shaw and sure.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Had the control, you know, who would do okay in a bear market and would survive. But it turned out that, yes, some of them did, but quite a few didn't. And so we never saw.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So that's the only proof. You can't tell if anybody is good or not without really seeing them through a bare face. And actually just to criticize myself here, there was one, I have a fourth market with a book called Stock Market Wizards, which I wrote right at the turn of late 99. So really at the end of the bull market. To make the book different from the other market was the books I took the theme just stock markets. I was interviewing only stock traders. So by definition, when I was doing the book, I was doing a book of only stock traders right after a long, long, the bull market was just the 90s. 82, 82, right? We both know that. But I tried, I thought I was taking people who, you know, also.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it's fine, but if you've only been on one side in your trading, you know, people saw trading, they saw trading, how many people thought they were geniuses, they saw the trading in the 1990s, right? And they continue trading through 2000 and 2001, thinking it was going to be the same thing. And so, yeah, they may have doubled their money, tripled their money, but then 190% drawdown takes care of all of that.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and so if you're kind of almost most years year in, year out, you're kind of that profitable. You never put your account into real danger by allowing a deep drawdown. And so if you're doing that, that's probably skill then because luck alone, unless, I should make a proviso, you can have bull markets go on for multiple years. So if your approach is just to just go long and stay long and you're making, you're doing well and it's in a bull market, all you can assume is you've been long during a bull market. You have no idea what's going to happen when you have a bear market.”
2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source