YouSaid · the spoken record

Jack Schwager

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123
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2016-07-22
most recent
2016-07-22
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1
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  1. “Right. You can never identify any particular group of trades, whether you're just lucky or skillful. And there's always luck involved. But luck, the longer you go, the less luck will win out.”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “And similarly to stay with a position, the famous line from Reminiscences of a stock operator, which I like to paraphrase, but I think it was might be the exact quote. He said, and for those listeners who don't know the book, it's a book. Edward Lefarre's book about Jesse Livermore has never identified everybody. Everybody knows it's Livermore, and where the protagonist says, talking about what a success was due to, he says it was never my thinking that made the money. It was my sitting. Got that my sitting. So he said, hey, I'm not so smart. It's just I was able to stay and stay and stay with a position I was working out. So that all speaks to patients, and it's a trait that my wife was listening to this recording in the next room, and I probably would nod her head when I say you don't want to be with me in the same car during a traffic jam. I am not a patient person.”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Yeah, well, actually, most people's are, and I'm no exception. In fact, some of the traits that are important for good trading, which somebody you asked before, one that comes up all the time is patience. Somebody like Jim Rogers has a great line. He says, I don't do anything until there's money lying in a corner of the floor and all I have to do is go and pick it up. So patients just to wait for something like a real setup, a real fat pitch.”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “As to a profession where you can actually earn a living, extremely difficult, and I don't think most people are cut out for it. In fact, I don't think I'm cut out for it. Oh, really? I know. I've never wanted to, if I were really good, then I maybe would have entertained the idea of being a full-time trader, but I never was good enough. Being good enough to be net profitable in the markets is very, very different from being good enough to your living coming from that. You're paying for your expenses. So I never had that particular confidence that I was good enough. And the only reason I'm even profitable as a trader is just because I've just spoken to so many people and I've had so much experience. I actually, my natural instincts are pretty poorly attuned for trading.”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “That's how I started writing. I started writing a column that came. So, two years I had a little bit of a reputation. I went, I stuck my head out instantaneously, got a job as a research director, triple that salary. So I left at that. So I didn't stay at Reynolds too long.”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “UBS, or who did it? I don't know where they ultimately ended up. I didn't stay. I stayed for two years. I started out making $2,000 less than my secretary, who I shared with the research director and was doing, I and enough analyst were doing really almost all the work. And then after two years, I just stuck, and I was writing for the predecessor, now it's called modern trading, and then before that was called Futures, and before that, it was originally called Commodities Magazine”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Well, this was a firm called at the time. It was called the Reynolds Securities, which then merged into Deanwitter Reynolds and went into multiple. I don't need to...”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “And he ultimately became an incredible trader. We can talk more about him later if you want. But he and I met as he was leaving and I was going in. And sort of he still was in New York for a while and we would get together for lunch. What firm was this?”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “And I'm expecting to meet with this group at a quarterly meeting or whatever. And I walk in and there's like this huge auditorium and there's like a display in the front. And they have her on a film of, I think it was Sebastian Cabot, telling how great this product. And then they have a guy who some sort of chemist who fell off a roof, supposedly, and while he was in the hospital, was thinking how he can make his life, his wife's job easier. And sort of came up with this miracle cleaning product. And anyway, and then they have a guy come out and tell you how he drives a Porsche and makes how you can make $10,000 in your spare time. Really, literally, this was it. So I went to one of these, obviously, and then any calls I got thereafter, but there was one legitimate call. And that legitimate call, as fate would have it, was a research analyst position that was being vacated by Michael Marcus. Michael Marcus, who ultimately, who was leaving to become a trader.”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “They want you to exactly they want you to buy. It was like these chain sell. They'll sell you $2,000 worth of soap bubbles and you go find other people to sell it, that type of thing. I went to one of these thinking I was going to a meeting of the company that it was a manager. I said, well, I asked Stefan on the phone. This is not a sale. We have sales, but this is.”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Yeah, his job seeker. So, like, I think it cost me like $14 or $15. I put a two-line ad in on something along the line, masters in economics, minor in math, looking for an analytical job. Pretty much that's all, you know. That was it.”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Oh, purely accidentally, I graduated from an Ivory League school. Where'd you go to school? Brown. I went to Brown with a master's in economics and I kind of expected sort of day after graduation and I'd sort of stick my head out.”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Unless you randomly follow the headline of the news and chase everything. Those people don't stay in business very well, do they? Or this is actually going, my example was just the opposite, sort of like you're going to try to pick the bottom, you're going to try to catch the falling knife, so to speak. And some people could, that could be, that could be in a strategy. In fact, catching a falling knife, I've interviewed traders who do trade like that. But you have to have, but then you know where you're getting out. You think it's going to hold here. And if it doesn't, you're out. But just to blindly take a trade that's not part of your approach, that's where that would be breaking discipline. Or more important even, more important is not getting in. And I know I'm sort of preaching to the choir when I talk to you, but you know all this stuff. And I know you've got the exact same view. Getting in is the least important part. Getting out is what you got to worry about. And that's what people don't worry about.”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Every cycle, it's just a question of probabilities, but if you've got an approach that over time probabilities are in your favor and you make more money than you lose and you keep control, if you've got that approach and you've got rules or trades that you do and you're losing some of them, that's fine because you're going to lose on a certain percentage. But when you do stuff that is counter to what you're supposed to do, like this is how I get into a trade, then you look at the market. Gee, you know, let's take it. We got Brexit going on here and you got this market crashing. Boy, this must be really oversold. It's not really part of my trade, but I'll take a flyer. The pound's down, 18 cents, you know. That's probably good for a balance. I'll buy it. Those type of trades. So that's breaking discipline. That's not part of your plan. That's not part of your approach.”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “And those two are not separate. Yeah, but they mean primarily, I've got a methodology and I'm not going to stray from it. And I know you're a trader and I'm a trader. But anybody's traded knows this, that if you got an approach that sort of works, and to be clear, no approach works any great amount of time. Right. Everything falls.”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “One question I asked did ask everybody, or just about is what separates you, you know, what differentiates you? Why are you different? And discipline was the single most answered. That was the response. That was the most common answer to that question was discipline.”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “What was the When I asked that question to a lot, you know, some questions I ask, I tried to do the interviews and conversational format, you know, much like you do, right? We'll discuss you are the inspiration for the show. That's absolutely true. And, you know, don't start. I would have like questions sort of back up, you know, but I'd like talk and talk. And sometimes I go on two days of conversation sometimes. And only at the end would I look did I miss anything? Usually we picked up everything.”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “That's right. What trader should I follow? Or who's the best trader? And to me, that question has no answer. And the question actually makes no sense. It makes no more sense than somebody calling me and asking me, I've got to go buy a suit. What size should I get? And I've never seen the person. I mean, it's as relevant a question as that. These people found what worked for them. And it was always different.”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “Okay, sure. In a few minutes. So as far as the lessons, there are tons of them, and I'm probably in the later books when I did summaries. I might have had like 40 points, 40 points. And if you had all the books, all the common denominators, I wouldn't be surprised if it got close to 100. So it's kind of hard to just say which ones. The fact that they were radically different from each other was maybe one of the most important common denominators because what it spoke to is they each found their own way. I can't tell you how many times people, you know, will ask me or write me, what traders should.”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “Just off the charts. Yeah, and some of them just extraordinary. And the people I've interviewed included sort of the most famous traitors of my go into this.”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “Again. Right. And that was what I was trying to do. I was trying what is a secret sauce? What separates this group of extremely successful Uber success?”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “About Implied in parentheses not to count the bootleg versions. I would guess between all, you know, all the books I've written globally, I'd say probably a couple of million were sold”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “I mean, printings. Keep it. Well, first of all, it's been translated in so many languages. I mean, weird language. I mean, languages I wouldn't only expect, like Turkish and Croatian and Vietnamese and whatever, you know. And you have no idea. They sell these books. They make a contract and you have no idea what it sells overseas. And China is like, there's two official language versions, not to count the bootleg versions.”

    2016-07-22 · Masters in Business · Interview With Jack Schwager: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source