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DISCUSSION THREAD: Episode 7 - Jack Schwager

  • NathanEgger
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2 years 5 months ago - 2 years 5 months ago #1 by NathanEgger
We decided to stray ever so slightly from our typical theme and bring Jack Schwager onto the show this week. Jack is a personal hero of mine, and we can safely assume that a lot of our listeners have been influenced by his Market Wizards series of books. Now he has a new project which could change forever the way that capital finds trading talent, with FundSeeder.com.

A lot of you guys may already be making a living trading your own or others' money, but for those of you looking to make the transition from amateur trader to professional money manager, I think you'll find this interview with Jack, his books, and FundSeeder, very valuable indeed.

Jack doesn't give many interviews so when we got the opportunity we jumped at it, but we'd love to hear more from you guys whether this was a worthwhile departure from the norm, or if you'd rather have us stick to the usual subject matter.

Please let us know!
Last edit: 2 years 5 months ago by NathanEgger.
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2 years 5 months ago #2 by Arthur Itarian
Replied by Arthur Itarian on topic DISCUSSION THREAD: Episode 7 - Jack Schwager
I waited a few days before commenting.

I don't consider myself a competent trader, but I was puzzled by the general advice. I came away with the impression that trading doesn't require any special skills -- only discipline and a positive attitude. Schwager seemed to view methodology as incidental -- something you choose to match your personality and make you happy.

But I've always viewed methodology as the critical element. Without a viable methodology, you don't have the math in your favor, and at that point you're just gambling.

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2 years 5 months ago #3 by johnjohn
Replied by johnjohn on topic DISCUSSION THREAD: Episode 7 - Jack Schwager
This was definitely a very interesting and worthwhile show. Hopefully Jack will come back for another interview some time.

And no matter who the guest is, we always get an update from Eric on his current opinion on the markets, which I think is the highlight of all the shows.
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2 years 5 months ago #4 by LDT
Hi, just a quick comment: the 10-year German govt bond, i.e. the Bund, has never traded at a "deeply negative" yield. The yields on the Bobl (5-year) and Schatz (2-year) do trade in negative territory, however the Bund's yield has never been below 0%. The lowest it ever dipped was 0.07% last year, shortly before Bill Gross made that famous call.

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2 years 5 months ago #5 by accelcap
Replied by accelcap on topic DISCUSSION THREAD: Episode 7 - Jack Schwager
Hi Nathan and Erik,

I think you were a little overly cautious when you couched the introduction to the Schwager interview as "straying slightly" from the podcast focus. I thought this was a fantastic interview for a number of reasons. Congratulations.

First, I listen to a fair variety of investing podcasts and I've never heard Schwager interviewed before. All of your prior Macrovoices guests since your launch I have heard before. Therefore I valued this interview a lot for its uniqueness and novelty.

Second, I've read the Schwager books and they're some of the most valued collections in my investment library. These interviews that he's done give deep insight into various traders, not necessarily their methodologies, but more the psychological aspects of being a trader.

In your interview, Schwager mentioned two of his key themes: (i) finding the investment style that works for the individual, and (ii) really knowing your edge as a trader -- like to the point where it's not just aspirational but you can count on it. These are really important themes that are seldom discussed by interviewees. He also mentioned risk management, which is also important and I think under-covered as a topic in general, although these are not uniquely Schwager themes like the other two.

So I think you did your readers a very big service by inviting him on. This is a podcast traders should listen to every so often, just to stay calibrated, and especially if they find they are veering off course.

Thanks so much for inviting him onto the show.

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2 years 5 months ago #6 by NathanEgger
Replied by NathanEgger on topic DISCUSSION THREAD: Episode 7 - Jack Schwager
@accelcap - Super stoked that you enjoyed the Schwager show, and I agree that Jack's insights are timeless. If we continue to get positive feedback from shows like this one, we'll have to consider providing more content of this sort.

Thank you for listening!

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2 years 5 months ago #7 by ErikTownsend
Replied by ErikTownsend on topic DISCUSSION THREAD: Episode 7 - Jack Schwager
@accelcap, we're definitely committed to bringing you more "guests you haven't heard of before". We're also going to work on more topical shows like the Coming Bottom in Oil series we did with Art Berman.

In the case of FundSeeder, it was a little bit of a stretch for us because not only is Jack not one of the "big name talking heads", but the subject was also speciffc to traders who have aspirations of managing other people's money., We knew for sure we wanted Jack on the program to talk about the Market Wizards experience and lessons learned there. The FundSeeder part was a little bit off the beaten path, but Jack is a super guy so we wanted to give it a shot.

All the best,
Erik

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MACRO VOICES is presented for informational and entertainment purposes only. The information presented in MACRO VOICES should NOT be construed as investment advice. Always consult a licensed investment professional before making important investment decisions. The opinions expressed on MACRO VOICES are those of the participants. MACRO VOICES, its producers, and hosts Erik Townsend and Nathan Egger shall NOT be liable for losses resulting from investment decisions based on information or viewpoints presented on MACRO VOICES.

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