Jack Schwager is the managing director and principal of the Fortune Group (alternative asset management) in the US and the UK. He is a board member of Fortune’s research affiliate Global Fund Analysis: one of the top sources for independent hedge fund research. He was director of futures for many of Wall Street’s leading firms for 22 years and ten years as co-principal of a commodity trading firm.
He is famous for writing the Market Wizards series about top traders and investors. Whether or not he’s a good investor himself, is not yet known.
In this article, we look at Schwager’s early life and career, and we end the article with some of his most famous quotes.
Jack Schwager’s early life and career
Jack was born on June 27 of 1948, in Antwerp, Belgium. He earned B.A. in Economics from Brooklyn College and an M.A. in Economics from Brown University.
Jack Schwager worked in the futures market most of his adult life; he excelled in his writing career, in which he wrote extensively on the complexity of futures trading. His first writing was published in Commodities magazine in the ’70s. And in 1984, his book “A Complete Guide to the Futures Market: Technical Analysis, Fundamental Analysis, Trading, Options, and Spreads” was published. It was called an excellent and comprehensive work deserving careful study by Stanley Kroll. Jack would go on to expand and revise the book ten years later.
The book was revised and published in three volumes; Technical Analysis, Fundamental Analysis, and Managed Trading: Myths and Truths. His work received good reviews, with Darrel R.J. of futures saying, “This is just another piece of solid work by Schwager, one of the best minds in the futures industry which continues to produce some of the most useful, most enduring research and insightful writing for this generation of traders”, for the Fundamental Analysis volume.
His Market Wizards series has featured some of the most successful traders in the world. The Stock Market Wizards: an interview with America’s Top Stock Traders, one of his interview books led him to start his fund called the “Market Wizards Funds”. The fund invests in a Hedge Fund owned by some of his interviewees for “The Stock Market Wizards” book. “I’ve come to the point where I’ve decided there are too many people out there who do this a lot better than I do,” he said in an interview published in Sunday Business. “Hence I would rather apply what I do to identifying those people and placing money with them.”
Jack Schwager is co-founder of Fund Seeder: finding undiscovered traders with talent worldwide and connecting them to the source of start-up capital, and a former partner of Fortune Group from 2001-2010. He is an expert widely recognized in the futures and hedge fund industry.
Jacks was inspired by the book “Reminiscence of Stock Trader” by Edwin Lefèvre. “…a book that still rang true as a source of market trading wisdom seventy years after it was written (which is when I read it). The book, which is widely believed to be based on the trading experiences of Jesse Livermore, provides such an authentic representation of the trading experience that many believe that the author’s name is a pseudonym for Livermore…” he added.
He spoke at various seminars around the globe and taught a range of analytical topics, technical analysis, and trading system evaluation.
Jack Schwager quotes
We end the article with some quotes from Jach Schwager:
There are a million ways to make money in the markets. The irony is that they are all very difficult to find.
Actually, the best traders have no ego.
If you don’t stay with your winners, you are not going to be able to pay for the losers.
You can’t win if you have to win.
Examine your motives – always.
Match the trading method to your personality.
It’s absolutely necessary to have an edge.
Being right is more important than being a genius.
Sometimes action is more important than prudence. The markets are an expensive place to look for excitement.
It’s not about being right; it’s about making money.
I figured out that for every dollar I made trading, 30 percent was going to the government, 30 percent was going to support my planes, and 20 percent was going to support my real estate. So I finally decided to sell everything.
– What is Jack Schwager’s role in Fund Seeder, and what is its purpose?
Schwager is the co-founder of Fund Seeder, a platform identifying undiscovered traders worldwide and connecting them to start-up capital sources. He also served as a former partner of Fortune Group from 2001-2010.
– How does Jack Schwager view the diversity of ways to make money in the markets?
Schwager emphasizes that there are a million ways to make money in the markets, but they are all challenging to find. This highlights the complexity and diversity of trading strategies.
– According to Jack Schwager, what is crucial for successful trading?
Schwager suggests that having an edge is absolutely necessary for successful trading. This underlines the importance of a unique advantage or strategy in the competitive financial markets.