A MasterClass from Market Wizards | Jack Schwager
Two Quants and a Financial PlannerAugust 05, 202401:06:32

A MasterClass from Market Wizards | Jack Schwager

In this episode, we dive into lessons long-term investors can learn from our interview with Jack Schwager, author of the Market Wizards series. Drawing on Schwager's insights, we explore ten key takeaways that can benefit long-term investors, including why trading is not for everyone, the importance of learning from failure, and how to pivot strategies when markets change. We discuss Schwager's observations on risk management, the challenges of systematic trading, and the psychological aspects of investing. Throughout the episode, we relate these lessons to our own experiences as investors and financial advisors, offering practical tips for applying this wisdom to your own investment approach.

00:00 - Intro
05:49 - Lesson 1: Don't Be a Trader
7:43 - Lesson 2: A System Doesn't Work Without an Edge
13:27 - Lesson 3: Success Often Requires Failure
19:02 - Lesson 4: Look at Your Portfolio as If You Were Starting Today
28:36 - Lesson 5: Make Minor Tweaks Instead of Big Changes
34:33 - Lesson 6: Stay Patient and Wait for the Right Opportunities
40:37 - Lesson 7: Even Quants Have Problems with Emotion
44:27 - Lesson 8: Be Willing to Pivot Your Strategy
50:52 - Lesson 9: Value Investing is a Risk Management Conundrum
55:05 - Lesson 10: There Is No One Right Approach to Anything

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