Don't bother with the ones that try to teach you a system, only bother to read the ones that show you how they managed risk, psychology and what attitude they had. Then go out and figure out a system that works for you. You will start to formulate one after you read these.
- Reminiscence of a stock operator - written 90 years ago but the way he manages risk and psychology and how he reads tape is very relevant today. The tape hasn't changed in 90 years
- Market wizard series - market wizards, the new market wizards, stock market wizards, hedge fund wizards
- Pit Bull - Marty Schwartz
- One Good Trade - Mike Bellafiore
The two highlighted were traders who did far better on their own than they ever did while managing funds. Just sayin....
Those become loaded who charge well for mediocre returns, or use their position to benefit from cronyism far more than they ever could by their trading. (Not referring to the two mentioned previously).
Last edited by Smalltime; August 21st, 2015 at 10:06 PM.
Wow dude you really need to read more books, that last statement is way off track quite an uninformed assumption.
There is at least 10x as many as just them two who were interviewed in market wizards that didn't just charge well for "mediocre returns" - all verified, all with incredible market beating returns by any measure. All of them didn't just become hedge fund managers overnight, they were very successful in their own right with a incredible track records before becoming managers.
Most of them also deliberately kept fund size small so they don't get bogged down by too much money - much to the contrary of what you're saying.
No need to argue, you just need to have read all the market wizard books to know what I'm talking about.
Plus you left out Paul Tudor Jones - he definitely wasn't mediocre.
The ones you are referring to who benefit from alleged cronyism are the ones that are basically just running index funds disguised as active funds with mediocre returns.