By Jack D. Schwager
During this sequel to the bestselling industry Wizards, Jack Schwager faucets into the minds of most sensible monetary wizards and divulges the secrets and techniques in their mind-blowing good fortune. Asking the questions that readers with an curiosity or involvement within the monetary markets would like to pose to those monetary superstars, Schwager will get the solutions and stocks their helpful insights. wonderful, informative, and important, the recent marketplace Wizards is a must have for any dealer s bookshelf.
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Additional info for The New Market Wizards: Conversations with America's Top Traders (Wiley Trading)
That's right. There was a bit of activity m the first few weeks the contracts traded, but once the novelty wore off, the market liquidity completely dried up. In an effort to keep the market alive, each day the president of the exchange, Leo Melamed, who had conceived and spear-headed currency futures, would collar traders m the livestock pits once those markets had closed and cajole them into trading in the currency pit. Thus, the currency futures markets were dead all day long, but then there was a small flurry of activity after the livestock markets closed.
As expressed in the interview, he had strong feelings agiuns simultaneously trading personal and company accounts. my potent source of conflict. In our conversation, Lipschutz insisted that the loss was probably coincidental since he was only in the training class and not yet aware of any potential conflict. Despite Lipschutz-s denial. " I wondered whether Lipschutz-s subconscious was perhaps a bit more foresightful than he realized. In any case, the timing of this large loss and its relative uniqueness in Lipschutz-s trading career does seem somewhat ironic.
Another important factor was that the stock market was virtually unchanged from its level twenty years earlier, while inflation had skyrocketed in the interim. Therefore, in real dollar terms, stock prices were extremely low. Also, I liked the fact that most of the experts weren't particularly bullish. One popular analyst at the time whose comments I found particularly amusing was Joe Granville. Each time the market made a new high, he got more bearish than ever-and he was supposed to be a technician!