Rating: 
Summary: Rare Access to Valuable Information
Review: First of all, as I write this, the cost of the book is $22.40 plus S&H. Many of the other reviews suggest that it fails to provide sufficient value. Apparently I don't understand something. How much is it worth to gain direct access to the intelligence and experience of some of the most successful stock traders?In any event, this is one of three books by Schwager which have been highly praised by others. (I plan to review the other two, Market Wizards and The New Market Wizards, in the near future.) In it, he provides introductory comments on and then interviews of 15 stock market "wizards." For each, he offers clever as well as relevant phrases which differentiate them. For example, for Stuart Walton ("Back from the Abyss"), Mark D. Cook ("Harvesting S&P Profits"), Mark Minervini ("Stock Around the Clock"), and Claudio Guazzoni ("Eliminating the Downside"). Revealingly, although the 15 stock traders have significantly different perspectives on investment and (sometimes reluctantly) divulge different strategies, they seem to share certain common beliefs which Schwager characterizes as "Wizard Lessons." They include: 1. There is no single "truth." 2. Her or his trading style must be appropriate to each trader's personality. 3. Perseverance usually separates "winners" from "losers." 4. Great traders are flexible and resilient. 5. It takes time (probably many years) for a trader to succeed. 6. It is imperative to formulate a trading philosophy which integrates market concepts and trading methods. 7. Every great trader has a specific "edge." (What are your answers to the questions listed on page 301?) 8. Great traders develop and then sustain a high level of self-confidence. 9. Successful trading requires a FULL-TIME commitment. 10. Market "wizards" are bold and innovative but not reckless and impulsive. 11. They are willing to accept a loss while rigorously controlling risk. 12. They may view undervaluation as a necessary condition for purchasing a stock but never as a sufficient condition. 13. Their transactions are guided and informed by a trading model based on catalysts. 14. Market "wizards" pay at least as much attention to "when to get out" as they do to "when to get in" 15. Market "wizards" know themselves (warts and all), work very hard, trust their own judgment, constantly review/evaluate decisions, and are patient. For about the cost of a breakfast at a restaurant in the Wall Street area, Schwager introduces his reader to 15 immensely successful stock traders and then allows the reader to "eavesdrop" on in-depth interviews of them. Schwager also helps his reader to compare and contrast their mindsets, strategies, and convictions. A value-added benefit is the provision an Appendix in which Schwager discusses "Options: Understanding the Basics." For novice investors, this book is an invaluable source of wisdom on HOW NOT TO THINK and WHAT NOT TO DO. I presume to suggest that there is another audience for this book which Schwager may not have had in mind when writing it. I refer to those who are now involved in start-up preparations or who have already launched a new company. Whether or not an IPO is one of their objectives, they can learn a great deal of value from the "Stock Market Wizards" in terms of allocation of resources (especially human capital), "early-warning signs", and crisis management. To them I also highly recommend Rob Ryan's Entrepreneur America.
Rating:
Summary: A traders book
Review: As one of the included "wizards" I suppose my opinion is biased. But know this. It was because of Jack's second book "The New Market Wizards" that I got interested in trading. His newest book is every bit as good. These books are for the trader who wants to get to the next level of success. I was amazed at how much certain traders revealed about how they traded. There's no question that I'll be studying certain subjects that were discussed. All very successful traders have certain things in common and one is they're all very analytical. Jack has an ability to tap into how a person thinks about the markets. I found the book very motivational in that I feel I need to continue to perform at a very high level to justify my inclusion. Readers can see how great traders make decisions and ask themselves if they have the ability to be as decisive and disciplined as the top traders. I read "Stock Market Wizards" from cover to cover and consider all three of Jack's books along with others required reading. I've read his first two at least tree times. If you're a dabbler in the market, don't bother. If you're serious about making trading a living you have to own this work.
Rating: 
Summary: Worthwhile although not as great as first two
Review: While I enjoyed this book and would recommend it to stock market investors, I didn't think it had the same depth and level of insight as Schwager's first two Market Wizards books, which I consider two of the most valuable volumes in my investment library. There were a few interviews that I liked, though, such as the one with Ahmet Okumus, the Turkish immigrant who buys quality stocks he thinks have been punished too much and will eventually turnaround. Furthermore, he sells puts on them when he thinks they're still overvalued for the options income, and if the stock declines to that level, he's actually delighted to have the stock "put" back to him since he really wanted to own the stock at that price anyway. This means he does exhaustive fundamental research and must be very accurate and confident in and of his valuation of the company for this to work, and his historical returns show he can make this work, too, as it significantly added to his overall performance. I thought that was an interesting strategy and an example of someone with a niche that they're able to exploit. I still found most of the other interviews worthwhile, though, and I would recommend this book to stock market investors since there is a lot of good advice about the pitfalls of investing there, too.
Rating:
Summary: Lots of Useful Advice
Review: First a couple of caveats - I have not read Mr. Schwager's other Market Wizards books and I am a professional money manager. That said, I found Mr. Schwager's latest book both entertaining and full of interesting and useful advice and information (I wound up with several pages of notes after reading it). True there is no "magic formula" that is going to turn you into a great trader/investor... but what do you expect for [this amount of money]. The truth is you probably wouldn't get that even if you laid out 20 grand. As several of the traders point out in their interviews, systems lose their effectiveness over time. But any investor/trader would be well served to pay close attention to the rules that Stuart Walton keeps taped to his computer as well as a host of other useful gems tucked throughout the selections. One of my personal favorites is that "there is no such thing as a bad book. Even one sentance has the power to change your life." As a professional, I enjoyed the fact that the traders Mr. Schwager interviewed for this book were not household names. As much as I may admire them, I don't need to read another account of Michael Price, Jimmy Rogers, James Cramer or the other CNBC/lecture circuit regulars. The truth of the matter that being a CONSISTENTLY successful trader is very hard work. While this book will not provide you all the answers, it will give you much to think about and much that can help you in both your investing and your life in general - and that is worth [it] (and then some).
Rating: 
Summary: Alas, it really isn't as good as I and II
Review: I think the first two Market Wizards books are classics, I really like Schwager as a writer, and I really really really wanted this book to be as good. I resisted coming to the same conclusion as the other 2-or-3 star reviewers as long as I could, but you know what? Sadly, they're right. The first Market Wizards book is completely indispensable. The second, it's true, was not as good overall - but half of it was. This book isn't in the same league. The best I can call it is light entertainment, for those of us who find books about the markets entertaining. To Schwager's credit, his writing is consistently clear and readable. (To appreciate this better, take a look at the slapdash Market Wizards knockoff, "The Best: Conversations with Top Traders", which contains a few insights scattered amidst a great deal of repetition and incoherence.) But not only do most of the traders interviewed here not have nearly the track records of the original Market Wizards; they don't seem to have the same substance or depth either. There are no minds here of the calibre of an Ed Seykota or a Jim Rogers, just to name two. (I mean, of course, judging solely by these interviews). Not only that, but several display a distasteful absence of class. (I'm not talking about social class, I'm talking about that elusive quality of graciousness which makes a successful person seem deserving...) Nonetheless, I did enjoy reading several of the interviews, for example those with Fletcher and Galante.
Rating: 
Summary: Not bad, but the previous titles were far superior
Review: The highly anticipated 'update' to the Wizard series. Some problems: - Some of the interviewees weren't really traders!?!??!
- Expected more 'modern' trading info. For example, what about some discussion on how technology enhances or is used by day traders who trade from home on private accounts? Nonetheless a good book: - Great writing style. I just love it. It's easy to read and has great clarity.
- Been waiting for aaaaaaaages for this update, and it hasn't disappointed. Definitely worth reading if you're into the previous 2 wizard books.
Rating:
Summary: Great Book
Review: Some of the traders stories I found boring and a few of them were interesting and useful to me. The most valuable part of the book, however, is not any of the individual traders stories but the "Wizard Lessons" (pgs 293 - 318). This part is actually all the best concepts that Schwager has found from his interviews. These are the concepts that make the most exceptional traders. Just reading this part of the book alone is well worth the cost. I read this part 2 X and will probably read it again in the future.
Rating:
Summary: I thought the original version was great, but...
Review: ...did anyone notice the Michael Lauer disappering act? He was featured in the original version, but not in the current version. It seems that between the time the original version was released and the current version came out he got himself in trouble with the SEC. A search of the web led me to the SEC's web site where it shows that Lauer has been charged with several violations of the law -- basically, it is alleged by the SEC that his hedge funds were scams. Oops. What is a bit disconcerting, though, is that there is no mention of anything related to Lauer in the new version. I'm not sure whose decision that was, but it seems disingenuous. As embarrassing as it may have been to feature an "alleged" crook as a "wizard," there are still lessons to be learned and there should have been some sort of followup -- not just sweeping it under the rug and hope no one notices. I did. Kind of ironic because I found the section on Lauer to be one of the most valuable for me (at the time). That's why I gave it 2 stars. The rest of the book is good, but since he blew his credibility with me I've got to wonder how much of it is real.
Rating:
Summary: Something here to learn
Review: As a neophyte that doesn't have a nickel in the stock market, I read this book with the intent of learning. For that I recommend it highly and believe it is definitely worth the investment of time and money. The downside was that a couple of the interviews were pretty useless for the average person, some of the traders have very complex computer trading systems and some use methods that require millions in capital or extensive understanding of legal aspects and other disqualify (for the average person) criteria. Nobody that is in that league would gain anything from the short interviews here, and the rest of us don't gain much. That being said the rest of the stories were either very encouraging or very helpful or both. Those interviews give a great overview of methodology used by the various traders and at the end of each chapter Schwager gives a recap that I found to be very enlightening. Also at the end of the book he gives a long list he calls "wizard lessons" and these as well are worth the time to go over. The bottom line here is if you are going to put money in the market, this book is certainly one to go over. One important lesson learned by using someone else's mistakes can be a huge windfall. I recently reviewed another good book called "The Honest Thief". The title to that book sounds like an oxymoron, however, this is a perfect example of what an honest thief does: "steal" the knowledge that other traders had to pay real money for. If you bought this book and just read the end of chapter reviews, you'd easily get your money's worth, a strong recommendation for any interested in the stock market.
Rating:
Summary: You should read it.
Review: I gave the original book in this series 5 stars. My trading style is different than any of the interviewees in this book. Therefore most of the information presented did not directly benefit me. I think most readers could get something useful out of this book by concentrating on the portions of the book devoted to risk management. Considering the small cost of the book compared to the potentially huge cost of blowing a single trade, you should own it.
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