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: Good, but not as good as the first two
Review: Again, Schwager delivers an interesting collection of insights from successful managers. However, in this installment, one has to wonder how much of these managers' success was determined by the "print-money" era of the Nineties.
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: 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: The value of the book depends on what you are looking for
Review: I liked the book. If your goal is to glean additional nuggets of information that can improve your investing or trading, then you will likely find it interesting as well. The cover price + my time vs. the benefit works out favorably, despite valuing my time highly. Few books containing information on market participants will give you real information - if someone's successful there is simply no motivation to allow people a full understanding of everything you do. The book reads similar to marketing interviews, and experienced market participants should be able to read between the lines and understand much of what is being done. This may not have been as informative as MW & NMW, but look at the other available sources information... There's not a lot of information. You rarely see interviews with successful traders because they don't need the capital.
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: 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: Its an upward trend book; complete with corrections
Review: Strange that Schwager starts out by not planning enough time for airpot delays, thinking wife ''irrational''; but he does wise up . This review is years later than most but some of this still proves true
Lives its subtitle of interviews with top traders of stocks;
shopped for a good price on new book so Schwager would get another well deserved book royalty.
Especially liked pattern fragments of John Bender, Mark Cook;
and Mike Masters ''write down what you learned'' & interesting average holding [or trading] time he mentioned .
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: Best All-Around Book on Trading
Review: This is the best book on equities trading that I've seen. It is appropriate for people at all levels, from beginners to seasoned professionals. In my opinion, not only is it better written than Jack Shwager's other books, but it is also far more helpful, especially for those primarily interested in the equities markets, although his other books may be better suited for futures traders. Even to a greater extent than Shwager's other market wizard books, this book provides a great deal of insight into the thought processes of successful traders, and an understanding of what gives them an edge. The interviews with Michael Lauer and Ahmet Okumus provide tremendous insights into certain factors critical to successful value investing, while those with Stuart Walton and Mark Minervini provide incredible glimpses of how to prosper in growth investing. Complementing these approaches is that of Dana Galante, who, incredibly, had stellar results during a bull market operating exclusively on the short side! All of the interviews in this book penetrate to the very depths of some extremely important topics, including stock market strategy, portfolio management, risk management, and how to determine the future prices of stocks. To provide an important example regarding this last topic, specifics are provided as to how to anticipate a catalyst that would be likely to cause a stock to turn around. In fact, what this book has to say about market catalysts is one of its srongest features. This is particularly true of the interviews with Stuart Walton, Michael Lauer, Dana Galante, Mark D. Cook, Micahel Masters, and John Bender. I did not see this crucial emphasis in the earlier market wizard books, nor have I seen it emphasized in most other books on trading. In the interview with Dana Galante, for example, it is mentioned that in order to find appropriate candidates for shorting, one must do more than simply find growth companies that are overvalued or that have high receivables, or that have a change in accountants or a high turnover in CFOs. These things in themselves are not enough. There must also be a catalyst that will reverse the direction of the stock's price. In the interview, specific pointers are provided as to how to anticipate such a catalyst. For example, Galante looks for companies with slowing revenue growth which have kept their earnings looking good by cutting expenses, since, in such a situation, "usually, it's only a matter of time before their earnings growth slows as well." Another thing that Galante looks for is a company that is doing well, "but has a competitor creeping up that no one is paying attention to." The other interviews also provide many specifics as to how to spot reversals in a trend. For example, Stuart Walton pointed out in his interview that one key to spotting an impending reversal would be a situation in which the market is not responding to data correctly. At one point he says of this, "If there is additional bearish news and the market doesn't go down, then I really go nuts." In other words, if strongly bearish news that is unexpected is still not sufficient to cause the market to go down, then the market is obviously incredibly robust, showing signs of a strong bias toward the upside. I really haven't see too many other books on trading containing such a wealth of shared experience of veteran equities traders. While the development of good trading skills inevitably takes a great deal of time, it would seem to me that the amount of time that it takes can be reduced significantly by studying this book and acting according to its principles, intelligently applied.
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