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Today, we welcome legendary author Jack Schwager onto the show to discuss his new book \\u2018Unknown Market Wizards\\u2019 and a range of topics such as: what timeframe makes the most successful trader, how the best traders seem to have uncorrelated returns to the overall stock market, why elite traders can often have terrible starts to their careers, how embracing risk management can take returns to a much higher level, what investors should look for in a money manger, mean-reversion versus momentum trading, and a lot more.

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Episode TimeStamps:

00:00 \\u2013 Intro

01:27 \\u2013 Macro recap from Niels

02:17 \\u2013 Weekly review of performance

05:01 \\u2013 Niels: Where do systematic traders tend to rank in your book, compared to discretionary traders?  What is the minimum length of track record you looked at, to be considered for inclusion in your book?

10:50 \\u2013 Moritz:  To what extent did mean reversion traders feature in your book, versus momentum-orientated traders?

16:47 \\u2013 Niels: How much do you think luck played a part in the results of the traders in your new book?

23:01 \\u2013 Moritz: When you were interviewing the traders in your book, did you, at any time, get the feeling that there were tailwinds, outside of their control, that helped their strategies?

27:41 \\u2013 Niels: Some of the traders in your book blew up their accounts a few times, so can they still be called \\u2018wizards\\u2019 of the market?

34:37 \\u2013 Moritz: There seems to be opposing views on diversification in your book. What are your thoughts on this?

39:07 \\u2013 Niels: How do you think about the slight contradiction of discretionary traders being...'