Unknown Market Wizards - Jack Schwager - The Worlds Greatest Unknown Traders

Market Wizards - Jack Schwager on the worlds greatest unknown traders.
An interview with Jack Schwager, the author of The Market Wizards series of books, on his new book, Unknown Market Wizards. Jack has been involved in financial markets for over 45 years, he worked as a market analyst, a trader, managed institutional portfolios of managed accounts, and has written extensively on the futures industry. He is most famous for his Market Wizards series of books, interviews with great traders in all financial markets. He has just released the newest installment of that series Unknown Market Wizards, which I reviewed in my Top Ten Books for Traders list earlier this week.
Schwager has interviewed Bruce Kovner, David Shaw, Paul Tudor Jones, Ed Seykota, Michael Steinhardt, William O’Neill, William Eckhardt, Monroe Trout, Stanley Druckenmiller, Mark Ritchie, Blair Hull, Larry Hite, Jim Rogers, Edward Thorp, Richard Dennis, and many more of the worlds most famous and highest returning traders.
Patrick Boyle asks Jack about the characteristics these great traders have in common, what it takes to be a great trader, and what kind of returns do market wizards make in the long run. They discuss the efficient markets hypothesis, risk management, and how markets change over time.
Unknown Market Wizards by Jack Schwager: amzn.to/3om6SHJ
Jack Schwager Author Page on Amazon: amzn.to/3mBTq1L
Jack's Website: jackschwager.com/
Patrick's Books:
Statistics for the Trading Floor: amzn.to/3eerLA0
Derivatives for the Trading Floor: amzn.to/3cjsyPF
Corporate Finance: amzn.to/3fn3rvC
Visit our website: www.onfinance.org
Follow Patrick on Twitter Here: / patrickeboyle
Patreon Page: / patrickboyleonfinance

[@PBoyle]

Thanks to our growing list of Patreon Sponsors and Channel Members for supporting the channel. www.patreon.com/PatrickBoyleOnFinance Carl Wells, Simon Pena, Bob Slartabartfast, A Smith, Camil Dbouk, Ed, Devon Young, Pavle Obradovic, Erik Van Ekelenburg, Moe Amrane, David O'Connor, Christian Richards, Zak Patterson, Ki Ryu Chan, Pjotr Bekkering, Drew, Ivaylo Kunev, Alex, Robert W Proudfoot, EatEmAll, Michael Boensel, Adrian Phang, pooh shmoo, Ron Hughes, Robert Muller, Andre Michel, Ivan Iliev, Gopaljee Atulya, Milan Tomic, Mark Hooker, Artem Vasenin, P H, Mathews Sebonego, Sebastian, Michal Lacko, Erik Montesinos, Matthew Loos, Az Indragiri, Robert Proudfoot, SK, Aman Bali, Lautaro Parada, Pratap, Deborah Joseph, Robin Sung, Kurt Johnston, Kaushik Vankadkar, Cyrus Yari, Robert Feiler, Carl Wells, Soy Boomer Doomer Low IQ, Ian Tracey, John Cadena, Augusto Ramos and Alexander EF

[@LiquidityThieves]

Patrick, this isn't related to the video but was hoping to ask you about charts. Is there any stats regarding the validity of tech analysis and momentum? Can you trade successfully with tech analysis?

[@kylejf9059]

@@LiquidityThieves seems to be you can trade off a heck of a lot of "different systems" as long as they fit who you are. Read the "Unknown Market Wizards" - I'd always believed that to be the case but they entirely cement it. There's one guy who trades (traded?) off "social media trends" so to speak that uses neither TA nor fundamentals. He just believed in it, it fitted his personality.

[@edwardwilliamsams6589]

Nasim Talab also uses the CUBA asset story.

[@LiquidityThieves]

patrick? do you reply to any of your comments? Id love to hear your input!!!!

[@DataLog]

@@LiquidityThieves They are self fulfilling prophecy. They work sometimes, because everyone is looking for the same patterns, and act the same whrn they see them. It's not long term viable, because it would require you to have an edge on when to enter and exit the position, while you are using the same instruments as other and act the same way as everyone else. A simple AI will beat 90% of you in the market on every such short term trade, and they are doing it everywhere.

[@Heavy_Distortion]

Excellent episode. Patrick thank you for not interrupting like too many hosts.

[@Beartrap208]

Best KZbin channel for investing and financial information, BY FAR!

[@djpuplex]

Would love to see a round table hosted by Schwager with Dalio, Talib, Marks, Ackman and Buffet.

[@chrisE815]

Easy peasy. I'll send out the meeting invite tonight.

[@4txx]

Wait, is he telling me 1 hour per week is not enough to achieve 100% return a year?

[@akapoka8732]

I love this channel. Everything about it. Seriously, I don’t know if running this channel is technically “worth your while” at this point but your work is miles superior to some who are paid big bucks to interview.

[@johnanon658]

What a wonderful thing to get jack on

[@khoatran415]

What an amazing channel. Keep up the great work. Insightful content without the trying to sell you something.

[@kylejf9059]

Thoroughly enjoyed that interview, watched it with my coffee (s) this morning, thank you! Perhaps you should do something similar wih traders every once in a while. Or how how about this, get Jack to interview YOU for the channel... Patrick Boyle featuring Jack Schwager on Patrick Boyle.

[@benjamintreitz1647]

I think Shiller is right when he says that the EMH is a 'half-truth'. I also think Cochrane tries to salvage the rest of the EMH's merits by saying it's merely a framework to organize empirical work. Brunnermeier also states the empirical content of the EMH is poor and that it merely 'holds ex-post by definition'. Fama himself makes the point against 'bubbles' (as if they were the only argued violation of the EMH) that they cannot be demonstrated to persist bc nobody can tell when they are going to burst. This like saying the theory of gravity cannot be true because it cannot tell me when exactly the apple will fall from the tree". EMH stems from a time when computing power expensive and it was difficult to handle large datasets, which did not even exist back then. Hence, theories were rough shots at best. Ample data are ubiquitous today. EMH does not tell you how exactly information about markets is processed, just that it magically somehow happens instantly. At the very least, EMH proponents should develop EMH further and test it with novel data sets (like fund-flows after news announcements, HF order flows, etc). Machine Learning methods also cannot fully solve the disaster that is cross-sectional asset pricing commonly used to test market efficiency. I would agree if EMH were to be modified to "on average (over time), returns are related to (multiple) sources of risk. It is possible to earn excess returns consistently if and only if you understand and manage risk sources you are an expert in". I think it is plausible to argue that markets are efficient in that sense, but not in the original Fama-sense. Just because proponents of the EMH refuse to accept the empirical evidence EMH's critics, does not make it correct. EMH is not true because somebody failed to disprove it according to some arbitrary technical standard.

[@Shreendg]

There's a rather long list of anomalies to the EMH that's statistically significant. I mean, "markets are efficient except for these 25 things" doesn't exactly sound very efficient to me.

Amazing Interview! Will recommend for sure. Thanks for the upload!

[@davieboi649]

i will share that i turned 150 000 dollars into 380 000 dollars in 2016ish 2017ish i then turned that 380 000 to 30 thousand from 2017 to 2020 when the marijuana bubble popped i cut my losses at 30 grand april 15 2020 today my account is at a all time high at 437 000 never give up hard work and stradegy pays i want my interview next year when i hit a million

[@MARKCRASTO]

How are you doing now? What's your portfolio at 4 yrs later?

[@davieboi649]

@@MARKCRASTO went up to 750 and back down to 200 too much penny stock gambling hurt me but that was three or four years ago i never hit that million yet im mostly in gic's now slowly and reasponsibilly tring to get back it was a hard humbling time but all is good now

[@prula]

You have one of the best shows on finance in the world! Thank you and keep it up!

[@stefan-stocksmadesimple5241]

Amazing how golden videos like this get so few views while the mainstream crap gets millions of views... I think we all know which ones are serious about it

[@jsullivan6289]

Fantastic! I really don’t know what else to say...

[@indytheshredder]

Yooo I see you with the Jackson in the background!! Baller! Haha any chance we get a tour of your guitar collection in a future video??

[@davidduffy1097]

Great content as always and nice Guitar collection! Thanks

[@chloe98145]

What a legend - thanks for providing us this premium content :)

[@anonymous.youtuber]

What a superb interview ! 🙏🏻

[@youtuber-ov6px]

Gold

[@henrye7483]

EXCELLENT!!

[@ZenTradeGame]

This is gold! Thank You for the content.

[@txmmy76]

great video

[@altonriggs2352]

On this ship of fools it is wonderful to hear clear eyed common sense for a change..yes..we are not alone.

[@joshualessard02]

Im a simple man, I see jack schwagger and I click

[@shainowen2520]

Guitarists and markets must have a connection

[@Witnessmoo]

Some people are really good at creating narratives ... which a lot of people mistake for ‘information’ abs end up pricing stocks way to high on the back of that narrative. But on a long enough timeline the market is absolutely efficient because it eventually exposes the fact that not all noise is information that can or should be priced in to a stock price. The shorter the time period, the less efficient the market is because people need time to digest the noise and figure out what’s information thats priceable and what’s not.

[@JambonRodriguezParty]

Nice

[@peterbradshaw8018]

The first dude in the book used to work at Commodities Corporation. Enough said not necessarily the average dudes next door.

[@devjyotirout]

It’s good to stay away from everyone point of view and just from time to time check how the market are betting and compare it with urself

[@winstonsmith77]

47:02 Green screen exists Hands:Adios

[@rippedlikrambo1]

interview Ross from warrior trading lol

[@giorgikobakhidze9667]

Is he legit just asking?

[@paulstewart9639]

He is not legit. Ross Cameron is a penny stock pump and dumper. He's selling when he's telling you to buy.

[@MahdiKnicks]

@@paulstewart9639He puts a 5mins lag in his videos so he's exiting while everyone in his group is buying. Than does a recap later lol There are some video of him getting exposed.

[@simon4133]

Quality comment that lol.

[@lordtark6736]

@@MahdiKnicks really?

[@HOWTO-gv1qw]

if the market is efficient than why people lose money?

[@crisprtalk6963]

All I know is Cathie Wood is absolutely killing it! She is beating the market by investing! She is investing with a vision... a clear well thought out vision of the future and it is all coming to fruition now! Most of Wall Street just doesn't seem to get it! But she does!

[@nicksloan8860]

I think it is more a case of right place right time from what I've seen. Not doing so great now, will be interesting to see whether she can keep it up over the long term

[@crisprtalk6963]

@@nicksloan8860 Definitely not doing well for the last couple months that's for sure.

[@tonynoonan3723]

Wall Street got it all right and got Cathie well and good.Time always reveals the truth.

[@Marrow9000]

Cathie Wood's ARKK down 75% from its high. She road the momentum and the train crashed when the fed decided to not give out free money anymore.

[@sumthinfresh]

So this is where 'havin schwag" came from

[@zainsaqer]

like for the jackson

[@maxdakka7973]

13:05 "...there are plenty of musicians around the world that are perfectly good..." /cuts to Patrick and his two guitars on the wall "...yea..." "...excellent...but they're not soloist level in front of major philharmonic orchestras..." 🤣

[@Kindafu]

Pat loves guitars, uh

Aficondo, no thanks it gives me heartburn.

[@gen-X-trader]

What he talks about around the 27 minute mark is so incredibly important. Not letting losses on any one position exceed roughly 5% ( depending on the standard deviation of the asset ) has been one of the greatest and hardest things that I have implemented. Managing risk was probably the hardest thing for me to learn how to successfully execute

[@PBoyle]

There is a tonne to learn from Jack.

[@nzmanhdee6246]

Ic UT at -30%

[@ChillinwithChez]

This right here 💯

[@ralphlotus]

I remember buying deer and co when merril edge said not too, it was this year, i was prolly extremely lucky that the stock didn't fall so far before climbing back up again

[@cdreid9999]

Loss strategy is thesingle most important thing an investor orgambler should umpkement and almost none do

[@dabd8175]

How does this not have more views? Jack is a legend. What a great conversation and also finished the book last week and loved it. Thank you Patrick for the content!

[@PBoyle]

Glad you enjoyed it!

[@DanielZanSalazar]

Because no lambos and piles of money in the thumbnail

[@jammapcb]

Because Intelligent people only gather around other intelligent people. Goobers to Goobers. Smart to Smart!

[@dabd8175]

@@jammapcb this is true

[@johnanon658]

@@DanielZanSalazar need flames and this look on your face: :O

[@mabeaute8963]

'Trading exposes your flaws' - 👏

[@timjosling9298]

So true

[@alexanderbarnes8991]

10:00 "If your a doctor you'd be better off living as a doctor and then investing in a index fund. Than trying to beat the market." Michael Burry has entered the chat.

[@catherinebrower3560]

Two things I'm loving about this channel: 1. So much great information 2. You have a very nice suit

[@agata2556]

Your content is great Patrick👍🏻👍🏻👍🏻and I love your guitars❤️

[@Longtack55]

Trading reveals one's character. My beginnings were characterised by failure which was driven largely by emotion, and that propelled me to learn and be self-disciplined. Thank you Patrick and Jack.

[@BigHenFor]

I love the second version of "The Wolf You Feed" "The Fight of Two Wolves Within You An old Cherokee is teaching his grandson about life: “A fight is going on inside me,” he said to the boy. “It is a terrible fight and it is between two wolves. One is evil-he is anger, envy, sorrow, regret, greed, arrogance, self-pity, guilt, resentment, inferiority, lies, false pride, superiority, and ego.” He continued, “The other is good - he is joy, peace, love, hope, serenity, humility, kindness, benevolence, empathy, generosity, truth, compassion, and faith. The same fight is going on inside you-and inside every other person, too.” The grandson thought about it for a minute and then asked his grandfather: “Which wolf will win?” The old Cherokee simply replied, “If you feed them right, they both win.” and the story goes on: “You see, if I only choose to feed the white wolf, the black one will be hiding around every corner waiting for me to become distracted or weak and jump to get the attention he craves. He will always be angry and will always fight the white wolf.” “But if I acknowledge him, he is happy and the white wolf is happy and we all win. For the black wolf has many qualities - tenacity, courage, fearlessness, strong-willed and great strategic thinking-that I have need of at times. These are the very things the white wolf lacks. But the white wolf has compassion, caring, strength and the ability to recognize what is in the best interest of all.” “You see, son, the white wolf needs the black wolf at his side. To feed only one would starve the other and they will become uncontrollable. To feed and care for both means they will serve you well and do nothing that is not a part of something greater, something good, something of life.” “Feed them both and there will be no more internal struggle for your attention. And when there is no battle inside, you can listen to the voices of deeper knowledge that will guide you in choosing what is right in every circumstance.” “Peace, my son, is the Cherokee mission in life. A man or a woman who has peace inside has everything. A man or a woman who is pulled apart by the war inside him or her has nothing.” “How you choose to interact with the opposing forces within you will determine your life. Starve one or the other or guide them both.”"

[@Tom_Bee_]

​@@BigHenFor the optimal number of wolves inside you is zero. See a doctor immediately.

[@dominicrussell8158]

Jack needs to get on KZbin, seems like he would be great at interviewing traders, so we get all of the right questions answered

[@Alex-cw3rz]

Two other great examples of the Efficient Market Hypothesis not being true is Game Stop stock and for a more long term over valuation you have Tesla.

[@ethanmariani5152]

Hey Patrick Boyle,I discovered your channel yesterday (I am a private trader with a german professional mentor , who is an ex certified stockbroker from Frankfurt) . Your channel is simply splendid, I will definitely recommend it to my trading community in Germany.Yours is one of the few authentic trading channels on the internet.What do you think of Antoin Kreil. he sounds authentic too (especially what he tells about retail brokers), but I am not really sure yet.

[@MAtogable]

This channel is pure Alpha!

[@Longtack55]

I've always believed that the Efficient Market Theory was baloney and I will not own Tesla given its fundamentals and even "Blue Sky" cannot entice me. In March 2020 I bought a stock that I recently sold at 1100% of my initial investment. Very little has changed for the company and excessive optimism has been priced into it. We shall see. There are times to be out of the market, and I see signs of a Bubble with the Mkt Caps exceeding GDP by a large margin, and I don't short.

[@matthewconway2753]

As the economy crisis keep rising,one needs to have different stream of income, one needs to have a diversified portfolio in order to survive

[@markgallagher302]

Cryptocurrencey is the best and very profitable when it comes in investing.

[@jamesmorrison2783]

The future is all about investing in crypto or forex because it yield the best result.

[@jameswilkinson7617]

I've been an investor and I can tell it changed my life for better 😊😊 Investing in Forex and crypto will be one of the wisest thing to do

[@drewgallaway1804]

I had intrest in investing in Forex and crypto but I was discouraged by friends and family, I was being ignorant though.

[@johnstokes943]

You can profit much in Cryptocurrency if you have an expect handling your trade.

[@taylor_o]

Was the efficient market hypothesis ever meant to be literally true, or just a base assumption to build further discourse? It seems like the time element, in particular, is so fantastic that it could never be taken at face value... Even if information travels surprisingly quickly, even if edges are ironed out with unexpected speed, the time taken for these events to happen cannot literally be zero. Whoever first becomes aware of an edge may not have the advantage for long, but if they dont take the advantage, it will remain open until someone does, or circumstances change. After all, the market is made efficient by its participants, not magic... Maybe the theory says that the actions taken to close inefficiencies will be randomly distributed across its agents, such that no one of them will gain a substantial advantage. Its hard to find the foundational texts of the theory--at least from what I remember--to confirm. I think a video overviewing the principal people and papers of the theory would be really interesting.

[@peterbradshaw8018]

Well said.

[@gstlb]

Nice guitars Patrick! Sometime throw us a list of your equipment. I’ll bet you have quite a few followers who’d be interested.

[@pidepiper6320]

As always - top quality content. Love your Channel Patrick.

[@bjjrhino]

Well done with with this interview. Your channel is amazing

[@Andolem]

This is the best Therapy session I ever had about trading, an excellent interview, and an excellent guest. Thank you.

[@dgoullet1]

I think many devoted traders have an edge and make money consistently, but have no interest in managing money for others. Jack’s view, very respectable indeed only focuses on the superstar that manage billions. In my view that is not the entire story of a successful trader.

[@peterpauer4075]

Jack's first book set me up on my own trading journey and I recommend his books to anyone who asks me about trading. You pinpointed the reason why are his books unique exactly. Jack is a trader himself and you can see it by the way he approaches the interviews and asks the correct questions. Thank you for sharing this.

[@MiroPribanic]

oh look, what do my weary eyes see there...we know about Patrick Boyle, the investor....but what do we know about PB, the guitar aficionado ;-) nice little duo, fit for all kinds of weathers..and the Fender amp tells me that you really mean it ;-)

[@lu7224w]

Awesome, interview! Thank you, Patrick.

[@matt-zi5ks]

This is fucking awesome, and the sort of quality content youtube viewers deserve from other channels but simply won't come close too. Also reading "statistics for a trading floor" has improved my personal non-discretionary approach of trading to a new level so I must thank you for your excellent work. I'd love to have a mini series from you about starting a fund and the opportunities out there for younger people. Thanks Patrick

[@nelsonclarke7912]

Amazing story about the phone call from Jack where you thought it was a prank. Reminds me of the time I received a phone call only to hear "congratulations you have won..." and I just hung up thinking "bloody scammers" like how often do you just "win something". Took them a few more attempts before I said I'd block their number and they had enough time to explain that I did actually win a Vmoto Milan scooter because I brought my car into the Nissan Dealership for a service while they were running a promotion some months earlier (information a scammer probably wouldn't have).

[@victorphilip875]

Another more recent example (other than CUBA) was for ZOOM. Another company mistaken for the ticker popped even though it had nothing to do with video conferencing. Favorite video so far!

[@thomasa5619]

Same with GME in australia, some mining company

[@An-nw4hx]

Hi, I’m a pretty profitable forex trader with a 3 year audited track record and my final goal is to manage my own hedge fund. I have tried to guess how can I advance toward this by reading other fund managers biographies in Wikipedia, however the steps are unclear since there’s always blank moments in the texts about their careers. I will be very grateful if you can give me some advice, cheers.

[@bekreto]

Read swagger books

[@Ryanrobi]

The efficient market hypothesis was never really meant to show how the real world markets work It's more of a a theory in a perfect world or information is instant and everywhere What would markets do if you had rational actors. Which to anyone in the real world we can tell instantly that's not the world we live in So I think his argument there is kind of a straw man He is correct but I don't think you'll find too many economist who think we actually live in a world with inefficient market It's just that the markets are more efficient than any other way we found of doing it.

[@user-iz2cygh56]

Jack looks like Tommy Lee Jones

[@jamesy3851]

This was such a great video. You always provide great content, and this one is certainly a gem of a discussion among them.

[@FishGears]

This is a goldmine, thank you sir 👍

[@PBoyle]

Glad you enjoyed it!

[@Andolem]

I listened to this interview two times so far, and download it as well. Very important interview.

[@ballido7168]

Patrick, how can I get in touch with you privately?

[@therealb888]

Patrick I'm going to ask you 2 questions. One you might answer, the other you might be shy to. 1. I want to get into trading/investing for real(seriously). My background is EECS. I know this field has to do with "finance" and "economics" apart from data science, programming like R, statistics and other math related courses. So if I want to learn this field or work for a hedge fund or renaissance themselves what courses do I start studying for the fundamentals? 2. Two guys Steven Dux and Tim grettani. Both of them endorse Tim Sykes whom you have openly condemned. Are these 2 dudes for real? Dux even had seminar at MIT. He shows his statements on trade zero as well. But his claims and win rate are just too good to be true. I'm asking you a straight forward question, is the Dux dude for real?! Please reply, at least to the first question. Edit: This guy seems more and more like another scam artist similar to Tim Sykes. Just want some way to confirm that he's a total scam.

[@MichaelSmith-gd8ek]

I've gone back to this interview many times, grabbed all of Jacks books, Thanks Patrick love the channel

[@averythompkins3682]

turn from your sins and believe in THE LORD JESUS CHRIST and be baptized in THE NAME of THE FATHER THE SON and THE HOLY SPIRIT( if you haven’t already before CHRIST comes back or before you die

[@johnbatchler8551]

I learn alot ftom jack Schrader boot the complete guide to the financial mkts

[@RobertBullock]

Subscribed. :)

[@sokolmihajlovic1391]

Berkshire Hathaway, NAW vs price Share Typ A, some 40% difference sometimes. You cant outrun the market, you cant outsmart the market, even if the market runs in the wrong direction for quite some time, or does pretty silly things. Like TSLA beeing worth more then all major car companies combined, nonsense. But one can outpatient the market. You can wait when the market lost interest in sth., a stock is not hot anymore, a common trade falls out of favour, a new kid on the block is more appealing. And (important) when the market turns south overall, then fundamentals do start to matter, and the fake illusion of stock meets the reality. It is like a market falls in love with some crazy ideas, a love makes somebody blind for reality. Be patient. The right idea is not enough, the timing, when the time is right, is also needed for a positive result. Or to put in other words, wait when the trend turns in a direction thats makes sense for you. And then ride the trend. And expect the unexpected, always.

[@kylejf9059]

You said you'd be doing this but you caught me right off guard with it being so soon! On a bit of a dull day, this is excellent! I look forward to watching this tomorrow morning with my tea and coffee (as I tend to do). Really looking forward, and tell him I'm absolutely engrossed in his series of interviews! What a channel to be subscribed to 👌🏻👍🏼 PS: Literally reading "Market Wizards" this afternoon still. At the Ed Seykota interview.

[@zwriter3658]

The stories behind these traders are interesting.. aside from learning any useful lesson ..

[@youseethiswatch]

This is a great channel. Keep up the good work Patrick! So far Patrick Boyle, Sven Carlin, Aswath Damodaran are the best investing channels ive found (other than ones with book summarys and interviews with Dalio, Munger etc...). Anyone got any other recomedations?

[@dereksilvers9177]

try watching Anton kreil

[@lxLanarchyxl]

look up Benjamin

[@ag6248]

Thank you so much for quality content in a sea of fake experts... Truly fantastic channel.

[@shaungreenwood3232]

picked up a copy of unknown market wizards after watching this. what a fantastic book. read the whole thing in 3 days

[@zwriter3658]

I agree you don't have to be the greatest trader in the world.. but you can do good enough to earn a nice living

[@MarioHerrera-ls9kp]

Thank you Patrick for this content. Very valuable. Regards from Chile.

[@brickstunram9391]

Quality of your content is mental. Keep it up Patrick 👍

[@ballido7168]

Would love to see a video by PB on High Frequency traders and trading. What is it and how can they make money form it.

[@altaccout]

The market is too efficient to let you reliably profit off of its irrationality

[@derekwhittom1639]

I wrote this in 2012 after watching The Flaw. “Watching The Flaw: Something struck me. The efficient market hypothesis is codified by one of the presenters as the idea that the price of a thing is determined by the aggregate beliefs of the actors in the marketplace, and therefore to question this price makes no sense. This right off the bat seems to be the flaw: If you assume the price is set by large numbers of actors who have critically examined the value with the information they possess, you are necessarily led to the position that you need not critically examine the value yourself. Eventually, this abrogation of critical evaluation makes the price entirely disconnected from the efficient market process, and a the price is no longer efficient. Now you have a bubble.”

[@tezwoacz]

Time to buy a new one then, I read his earlier wizzards book enjoyed it very much, it was very impactful in my own trading.

[@djsmithe]

Patrick, first time I saw you smile. Keep up the good work.

[@niahma3494]

Thanks Patrick

[@MrAdamdumont89]

Incredible video. Great depth. Keep up the great work Patrick

[@DeebzFromThe90s]

Patrick would you please make a video about your career, major leaning lessons or things that you personally want to improve on, and what it feels like now that you're at 50K subscribers? Would love to hear you introspect.

[@SteveBlom]

Fantastic questions and great answers

[@LeonBeis]

Patrick, keep up the good work, love seeing actual relevant content and insights from such people on YT.

[@frankritheshpereira857]

Great Interview, Loved it mate!

[@extramild1]

Hi Patrick - thanks for this I realy appreciate these kind of vids where you go deeper into a subject but I guess that are not as popular as the shorter vids.

[@DarthJabba504]

Wow...I remember trying to get borrow for Palm Pilot to do the arbitrage against 3Com. Finally, some guys with experience and sophistication on KZbin.

[@Liferoad371]

I own a closed-end fund so I started listening very carefully

[@vibewidaadi]

love your work Pat.