Episode
Jack Schwager & George Coyle: The Edge Moves. So Must You. Zero Evidence, Total Belief. How the Youngest Market Wizards Found Edge Where No One Was Looking
- Published
- Jun 8, 2026
- Duration seconds
- 4650
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Summary
Jack Schwager is the legendary author of the Market Wizards series and one of the most influential figures in trading literature, whose decades of interviewing elite traders have made him the definitive chronicler of exceptional market performance; George Coyle is a hedge fund manager and deep-dive trading historian whose years of original research into the patterns of great traders catalyzed their co-authored Market Wizards: The Next Generation . Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/ 3:00 — Bogumil shares personal origin story: as a Polish grad student in Paris, Jack's books gave him the courage to manage money. Jack jokes: "Not the first one." 5:15 — George on his obsession: years of writing deep-dive papers on Soros, Marcus, Druckenmiller — getting inside feedback that he "hit the nail on the head." 7:30 — Jack's biggest surprise from the first Market Wizards: how many enormously successful traders had multiple initial failures before breakthrough. 9:10 — George on the youngest cohort: small-cap shorting is "the last rock you'd flip over" — yet that's precisely why these traders found edge where no one looked. 11:00 — Jack on edge decay: trend following was transformative in the 60s–80s but got crowded; today, all edges evolve, and no edge is permanent. 14:20 — Advantage of starting young: smaller capital means smaller losses. Simon Russo (pseudonym) and Frohlich both had failures early — with little money — then scaled correctly. 30:33 — Jack: "A good trade is not necessarily a winning trade. A bad trade is n…