Conversational Interview Extraction
Follow the conversation, then extract what is meaningful or interesting
- Difficulty
- Moderate
- Time to result
- ~weeks to results
- Steps
- 6
- Confidence
- 97%
Schwager’s method separates interviewing from editorial extraction. He prepares topics he wants to cover but does not conduct the session by marching through a fixed questionnaire. Instead, he holds a genuine conversation, follows revealing answers, and accepts that useful material may take time to emerge. Near the end, he checks his topic list for omissions. The raw conversation is then transformed for readers: material survives if it says something meaningful about the subject or is intrinsically interesting, while repetition and spoken-language clutter are consolidated. This creates a two-stage mechanism—open exploration followed by strict selection—so spontaneity is preserved without forcing the audience to consume every recorded minute.
Origin
Extracted from Masters in Business, where Jack Schwager described the interview and editing process used throughout his Market Wizards books.
Core principles
- 01Conversation produces richer answers than rigid interrogation
- 02Prepared topics should guide rather than dictate the exchange
- 03Follow-up questions uncover the useful material
- 04Spoken repetition should be consolidated for readers
- 05Keep material that is meaningful or genuinely interesting
How to run it
- 1
Prepare topic coverage
Research the guest and list the subjects that must eventually be addressed. Treat this list as a safety net rather than a script.
Pro tip Write prompts that invite stories, mechanisms, and decisions rather than yes-or-no answers.
Watch out Over-preparation can make the interviewer prioritize the list over the guest.
- 2
Start a real conversation
Listen closely and respond to the substance of each answer. Let promising threads develop before moving to another subject.
Pro tip Use the guest’s own language when asking follow-up questions.
Watch out Do not abandon necessary topics permanently just because the conversation is flowing.
- 3
Allow discovery time
Accept that the first valuable material may emerge late. Continue exploring instead of forcing an immediate polished answer.
Pro tip Use silence and specific follow-ups to encourage depth.
Watch out Patience should not become aimless banter.
- 4
Check for omissions
Near the end, review the prepared topic list and cover anything important that the conversation missed.
Pro tip Prioritize only the omissions that materially improve the final piece.
Watch out Do not destroy the closing rhythm by mechanically asking every unused question.
- 5
Extract valuable material
Retain content that is meaningful to the central subject or sufficiently interesting to engage the audience. Remove dead ends and redundant exchanges.
Pro tip Label each retained passage by the value it delivers.
Watch out Interesting anecdotes should not displace the interview’s substantive purpose.
- 6
Transform speech into text
Consolidate ideas discussed in multiple places and clean up spoken phrasing while preserving meaning and voice.
Pro tip Keep an audit trail back to the recording when accuracy matters.
Watch out Do not manufacture clarity by adding claims the guest never made.
In the wild
An author conducts an open-ended conversation with a trader, following unexpected discussions about losses and discipline. After checking that all planned topics were covered, the author groups scattered comments about risk into one coherent section and removes exchanges that add neither insight nor interest.
→ The resulting chapter feels conversational but remains focused and readable.
Common mistakes
Reading questions in sequence
Moving to the next prepared question regardless of the answer eliminates useful follow-through and makes the interview sound stiff.
Publishing the raw conversation
Spoken repetition and digressions that work in person can become tedious and confusing in text.
Editing away the guest’s meaning
Improving structure must not turn into rewriting the guest’s beliefs or inventing cleaner conclusions.
Is it for you?
Best for
It is best for interviewers creating books, podcasts, profiles, or qualitative research from extended conversations.
Not ideal for
It is not ideal for tightly timed regulatory, legal, or standardized interviews that require identical scripted questions.
From the transcript
“I don't go in with a list of questions.”
“what I try to do an these things is really just literally have a conversation.”
“extract out everything that is one of two things. One it has something meaningful to say about trading, or two it's interesting”
From the episode
Jack Schwager on the Glory Days of Trading (Podcast)
Jack Schwager