Pit Bull: Lessons from Wall Street's Champion Trader

Pit Bull: Lessons from Wall Street's Champion Trader

by Martin Schwartz, Amy Hempel, Dave Morine
     
 

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Welcome to the world of Martin "Buzzy" Schwartz, Champion Trader—the man whose nerves of steel and killer instinct in the canyons of Wall Street earned him the well-deserved name "Pit Bull." This is the true story of how Schwartz became the best of the best, of the people and places he discovered along the way and of the trader's tricks and techniques he

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Overview

Welcome to the world of Martin "Buzzy" Schwartz, Champion Trader—the man whose nerves of steel and killer instinct in the canyons of Wall Street earned him the well-deserved name "Pit Bull." This is the true story of how Schwartz became the best of the best, of the people and places he discovered along the way and of the trader's tricks and techniques he used to make his millions.

Writing with great verve and style, Schwartz makes us a part of the action as we follow his career from his first gut-wrenching day trading options on the American Stock Exchange to his enormous successes trading futures, his pursuit of secretive foreign money for his hedge fund, the night he spent trading bonds during the Golf War (in that first tumultuous night, he made $1.2 million by dawn), and the often painful yet valuable personal lessons he learned the hard way.

It's a high-pressure, high-stakes world rarely seen by outsiders and rarely written about by its inhabitants. Here, fortunes are made and lost in moments, and nobody brings it to life better than Marty Schwartz, the man Barron's  calls "the best there is." His stories are irresistable, and his candid accounts of his smart moves and blunders alike are priceless.

Appended to each chapter are fascinating "lessons" Schwartz has learned about the financial markets—where you'll learn about the attitude, style and strategies that make Schwartz a winner. For the real nuts and bolts, turn to the end of the book and plunge into "The Pit Bull's Guide to Successful Trading," a manual covering Schwartz' favorite trading methods, market analysis tools and indicators.

Whether you want to play the markets yourself, are curious about how the buccaneer traders of Wall Street make (and lose) their money or simply want to be entertained by a rollicking good story, Pit Bull  is a book you won't want to miss.

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Editorial Reviews

Publishers Weekly - Publisher's Weekly
After working several years in what he considered to be a dead-end job as a financial analyst at E.F. Hutton, Schwartz quit the firm, accumulated a nest egg of $100,000 and on August 13, 1979, bought a seat on the American Stock Exchange where he began trading stocks, options and futures. He quickly became an expert at trading S&P futures, and in his first full year as an independent trader made $600,000 and a year later earned $1.2 million. Schwartz's style was to get in and out of positions in a hurry; he rarely held on to any financial instrument for more than a day. As his success on Wall Street grew, he began his own fund in which he would manage other people's money as well as his own, a move he would regret. The stress of running the fund contributed to his developing pericarditis, which nearly killed him. His doctors advised him to slow down his lifestyle, so at the age of 48, Schwartz, along with his wife and two children, moved to Florida where he took up golf and developed a daily routine that allowed him to keep trading, but at a more relaxed pace. This is one of those rare autobiographies where the subject unintentionally portrays himself in an unfavorable light. As he grew ever richer, Schwartz became consumed with generating even more money and prestige so that he could "run with the top dogs." Inadvertently, he has written a cautionary tale on the dangers of being addicted to money and power. Coauthors Morine and Flint are freelancers. (Apr.)
Library Journal
Schwartz narrates his personal account of trading big-money options on several financial exchanges. Options trading is very risky, and the average investor won't ever be involved with it. In the rapid-fire narration, Schwartz comes across as money-driven and obnoxious. He sprinkles vulgar words in an attempt to be humorous. The self-absorbed content won't help those who are looking for practical investment tips. Unfortunately, while bragging about his money and trading deals, the author doesn't tell the listener how to make some money. Instead, Schwartz goes off into details about his stress-related health problems. The promised investing lessons in the subtitle are not delivered. No sale.--Mark Guyer, Stark Cty. Dist. Lib., Canton, OH
Booknews
A candid, autobiographical narrative of financial securities trader Martin "Pit Bull" Schwartz. Beginning with his decision to become a trader after nine plus-years as an stock analyst, Schwartz describes, without censorship, his professional development from a timid and terrified "Newboy," to a yelling and cussing, quick thinking and fast dealing trader. His style is neither for the prudish, nor for the financially faint of heart. Clearly, a life in the pits is not for everyone. Annotation c. by Book News, Inc., Portland, Or.
Kirkus Reviews
A Wall Street trader exercises a rich man's prerogative and offers financial advice and his life story. "See how much money I made!" is the message. "I'm pretty smart and damned tough, too." To be sure, Schwartz ("Buzzy" to his pals) is the prototypical hard driver, a truly successful day trader, buying and selling in lightning strokes for his own account. His is a talent for exquisite market timing, a tricky game for even the most proficient professionals. His specialty is S&P futures, a technique using the marvel of leverage to greatly multiply the chances for gainþor lossþon each tick. It requires an inordinate amount of research as well as stamina, acumen, and nerve, but it can be worth millions every year. The alternative, as Buzzy frets, is "going tapioca." Buzzy dearly wanted his kids to say, " `My daddy's the Champion Trader!' That was all I cared about," he admits. With success came Lut�ce lunches, expensive artworks, Armani suits, Bally alligator shoes, and other trophies. Schwartz essays a little false humility, but the book's evasive charm is based on chutzpah. In an effort to leverage with OPM (other people's money), the author established his own hedge funds until investors (the bastards) pestered him about their money. Don't be surprised to learn the result was heart disease. Now in Florida, trading again for himself, the quondam Champion Trader reveals, with some repetition, his story. It moves nicely, though, with a certain egomaniacal verve. An appendix gives the author's daily schedule (e.g, "7:20-7:30 Clean out the plumbing"). His investment methodology is also appended, but only the most devoted professional will utilize this rigorous lesson. Anarchetypal text, true to life on the Street, destined to be discussed over drinks at trader hangouts after the market closesþand better than going tapioca. (Author tour; radio satellite tour)

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Product Details

ISBN-13:
9780887308765
Publisher:
HarperCollins Publishers
Publication date:
03/24/1998
Pages:
320
Product dimensions:
6.12(w) x 9.25(h) x 1.05(d)

Meet the Author

Martin S. Schwartz is a legendary Wall Street trader who made his fortune successfully trading stocks, futures, and options. He has been profiled in Barron's and in the national bestseller Market Wizards by Jack D. Schwager.

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