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.
Pit Bull: Lessons from Wall Street's Champion Trad
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Book Description
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Editorial Reviews
From Publishers 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.
Copyright 1998 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.
Copyright 1998 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.
From 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
Copyright 1998 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.
Copyright 1998 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.
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Customer Reviews
Most Helpful Customer Reviews
38 of 40 people found the following review helpful
Format:Paperback
I think some people here missed the point of this book altogether. There is no doubt that this is one of the best trading books ever written. This book ranks among the top trading books ever including Reminiscences of a Stock Operator, not because of the technical trading secrets it revels, but because of the insights it offers on the mindset of one of the greatest traders ever. This book elevates itself above almost every other trading or financial book out there for that exact reason, the author made his living (and it was a very good living) from trading the markets. He didn't have a website that offered trading ideas for fifty bucks a month. He didn't fly around the country giving seminars on how to trade at a thousand bucks a head. He didn't have a radio program where he would solicit money from listeners and call himself a money manger. He trading his own money and made a fortune.
Marty started out with a hundred grand, but his seat on the AMEX cost him ninety thousand dollars, so he was left with ten thousand dollars of trading capital. With only ten thousand dollars he made over eight grand on his first trade. In his second year of trading he made six hundred thousand dollars, and in this third year he made 1.2 million. Unbelievable!
The book is full of insights into how Marty spent all of his money, which can become a little uninteresting, but the rest of the book is pure gold. The last chapter of the book details (for lack of a better word) some of Marty's trading ideas, but that's not valuable information. The valuable trading insights are found throughout the context of the book. Much like Reminiscences of Stock Operator doesn't outline Jessie Livermore's trading strategies; however, it does give insights into how Jessie thought about the markets. Pit Bull is written in the same manner, in that, it doesn't outline Marty's strategies but offers insight into his mindset. For instance, at one point in the book Marty discusses how he likes to trade the S&P 500 futures. This information is just glanced over by ninety-five percent of people who read the book, but it is some of the most valuable information the book has to offer.
This book is underestimated because most people just see Marty Schwartz as a self absorbed, egomaniacal jerk. I'm not going to make a judgment on Marty's attitude; instead I'm going to say that this book does one thing: it offers insight into the mind of a great trader. Notice throughout the review I've been using the word trader. If you're unclear on the differences between traders and investors you probably won't like the book. If you're a trader, Pit Bull should definitely be part of your trading library.
Marty started out with a hundred grand, but his seat on the AMEX cost him ninety thousand dollars, so he was left with ten thousand dollars of trading capital. With only ten thousand dollars he made over eight grand on his first trade. In his second year of trading he made six hundred thousand dollars, and in this third year he made 1.2 million. Unbelievable!
The book is full of insights into how Marty spent all of his money, which can become a little uninteresting, but the rest of the book is pure gold. The last chapter of the book details (for lack of a better word) some of Marty's trading ideas, but that's not valuable information. The valuable trading insights are found throughout the context of the book. Much like Reminiscences of Stock Operator doesn't outline Jessie Livermore's trading strategies; however, it does give insights into how Jessie thought about the markets. Pit Bull is written in the same manner, in that, it doesn't outline Marty's strategies but offers insight into his mindset. For instance, at one point in the book Marty discusses how he likes to trade the S&P 500 futures. This information is just glanced over by ninety-five percent of people who read the book, but it is some of the most valuable information the book has to offer.
This book is underestimated because most people just see Marty Schwartz as a self absorbed, egomaniacal jerk. I'm not going to make a judgment on Marty's attitude; instead I'm going to say that this book does one thing: it offers insight into the mind of a great trader. Notice throughout the review I've been using the word trader. If you're unclear on the differences between traders and investors you probably won't like the book. If you're a trader, Pit Bull should definitely be part of your trading library.
12 of 12 people found the following review helpful
Format:Hardcover
"Pit Bull" is the trading memoir of Martin "Buzzy" Schwartz, multimillionaire stock and futures trader who won the "Champion Trader" title in the 1984 U.S. Trading Championship, the "Most Money Made" title in 1983, and conquered the futures division in 1992. He made a lot of money too, but Mr. Schwartz loves the limelight and a good competition. The book starts in 1979, when Schwartz abandoned his 9-year career as a securities analyst to trade his own money on the floor of the New York Stock Exchange, and progresses through his tumultuous, exciting trading career until the mid-1990s.
Schwartz sometimes digresses to relate incidents of his childhood and youth, illustrating that he was always a gambler by nature, so "Pit Bull" has some qualities of an autobiography. Schwartz' story is peppered with trading advice, and many of its best moments are when he describes his experiences during specific market events, such as his losses when the market surged after the 1980 presidential election, the idiosyncrasies of trading on the Merc, and October 1987's Black Monday and its aftermath. Martin Schwartz has a big personality and a frank sense of humor that keep the reader entertained. It seems he was both a success and a failure, having succeeded in making himself quite wealthy but not always wealthy enough for his tastes. But he gives the impression that he enjoys trading immensely most of the time.
"Pit Bull" concludes with "The Pit Bull's Guide to Successful Trading" in 30 pages, for those seeking insight into Martin Schwartz' success on the markets. It's a pretty handy guide in which Schwartz lists the trading tools and market analysis services that he uses, outlines his techniques for using moving averages and some chart patterns, and summarizes how he plays stocks and futures. That's followed by a description of "My Typical Day". "Pit Bull" is fun, I instructional, and easy to read. I was surprised that Mr. Schwartz sometimes tries to anticipate -or bet against- the market instead of following it. But sometimes he got burned. No surprise there.
Schwartz sometimes digresses to relate incidents of his childhood and youth, illustrating that he was always a gambler by nature, so "Pit Bull" has some qualities of an autobiography. Schwartz' story is peppered with trading advice, and many of its best moments are when he describes his experiences during specific market events, such as his losses when the market surged after the 1980 presidential election, the idiosyncrasies of trading on the Merc, and October 1987's Black Monday and its aftermath. Martin Schwartz has a big personality and a frank sense of humor that keep the reader entertained. It seems he was both a success and a failure, having succeeded in making himself quite wealthy but not always wealthy enough for his tastes. But he gives the impression that he enjoys trading immensely most of the time.
"Pit Bull" concludes with "The Pit Bull's Guide to Successful Trading" in 30 pages, for those seeking insight into Martin Schwartz' success on the markets. It's a pretty handy guide in which Schwartz lists the trading tools and market analysis services that he uses, outlines his techniques for using moving averages and some chart patterns, and summarizes how he plays stocks and futures. That's followed by a description of "My Typical Day". "Pit Bull" is fun, I instructional, and easy to read. I was surprised that Mr. Schwartz sometimes tries to anticipate -or bet against- the market instead of following it. But sometimes he got burned. No surprise there.
11 of 11 people found the following review helpful
Format:Paperback
Pit Bull gives a good and entertaining insight into the mind of a Market Wizard. "Buzzy's" book makes you sometimes laugh out loud.
Particularly interesting; anyone who considers managing other peoples money should read this book. Buzzy shows the dark side of this business and how negatively it can affect the money manager.
Don't expect another Remiscence of a Stock Operator, for that Pit Bull lacks depts on the psychology of a trader and focuses mainly on short term trading (the author is basically a scalper).
All in all a worth-reading book on the life of a top trader.
Particularly interesting; anyone who considers managing other peoples money should read this book. Buzzy shows the dark side of this business and how negatively it can affect the money manager.
Don't expect another Remiscence of a Stock Operator, for that Pit Bull lacks depts on the psychology of a trader and focuses mainly on short term trading (the author is basically a scalper).
All in all a worth-reading book on the life of a top trader.
Most Recent Customer Reviews
Valuable Insight into Life as a Trader
This is the autobiography of man who transformed himself from a stock market loser to a champion trader and multi-millionaire over a 25 year span. Read more
Published 12 hours ago by Alan Lattanner
Awesome
I thought this was a great story book. Not necessarily teaching technicals or fundamentals but a great read about the journey of a pro. Read more
Published 1 month ago by uno_mas
One of the Best
This is one of the best trading books I have had the privilege to read. It covers many aspects of the trading life of Marty Schwartz. Read more
Published 2 months ago by Nick "WindyCityEsquire" Woblewski
Very good, a little long on the narrative though.
The book is funny, and also base to a degree, but therein lies much of the humor. There is perhaps 1/4 that I would have edited out; I really don't need to know about his teenage... Read more
Published 4 months ago by livermore1929
Trading methods matching his personality
In his younger days, Martin Schwartz (Buzzy) struggled to find a career that would allow him to do what he liked most. Schwartz loved to gamble. Read more
Published 10 months ago by Citizen John
Trade to trade
This is a true book, meaning Marty's insights are timeless, If you want to know about what goes on in the trenches, this is it.
Published 12 months ago by dowz
A Book from a REAL trader
There is no comparing this and Liar's Poker and some other highly touted books. Micheal Lewis isn't, ain't, and never was a trader... Read more
Published 13 months ago by Boardwalk Enthusiast
Pit Bull Lessons from Wall Street's Champion Day Trader
Not funny as some reviews state. No real inside information on trading. Certainly , no comparison to "Liar's Poker". The trade in value last week was .61 cents. Read more
Published 14 months ago by Chet
Enjoyable story on persistence
This book is one of the more enjoyable trading autobiografies I've red in the last years. Although not as good as Reminiscenses of a Stock Operator or How I Made 2,000,000. Read more
Published 14 months ago by Straddle1985
one to keep and read over and over again
For those who are in the search of the most advanced trading techniques whatsoever they will be very dissatisfied. This man, Marty Schwartz, shows you how the street really is. Read more
Published 18 months ago by matias costa
Inside This Book
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First Sentence:
Three Bid for Ten, Three Bid for Ten, Three Bid for Ten. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
federal taxation book, hospital management industry, tax straddles, regulated account, hospital management companies, fifty contracts, locked limit, clearing firm, twelve lot, exponential moving average, quote machine, bond futures contract, cash register ring, market timer, next contest, alligator shoes Key Phrases - Capitalized Phrases (CAPs): (learn more)
New York, Commodities Corp, Wall Street, Champion Trader, New Haven, Marine Corps, Marty Schwartz, Sabrina Partners, Frankie Joe, Dow Jones, American Stock Exchange, Bear Stearns, High Priest, Kuhn Loeb, Park Avenue, United States, American Impressionists, John Marion, Sabrina Offshore Fund Ltd, Fat Mike, Paul Tudor Jones, Four Seasons, Jack Clark, New Jersey, Norm Zadeh New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Three Bid for Ten, Three Bid for Ten, Three Bid for Ten. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
federal taxation book, hospital management industry, tax straddles, regulated account, hospital management companies, fifty contracts, locked limit, clearing firm, twelve lot, exponential moving average, quote machine, bond futures contract, cash register ring, market timer, next contest, alligator shoes Key Phrases - Capitalized Phrases (CAPs): (learn more)
New York, Commodities Corp, Wall Street, Champion Trader, New Haven, Marine Corps, Marty Schwartz, Sabrina Partners, Frankie Joe, Dow Jones, American Stock Exchange, Bear Stearns, High Priest, Kuhn Loeb, Park Avenue, United States, American Impressionists, John Marion, Sabrina Offshore Fund Ltd, Fat Mike, Paul Tudor Jones, Four Seasons, Jack Clark, New Jersey, Norm Zadeh New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
This book cites 14
books:
See all 14 books this book cites
- Guide Book of United States Coins (Guide Book of U.S. Coins: The Official Redbook) by R. S. Yeoman on page 72
- Going for the Gold by Joe L Wall on page 159
- Red Light, Green Light by Wade B. Cook in Back Matter
- Crisis Investing by DOUGLAS R. CASEY on page 73
- The Air Force (Defending the Nation) by John Hamilton on page 244
See all 14 books this book cites
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