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Pit Bull: Lessons from Wall Street's Champion Trader

Pit Bull: Lessons from Wall Street's Champion Trader

List Price: $56.95
Your Price: $56.95
Product Info Reviews

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Rating: 5 stars
Summary: Buzzy Schwartz Is the Greatest
Review: As a former tennis partner and recipient of Buzzy Schwartz' generous tips on how to beat the market (which, alas, did not really work for me since I haven't his temperament, desire, and stick-to-it-iveness), I would like to say that this book was a marvelous read for me. Of course it did not give away all of his trading secrets. To do so would have been foolish on his part. However, it is an extremely honest book by one of the greatest winners in the history of stock market speculation. Those who criticize Buzzy in their reviews are vastly inferior to him in the realm of trading. His success is well documented in Barron's trading contests, so we can believe in it. He also happens to be an extremely charming individual. This book will indeed be a stock market classic that future generations will read along with Lefevre and all the rest. If they do not do so, they will be the losers for it. I only hope that Buzzy will write a sequel. If he does, I will be first in line to buy it.

Rating: 4 stars
Summary: Fun Read
Review: Overall a good book, but don't look here for any answers because there are none here.

Rating: 5 stars
Summary: What a great character! What a great book!
Review: Pit Bull is brimming full of fabulous stories bringing "Buzzy's" Trading Adventures to life. The book is a breeze to read and even imparts some trading knowledge and tips along the way. After reading this book, I've put Schwartz on my list of top ten people I'd like to have a conversation with. This guy has energy and it shines through in his book. This is a must read for anyone interested in the world of trading.

Rating: 4 stars
Summary: If there are is a better trader let her or him come forward.
Review: What experience is shared by the former Shah of Iran, Andy Warhol, Jackie O., and Martin Schwartz? Ans: they all died, or in Martin's case nearly died, at NY Hospital. Count your self lucky Martin. I used to be there when you were a patient. Just ask any Cornell Medical student about NY Hospital for more cocktail conversation. This book is engaging, although some of his old strategies like linking after hours trading in T-bonds to S&P futures the next morning no longer hold in 24-hr markets. But of course he had numerous other fast turn around strategies that worked for him. So why did Mr. Schwartz decide to become a hedge fund manager? As clever as he was, Mr. Schwartz should have known better. As far as I know hedge fund managers do not generally outperform the S&P 500. Hedge fund performance only averaged about 16 or 17% in 1995 & 96 (WJS, 16 Nov. 98). In fact nearly all fund managers under perform the S&P for almost any extended period of time. Remember what Gordon Gekko said to Bud Fox in 1987: "Sport why is it that most fund managers cannot even get the total return of the S&P 500"? Probably more true today than it was in 1987---There are only about 40 equity funds that have exceeded the S&P during the past 15 years or so (the S&P has averaged about 17.5 % per yr. since 1980). The story for hedge funds is pretty much like the LTCM story but without quite so much damage. The Greenwich-based fund had done really well for a year or so, but then there was bit of bad timing and some missing leverage on interest rate differences and various derivatives and poof, LTCM exploded like a supernova locking the Danish mortgages and tequila floaters in the risk-assessment PCs and setting off a world-wide financial catastrophe. Everyone lost 90%. Scandal-prone Johnnie Meriwether, who was "trained" at Salomon, was "managing" this hyperbolic casino-floater fund, and Johnnie was paid quite well for loosing everyone's money. In fact he is still being paid huge sums, and my guess is that wealth people are standing in line in Greenwich to invest more when Johnnie is free again. You would think Frank Partnoy of FIASCO would be bristling, esp. since the LTCM scandle involved Nobel laureates and their risk-free Option Pricing Model (derivatives again Frank). Apparently some of those derivatives weren't risk-free after all, and remember OPM also stands for Other People's Money! Not exactly like the Mexican peso being devalued, except no investment bank caused that Frank, but Johnnie is responsible for LTCM. Mr. Schwartz's personal return was evidently way ahead of any of the known hedge fund managers, and he had done that for years, so what was he trying to prove as a Hedge fund manager? As a manager, it necessarily means its no longer your money, and there will be lots of inquiries from shareholders. Goldman Sachs is in the process of making this discovery now.

Rating: 3 stars
Summary: If you are looking for strategy look elsewhere
Review: Marty Schwartz is a great trader, no doubt about it. Is he a legendary trader? No. Is he a champion trader? Yes. But how many trading contest winners do you know that have gone on to succesfully manage OPM as "Buzzy" likes to refer to it. Contests and real life have nothing in common with each other. How many of us have paper traded with good results only to find ourselves losing in "real-time". Schwartz is too arrogant. He claims to have out-traded George Soros, what nonsense!! George can crush him with a mere bat of an eyelash. Buzzy is a great trader for himself, but when it comes to OPM (other people's money), forget about it. No scalper is going to make money trading in huge size. Unless they are on the floor or they are Monroe Trout. The strategy section in the book is very thin. There are a few interesting tidbits, such as mid-month buying and so on, but nothing that will really help you in your trading. An amusing read overall. However, Schwartz really needs to get over himself, he is a great trader, but he should never make comparisons with himself and the "big boys"; he just ends up looking stupid.

Rating: 5 stars
Summary: What a fun book!
Review: THe author just told his story (and what a great story it was). He just told us what he did and how it turned out. No claims that his way was the best way. No claim that everyone elses method stink. Just letting us know what worked (very well I must add) for him.

Take a day and read this book.

Rating: 5 stars
Summary: Great Reading....
Review: The book was excellent reading with some great stories. The author does a terrific job explaining the trials and tribulations of real life trading. If everything he said in this book is true, he has had a hell of a life. Buy the book and read it, you'll laugh your a#@ off, and you might also learn something. Happy reading.

Rating: 5 stars
Summary: Beautiful, Classic, funny, laid back
Review: WELL WRITEN BEST BOOK IN YEARS BY A CHAMPION TRADER CHICHING BADDA BING BADDA BOOM!!!

Rating: 5 stars
Summary: Excellent Autobiography about Trading for a Living
Review: This book was exceptional and I highly recommend it. Rather than viewing the author as arrogant I would rather describe "Buzzy" as confident, driven, skilled, and possibly a bit eccentric; with good reason of course. There is probably no business more psychologically demanding than trading. Mr. Schwartz' outlines the nuts and bolts of trading and how it applies to real life. In addition to being humurous, aspiring investors will find this book insightful: a wondrous read.

Rating: 4 stars
Summary: Great read for the aspiring day trader
Review: Very personal story of the ups and downs of the methodolgy and psychology of the day trader. Flows quickly and with much excitement. You feel all his emotions. One of the few books I read more than once. A Must for anybody interested in how to do it.


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