Pit Bull: Lessons from Wall Street's Champion Trader - Hardcover

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.

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 gainor losson 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 Lutce 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. An archetypal text, true to life on the Street, destined to be discussed over drinks at trader hangouts after the market closesand better than going tapioca. (Author tour; radio satellite tour) -- Copyright ©1998, Kirkus Associates, LP. All rights reserved.