BOOK REVIEW: “PIT BULL”, by Martin “Buzzy” Schwartz, 1998 Harper's Business Press
If you are looking for an entertaining and useful “fun read” this summer on trading, this book is it. Marty Schwartz describes how he self-made himself into “one of the heavies” in trading the S&P Futures, so on one level this book is his “success story”. However, he doesn't sugar-coat it – all the dirty laundry is exhibited right from the start, which makes it a lot of fun to read. And he is no saint! So be warned, if you are studying for the Priesthood, this is probably not a book you are going to enjoy… it's targeted at a scrappier audience (a.k.a. your typical trader ;).
Martin starts his story at the beginning, as a U.S. Marine Corps trainee, then a mild-mannered securities analyst, and quickly begins relating the tale, almost trade-by-trade, of exactly how he became one of the biggest, brashest, most wildly successful off-floor traders of S&P Futures in the country (and, he is quick to remind you, one of the most successful!!).
The tale Marty tells is not always very flattering, and it's easy to see that his version of things are most probably distorted in his favor many times (like, when he's talking about the happenings surrounding his failed foray into trading a hedge fund). However, if you don't find this guy totally reprehensible, then you are going to love his tale. I can't tell you how many times this book had me (and my wife/trading assistant) howling with laughter.
At one point in his trading evolution, Marty finds himself stuck day after day, riding a huge underwater position in the S&P's. One day, to his own surprise during a slow moment he spontaneously finds himself donning a paper bag over his head, punching out eyeholes and jumping onto a desk in the brokerage room filled with institutional traders, and commanding the attention of everyone within 300 yards with a wild dance, yelling “I'M LONG, I'M WRONG, I'M TOO F_____G LONG!!”. This is classic Marty Schwartz, enjoying a light moment of stress relief.
Marty describes himself convincingly as a very disciplined, committed, and serious trader – imparting much trading wisdom that is worthy of study and thought. But at the same, he is obviously a seat-of-the-pants, insider-rumor-trading, gamble-it-all-on-a-trade, wild-maniac of kenetic energy type of trader. He is a sensitive and caring person, weaving his relationships into every page of the book; and at the same time he is also many times a self-described complete jerk. He is many contradictions, and without doubt he is a “great read”. Well done, Marty! My hat's off to him.
This one is destined to become a time-tested favorite. Maybe not in the same league as Larry Williams new tomb ("Long Term Secrets to Short Term Trading", which I'm reading now), but great entertainment, with many ‘nuggets' and ‘learns' in there too!
Good trading, -Steve
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