Pit Bull: Lessons from Wall Street's Champion Day Trader
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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 used to make his millions.
generally accepted accounting principles leave a hell of a lot of leeway to dick around with earnings. Plus, this company is paying us a boatload of money to certify these numbers, and if we don’t, they’ll find another independent auditor that will. That’s why every annual report has page upon page of notes in tiny print backing up the financial statements. While these notes are too small and too confusing for most stockholders to digest, they are a veritable smorgasbord for an accountant like
liked fooling with mathematical models that he called analogs and he had a chart pattern in October of 1987 that showed the market was reenacting 1929. Consequently, he was way short on October 19, and when the market crashed, he sold more into the hole to smash it even further. I was never sold on Tudor Jones’s modeling, especially since we didn’t have a Depression and the economy turned out to be fine, but Tudor Jones’s models made a fortune for him, so they worked for him. When Tudor Jones
the hospital) Dear Partners: I’m terribly sorry for the delay in reporting our November results, but as some of you know, I was stricken with a mystery virus that began as pneumonia and traveled to my pericardial sac, which necessitated emergency life-saving surgery in the early morning hours of November 16th…. I look forward to a far more productive 1991. The funds will be downsized in 1991 to a total of $45 to $50 million, which should enable you remaining clients to get a higher
gyrating wildly. Stock prices generally had been sinking, while commodities, especially oil, had been gushing upward. But every time the Iraqis punched out a SCUD missile toward Israel, the program traders in New York would hit their buy and sell buttons, and the markets would be projected into chaos. On January 9, 1991, Secretary of State Baker met in Geneva with the Iraqis to try to reach some kind of political accommodation. The market expected an agreement, but when Baker came out of the
motivate you, Candidate Schwartz. DO YOU UNDERSTAND ME?” “SIR, YES SIR!” What the hell was I doing lying in bed? Sergeants like Kush and Goldfedder and camp followers like Audrey could sleep, but there was no rest for the captains until the battle was won. Still dressed in my johnny, I went back into the office and turned on CNN. CNN was interviewing pilots who had returned to their bases in Saudi Arabia after bombing the shit out of the Iraqis. It was now 0200 in the United States. The sun was