PDF Download Trading Bases: A Story About Wall Street, Gambling, and Baseball (Not Necessarily in That Order)
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Trading Bases: A Story About Wall Street, Gambling, and Baseball (Not Necessarily in That Order)
PDF Download Trading Bases: A Story About Wall Street, Gambling, and Baseball (Not Necessarily in That Order)
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Audible Audiobook
Listening Length: 9 hours and 36 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: Random House Audio
Audible.com Release Date: March 7, 2013
Whispersync for Voice: Ready
Language: English, English
ASIN: B00B4FB8QU
Amazon Best Sellers Rank:
To me, this was a tale of two stories. In the first part the author demonstrates his in-depth knowledge of all things baseball. His knowledge of the statistical side of the game is off the charts - to the point of being overwhelming to the lay person. All of this is mixed together with experiences as a Wall Street trader and makes for an interesting read. It was at this point, after he has demonstrated his knowledge, that I hoped he would explain, IN DETAIL how converted his insights into cash by betting.This was where the book fell apart for me. Peta is reputed to have made a "fortune" betting on baseball, but we will have to take his word for it. (Given his work on Wall Street in the 90s, a "fortune" might be relative, however.) What I wanted to know were things like the following: who took his bets - Las Vegas casinos? A bookie? Off shore casinos? Other persons at work? How much did he actually bet? What kind of money management did he employ? What did his equity curve look like? Anyone who knew Peta was (or should have been) aware that he would certainly fit the description of "smart" or "sharp" money and this would have made getting bets down difficult, no matter where. To make a "fortune," you have to move a large amount of money around in some manner. You are allowed to do many things in a casino, but winning large amounts of money consistently, (especially betting on sports) is not among them. You'd be 86ed or have the amounts you could wager cut severely. Spreading his action around would have helped. In the end, I'm guessing he did something altogether different, but if he won a fortune, then someone on the other side of his bets lost a fortune. These things, among others, are the details I hoped to read about. Unfortunately, no specific details about how he made his money are forthcoming. If you are considering buying the book for this reason, don't. If you enjoy enjoy baseball, especially the "numbers" and strategy side of it, Trading Bases is an enjoyable read.
Don't go thinking you're going to read this book and make money betting on baseball. This guy had a lot of time on his hands, a Wall Street background, and a very firm grasp of Sabermetrics in order to develop his "model" that lead to his success. I wish I had been one of his friends that gave him money in 2011 because I got killed on betting on MLB last season (and I've been watching MLB for over 30 years, and I studied every starting pitcher every day). That being said, if you want to read about his story I found this a surprisingly good read. He's either a naturally decent writer or he had a ghost writer. Keep in mind, I love reading about Wall Street, so be prepared for that subject to come up often. I particularly enjoyed the NFL "over/under" for the season chapter. Not a crash course on Sabermetrics but some good introductory information (if you're not into Sabermetrics why are reading this book?). Good perspective if you do want to make some wagers. Good luck duplicated Joe Peta's model.
One of the best books I've read on predictive modeling is Steven Skiena's book Calculated Bets: Computers, Gambling, and Mathematical Modeling to Win (2001). In this book, Prof. Skiena describes a project he did with his students modeling the game of Jai Alai. Predictive modeling has been applied successfully in sports betting, so when I saw the book Trading Bases, I bought it. Unfortunately, the books dives deeply into the minutia of baseball, without providing much meat when it comes to describing the models that the author built to predict baseball out comes. I'm sure that for someone who is fascinated by baseball and baseball statistics, this book would have been more interesting. But for a practitioner of algorithmic modeling, this book struck out.
I bought Trading Bases on the recommendation of the smartest guy writing about baseball today, Joe Sheehan. My interest was in the author's application of modern sabermetrics to create an edge in baseball wagering. I was fascinated by this process, and very much enjoyed the author presenting the numbers in step-by-step detail (he shows his math). However, the parts of Trading Bases I found most interesting were the memoir chapters that describe the author's experience with Wall Street, from his college recruitment to his experience with the complete breakdown of a global banking giant, as well as his unique insight into what exactly went wrong, and why it wasn't properly fixed. Which presents interesting contrasts for the book - because the Wall Street chapters are so profound and deal with such a large, looming subject, the chapters about baseball, advanced metrics, and sports wagering can feel somewhat small and overshadowed. The author attaches deep personal meaning to baseball, and his overall process is detailed in the context of healing and recovery and professional transition, so it's not that these chapters don't have weight. But for the reader, you may be well into the book, looking for a little more Michael Lewis and a little less Nate Silver. I recommend the book, and will buy Joe Peta's next book, especially if it's more narrowly focused on the world of trading desks, hedge funds, and global finance.
I am a lifelong baseball fan, and I love to read. I also have a professional background in brokerage. This book was perfect as it addressed two interest areas of mine. I did not think it was reminiscent of Moneyball- there is as much shared about investment banking and foreshadowing of the financial crisis as there is about baseball. Great balance, well written, and a great gift idea for any baseball fan interested in Wall St.
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