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Trading Bases: How a Wall Street Trader Made a Fortune Betting on Baseball Paperback – March 4, 2014


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An ex–Wall Street trader improved on Moneyball’s famed sabermetrics and beat the Vegas odds with his own betting methods. Here is the story of how Joe Peta turned fantasy baseball into a dream come true.
 
Joe Peta turned his back on his Wall Street trading career to pursue an ingenious—and incredibly risky—dream. He would apply his risk-analysis skills to Major League Baseball, and treat the sport like the S&P 500.
 
In
Trading Bases, Peta takes us on his journey from the ballpark in San Francisco to the trading floors and baseball bars of New York and the sportsbooks of Las Vegas, telling the story of how he created a baseball “hedge fund” with an astounding 41 percent return in his first year. And he explains the unique methods he developed.
 
Along the way, Peta provides insight into the Wall Street crisis he managed to escape: the fragility of the midnineties investment model; the disgraced former CEO of Lehman Brothers, who recruited Peta; and the high-adrenaline atmosphere where million-dollar sports-betting pools were common.

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Editorial Reviews

Review

“Fascinating…reads like a mash up of Liar’s Poker and Moneyball.”Publishers Weekly

“[A] swaggering story from frantic stock trader to professional sports bettor....Even casual baseball fans could learn from it. Serious fans should slurp it up like ballpark beer.”
Los Angeles Times
 
“He reminds me of Nate Silver—he’s able to blend different worlds (in this case, baseball and finance) using his intense knowledge of each to give us a very entertaining read.”
—Play-by-Play Announcer for the San Francisco Giants and ESPN National Sportscaster Dave Flemming

“Peta created a reliable system for beating Vegas odds throughout the 2011 Major League season…but it’s clear he loves the game as much as the winnings. Moreover, he asks a number of salient questions, such as: How can businesses on Wall Street and beyond apply thinking used by baseball sabermetricians to strengthen their own organizations? The answers, and how Peta arrived at them, make for great reading.”
Booklist

About the Author

After earning an MBA from Stanford’s Graduate School of Business, Joe Peta was a Wall Street market maker and hedge fund stock trader for fifteen years, but he was a sports bettor for even longer. A lifelong baseball fan, he lives in San Francisco with his wife and two daughters.

Product details

  • Publisher ‏ : ‎ Berkley; Reprint edition (March 4, 2014)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 384 pages
  • ISBN-10 ‏ : ‎ 0451415175
  • ISBN-13 ‏ : ‎ 978-0451415172
  • Item Weight ‏ : ‎ 12.8 ounces
  • Dimensions ‏ : ‎ 6 x 0.8 x 8.96 inches
  • Customer Reviews:

About the author

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Joe Peta
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Raised in West Chester, PA by a first generation Italian-American father who adopted baseball as a symbol of his love of America, Joe Peta quickly learned the joy of following the sport --- and the pain of being a 1970s-era Phillies fan. Undaunted, by the time he was a teenager, Joe felt certain that his heroes Mike Schmidt, Larry Bowa, Steve Carlton, et al would one day be his co-workers.

While his father instilled a love of baseball in him, sadly, Joe inherited his mother’s throwing arm, so by the time he was in college at Virginia Tech he turned his career ambitions toward the glamorous and fast-paced life of a Certified Public Accountant. His new heroes were men like Bill James and Warren Buffett and Joe parlayed his love of numbers into an MBA from Stanford University. Even in business school, sports were never far from his mind. At Stanford, Joe penned columns in The Stanford Daily and The Reporter that earned him a following in spite of constant references to Melrose Place, and his turning down the opportunity to interview campus golfer Tiger Woods.

His debut effort, Trading Bases, A Story About Wall Street, Gambling, and Baseball (Penguin Group) dropped in 2013 and topped best seller lists in both Baseball and Business categories. A Preview of the 2019 Masters published in 2019, contained a shockingly accurate preview of the event and was the #2 selling golf book of the year. Joe's latest effort, Moneyball for the Money Set will be released at the end of August, 2023.

Joe lives in San Francisco with his wife and two daughters, who would very much like his next book to either be about ballet or Taylor Swift.

Customer reviews

4.3 out of 5 stars
4.3 out of 5
337 global ratings

Customers say

Customers find the book fairly well written, funny, and enjoyable. They also describe the stories as curious, fascinating, and offering a curious mixture of sports, betting, and finance. Opinions are mixed on the technical accuracy, with some finding it informative and creative, while others say it's too technical and has too many stats to follow.

AI-generated from the text of customer reviews

23 customers mention "Technical accuracy"16 positive7 negative

Customers are mixed about the technical accuracy of the book. Some find it informative, challenging, and excellent, while others say it's too technical and hard to follow.

"...This is readable, yet challenges one to grasp mathematical concepts and analysis that can serve as great brain teasers...." Read more

"...Not a crash course on Sabermetrics but some good introductory information (if you're not into Sabermetrics why are reading this book?)...." Read more

"...Unfortunately, no specific details about how he made his money are forthcoming. If you are considering buying the book for this reason, don't...." Read more

"...a handful of statistical analyses, but the author does a good job of explaining them and using real-world examples...." Read more

19 customers mention "Readability"19 positive0 negative

Customers find the book well-written, quick, and a can't miss for baseball fans.

"...culture references and analogies not related to numbers so that they read easily, even for those who are inclined to skip the tables scattered..." Read more

"...This is readable, yet challenges one to grasp mathematical concepts and analysis that can serve as great brain teasers...." Read more

"...Well written, a quick read, and a can't miss for any baseball/sports betting/stock market enthusiast!" Read more

"Interesting and well-written book...." Read more

19 customers mention "Stories"19 positive0 negative

Customers find the stories in the book enjoyable, fascinating, and curious. They also mention that the book offers a curious mixture of sports, betting, and finance.

"In a way Trading Bases is a fascinating read, offering a curious mixture of sports, betting and finance, with enough narrative to make you care..." Read more

"...The narrative drives the story while I learned so much about CLUSTER LUCK, logic, baseball, pop culture, trading and LIFE... And the beauty of this..." Read more

"...Overall Mr. Peta did a fantastic job telling his story and I think everyone will take something out of this book, especially a new way of thinking..." Read more

"Trading Bases was a fascinating story...." Read more

4 customers mention "Humor"4 positive0 negative

Customers find the humor in the book sweet, funny, and charming.

"...I won't reveal it here, but it's sweet, funny and charming and by the time I got to the middle of the book where the numbers-heavy passages..." Read more

"...Funny sweet anecdotes, and interesting "number crunching",..." Read more

"...I do, and enjoyed it a lot. Well written and surprisingly funny at times" Read more

"Excellent read. Great humor and valuable insight into probability theory and framework...." Read more

4 customers mention "Writing style"0 positive4 negative

Customers find the writing style of the book irrelevant and boring. They also say it doesn't get to the point.

"...It is however a problematic text to recommend, for its main themes of sports and finance are quite different and don't often interest the same reader..." Read more

"...It gets really boring, and I skipped several whole pages to get back to the baseball." Read more

"Too much irrelevant verbiage for me. Does not get to the point. I am not interested in cute stories. Did not finish reading it. Wasted money for me." Read more

"...This book is boring and gets you confuse." Read more

Top reviews from the United States

Reviewed in the United States on July 6, 2024
The author is a former Wall Street trader who tried to create a baseball betting model to beat the Vegas casinos Sportsbook.
Reviewed in the United States on April 11, 2013
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.
8 people found this helpful
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Reviewed in the United States on March 10, 2013
It starts with the dedication.

Before you ever get to a word about Wall Street, about gambling, or even baseball in Joe Peta's memoir, there is an 11 word dedication -- shorter than the average tweet -- that gives you a clue Trading Bases isn't your run-of-the-mill book about any of those topics. I won't reveal it here, but it's sweet, funny and charming and by the time I got to the middle of the book where the numbers-heavy passages subtlely morphed into unexpectedly charming storytelling, I realized, just like the "not necessarily in that order" subtitle, it provided a clue as to what was to come.

The chapters dealing with sabermetrics -- the science of baseball statistics Peta credits men like Bill James and Nate Silver with creating -- are fortunately filled with pop culture references and analogies not related to numbers so that they read easily, even for those who are inclined to skip the tables scattered across those early chapters. But once the foundation of those early chapters are set, they serve as a starting point for discussions on Lehman Brothers, the financial crisis, the similarities between Las Vegas bookmakers and Wall Street traders and, of course, being a baseball fan. It's the baseball discussions -- the experience of enjoying a game in a bar with friends, the oh-so-American tradition of having a catch with your dad, etc -- that are so moving I found myself reaching for tissues. Chapter 12 alone, which I won't spoil with details, earns this book 5 stars.

It won't surprise me if the gamblers and traders that share Joe's interests love this book. What might shock them is how much their wives and parents do too.
20 people found this helpful
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Reviewed in the United States on June 13, 2013
If you are an observer of Wall Street, baseball, or just gambling in general, you need to read this account of a personal journey from an individual who really started as a technician and ended up as a statesman and consultant. The best part is that he kept his roots of family and what makes a well founded personal life (keeping his roots in San Francisco when issues developed in his journey of challenges).

This is readable, yet challenges one to grasp mathematical concepts and analysis that can serve as great brain teasers.

Anyone can get better at whatever they are trying to do by this read.
7 people found this helpful
Report
Reviewed in the United States on December 24, 2015
In a way Trading Bases is a fascinating read, offering a curious mixture of sports, betting and finance, with enough narrative to make you care about the author and his curious journey through life. It is however a problematic text to recommend, for its main themes of sports and finance are quite different and don't often interest the same reader. In my case, all the author's enthusiasm completely failed to make me care about baseball and the "Pythagorean theorem" model of team performance valuation. I can imagine a sports-fan reader not interested in finance will feel the same way about the other half of the book.

If you are equally excited about trading floors as you are about baseball stadiums, however, then this is easily a five-star book.
One person found this helpful
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Reviewed in the United States on March 25, 2017
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.
10 people found this helpful
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Top reviews from other countries

Kindle Customer
5.0 out of 5 stars Book
Reviewed in Canada on May 12, 2020
Amazing read!
megarain
5.0 out of 5 stars Good reading for all baseball / sports gamblers
Reviewed in the United Kingdom on December 14, 2015
Brilliant review of both sports betting and trading - well written, and with a deep understading of the methodologies which are needed to win at long term sports / bank roll protection. As a gambler/investor, I want to know more .. And wish links were available - thou quick search does reveal a blog ( that appears lightly used - at least since 2013). His love of the sport, shines thou.
One person found this helpful
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Oscar Salgado Sanchez
5.0 out of 5 stars Una gran guía para entender cómo y por qué vale la pena apostar en baseball
Reviewed in Spain on October 18, 2013
Joe Peta muestra cómo aplicar los principios de la bolsa en las apuestas deportivas, principalmente en baseball para obtener grandes beneficios a medio plazo
Ryan Purvis
4.0 out of 5 stars Intriguing book
Reviewed in the United Kingdom on April 9, 2017
Really enjoyed the mixing of Baseball, Sabermetrics, digressing stories and biography. The ending was a bit short though and probably could have had more of conclusion.
triguy
3.0 out of 5 stars Intersting Book for lovers of Baseball
Reviewed in Spain on December 15, 2016
This is a title for lovers of Baseball from a Wall Street trader who has an accident and finds himself out of work. In his misery after the accident he cleverly uses his love of the sport and his skills learned in the business to distract himself from the sorry state that he finds himself in after the accident. In a few places it becomes bogged down with statistics although overall it's an interesting read even for those like myself that don't follow baseball.