Martin Schwartz talks about losing $25m Feb 2018

Discussion in 'Wall St. News' started by ZBZB, Jan 1, 2020.

  1. destriero

    destriero


    No way he was short 14K naked. $300MM haircut for retail.
     
    #21     Jan 1, 2020
    MattZ likes this.
  2. ZBZB

    ZBZB

    They may be credit spreads which cuts the margin a lot.
     
    #22     Jan 1, 2020
  3. destriero

    destriero


    Would have to be.
     
    #23     Jan 1, 2020
  4. destriero

    destriero

    The object of the game is to make money.

    He lost on direction, timing and vol. Worse, he stood to gain relatively small if he won. Marty should retire and buy Zeroes.
     
    #24     Jan 1, 2020
  5. SteveM

    SteveM

    I think it's unfair to lump Marty in with Karen. They aren't in the same universe. And yeah, I agree it is possible that Marty is no longer a successful trader, but he his still living in a multi-million dollar oceanfront mansion a few blocks down the road from Mar-a-Lago, and he has documented track record of success:

    From the NY Times in 1984:

    "The person who made the most money in 1983 in trades reported to the United States Trading Championship - a whopping $1.4 million - was Martin Schwartz, whose futures account rose 175.3 percent. Mr. Schwartz, a 38-year-old former securities analyst who owns a seat on the American Stock Exchange, said, ''I can tell you how I became a winner - I learned how to lose.''

    https://www.nytimes.com/1984/02/18/business/investing-for-fun-and-profit.html

    Below is another article about him from the 80s:

    Capture.JPG
     
    #25     Jan 1, 2020
    jordi742, Nobert and comagnum like this.
  6. ZBZB

    ZBZB

    #26     Jan 1, 2020
    SteveM likes this.
  7. southall

    southall

    "Addictiveness is the reason why so many players who make fortunes leave the game broke"

    He definitely addicted, he openly admits to it. If he no longer has an edge then he just Gambling and is no longer Trading. Hopefully he or his family can keep his size in check so he doesn't do too much damage in the future.
     
    #27     Jan 1, 2020
    murray t turtle likes this.
  8. jordi742

    jordi742

    #28     Jan 1, 2020
    murray t turtle likes this.
  9. ZBZB

    ZBZB

    25,000 short puts in oil, rolled down from 85 to 83 for a $4m loss. ITM would have cost $25m a point. From 46 min in

     
    #29     Jan 1, 2020
    jordi742 likes this.
  10. trader99

    trader99


    This whole time from reading Market Wizards, I thought Marty was just trading futures. He said he wanted to earn infinity as an argument against program trading trying to earn 50 bps above Treasuries. But this YouTube interview totally shattered my conception of Marty! He has been a premium seller. damn. :(
     
    #30     Jan 1, 2020
    destriero likes this.