• Trading Bases: A Story About Wall Street, Gambling, And Baseball (Not Necessarily in That Order)

    Posted by on February 23rd, 2013 · Comments (6)

    I recently had a chance to read a review copy of Joe Peta’s “Trading Bases: A Story About Wall Street, Gambling, and Baseball (Not Necessarily in That Order)” which is slated to be released on March 7th.

    Joe Peta was a Wall Street market maker and hedge fund stock trader for fifteen years. And, he’s been a sports bettor for even longer and a lifelong baseball fan.

    After being struck by an FDNY ambulance and knocked off the trading floor for months of recovery and then being fired from a seven-figure job six weeks after returning to work in a wheelchair, Peta used sabermetric principles developed by Bill James and Nate Silver (among others) to create a market model for the 2011 Major League Baseball season.

    Using his new tool, Peta was able project runs, wins, and take his season projections and convert them to single-game-win expectancies. Using these results, he then applied them to the Vegas betting lines and from Opening Day to the final game of the 2011 World Series – making money on favorites, underdogs, pick-‘ems. Overall, Pete ended up with a 41.03% profit for his efforts.

    Trading Bases” aims to show how portfolio management, Wall Street trading and sports betting are all interrelated. And, it makes a great case for this to be true. Peta’s book is also, at times, humorous and touching.

    This book has something for everyone who is interested in Wall Street, gambling, baseball and sabermetrics. That said, if you are turned off by any of these subject matters, you may not enjoy “Trading Bases” as much as someone who is open to seeing the connections between them.

    For the record, personally, while being a baseball junkie and a huge fan of sabermetrics, I know little about the workings of Wall Street and Vegas. Related, I found what Peta shared on these arenas to be interesting, educational and entertaining.

    In any event, I suspect that “Trading Bases: A Story About Wall Street, Gambling, and Baseball (Not Necessarily in That Order)” may be one of the most talked about new releases on the baseball book front this year. And, it’s worth checking out.

    It will also be interesting where Peta goes from here. He has the skill and resume to command a seven-figure job on Wall Street. And, he’s proven that he can make money betting on baseball. Yet, perhaps, some major league team, after the release of his book, may ask him to join the analysis group in their front office? Granted, the compensation on Wall Street or from Vegas would not be equaled in baseball. However, perhaps, at this stage of his life, maybe Peta wants to be in baseball? And, if he did, how would the commissioner’s office handle that (given his documented past betting on the game)?

    It does seem like “Trading Bases” is our introduction to Joe Peta on the baseball landscape and we should expect more from him in the future (in some capacity).  And, that’s another reason why you would want to consider reading his new book.

    Comments on Trading Bases: A Story About Wall Street, Gambling, And Baseball (Not Necessarily in That Order)

    1. Raf
      February 23rd, 2013 | 4:46 pm

      Andrew Friedman could probably use his services; they have similar backgrounds.

    2. February 23rd, 2013 | 5:18 pm

      Raf wrote:

      Andrew Friedman could probably use his services; they have similar backgrounds.

      Very true.

      FWIW, Peta grew up a Phillies fan and is now closer to Giants. But, you’re right, he is cut from the same cloth as Friedman.

    3. Raf
      February 23rd, 2013 | 7:52 pm

      I wonder if this could be the next big thing, applying these financial market principles to baseball?

    4. Evan3457
      February 24th, 2013 | 1:59 am

      You’re a huge fan of sabremetrics? I did not know that.

      That’s only half-facetious.

    5. February 25th, 2013 | 8:56 am

      Evan3457 wrote:

      You’re a huge fan of sabremetrics? I did not know that.

      LOL. Have you read MY book? :-)

    6. February 25th, 2013 | 8:58 am

      Raf wrote:

      I wonder if this could be the next big thing, applying these financial market principles to baseball?

      More so, I think Peta’s case was using his analytic and wall street smarts and applying them to sabermetrics already out there…much like what the Rays are doing.

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