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

by Joe Peta (Author)
4.3 4.3 out of 5 stars 333 ratings
See all formats and editions
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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.
Previous page
  1. Print length
    384 pages
  2. Language
    English
  3. Publisher
    Berkley
  4. Publication date
    March 4, 2014
  5. Dimensions
    5.95 x 0.8 x 8.85 inches
  6. ISBN-10
    0451415175
  7. ISBN-13
    978-0451415172
  8. See all details
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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 ‏ : ‎ 14.6 ounces
  • Dimensions ‏ : ‎ 5.95 x 0.8 x 8.85 inches
  • Customer Reviews:
    4.3 4.3 out of 5 stars 333 ratings

About the author

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Joe Peta

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
333 global ratings

Top reviews from the United States

Stock Bear
5.0 out of 5 stars A Dugout Full of Unexpected Charm
Reviewed in the United States on March 10, 2013
Verified Purchase
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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Chad M. Supp
4.0 out of 5 stars A smart book about numbers wrapped in an enlightening memoir.
Reviewed in the United States on April 11, 2013
Verified Purchase
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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Amazon Lover
5.0 out of 5 stars Joe hit a Grand Slam!
Reviewed in the United States on September 30, 2016
Verified Purchase
In the world of sports betting, finding an excellent book to read is similar to finding a needle in a haystack. This book is that needle.

Trading Bases is a very well-written memoir that takes you on a journey from Joe's days as a Wall Street broker to building and operating a baseball fund during a summer in Las Vegas. It has a mix of baseball stats, financial lingo, and a bit of gambling strategy intertwined into the story to keep you entertained. A curious mind will be educated on how to successfully approach baseball betting by reading this book as well.

This is easily one of the best books in the area of sports betting. It would be a wise move to add this enjoyable read to your collection.
2 people found this helpful
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BB from Maine
5.0 out of 5 stars Great gift idea for any baseball fan interested in Wall St.
Reviewed in the United States on February 17, 2019
Verified Purchase
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.
2 people found this helpful
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Jaroslav Tuček
3.0 out of 5 stars Curious mixture of sports, betting and finance
Reviewed in the United States on December 24, 2015
Verified Purchase
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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nacnud
4.0 out of 5 stars Entertaining Read
Reviewed in the United States on March 25, 2017
Verified Purchase
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

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Kindle Customer
5.0 out of 5 stars Book
Reviewed in Canada on May 12, 2020
Verified Purchase
Amazing read!
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megarain
5.0 out of 5 stars Good reading for all baseball / sports gamblers
Reviewed in the United Kingdom on December 14, 2015
Verified Purchase
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
Verified Purchase
Joe Peta muestra cómo aplicar los principios de la bolsa en las apuestas deportivas, principalmente en baseball para obtener grandes beneficios a medio plazo
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Ryan Purvis
4.0 out of 5 stars Intriguing book
Reviewed in the United Kingdom on April 9, 2017
Verified Purchase
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.
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triguy
3.0 out of 5 stars Intersting Book for lovers of Baseball
Reviewed in Spain on December 15, 2016
Verified Purchase
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.
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