After the fall of Lehman Brothers, Joe Peta needed a new employer. He found a new job in New York City but lost that, too, when an ambulance mowed him down as he crossed the street on foot.
In search of a way to cheer himself up while he recuperated in a wheelchair, Peta started watching baseball again, as he had growing up. That's when inspiration hit: Why not apply his outstanding risk-analysis skills to improve on sabermetrics, the method made famous by Moneyball--and beat the only market in town, the Vegas betting line? Why not treat MLB like the S&P 500?
In his book, Trading Bases: A Story About Wall Street, Gambling, and Baseball (Not Necessarily in That Order), Peta shows how to subtract luck from a team's statistics to best predict how it will perform in the next game and over the whole season. His baseball "hedge fund" returned an astounding 41 percent in 2011-- with daily volatility similar to funds he used to trade for.
As New York State officials and legislators pore over Governor Andrew Cuomo’s proposed budget, State Comptroller Thomas DiNapoli today released his office’s estimate of Wall Street bonuses. He says the annual forecast is in line with state and New York City budget expectations.
Cash bonuses paid to New York City securities-industry employees are forecast to rise by 8 percent, to $20 billion, for last year, driven, in part, by bonuses deferred from prior years. That’s according to DiNapoli.
In the grand tradition of the English Rock opera, a la Tommy, The Wall and The Lamb Lies Down on Broadway – there is a new rock opera for the 21st century: A Wall Street Odyssey.
Yossarian, (from Joseph Heller's seminal book, Catch 22) is reborn as a burned out stockbroker on a path of self-destruction, rebirth and transcendence. The show includes live music, costumes, narration and videos on a giant screen.
Songwriter Sean Bigler and wife Bonnie Lykes live in the Woodstock area of upstate NY formed Epigene in 2000 and are the creators of A Wall Street Odyssey. They bring their show to The Linda in Albany, NY on Saturday, February 23rd.