 Schwartz served in the U.S. Marine Corps Reserves from 1968–73 and completed his commitment with rank of Captain.After working several years as a financial analyst at E. F. Hutton, Schwartz accumulated $100,000, quit the firm, and bought a seat on the American Stock Exchange where he began trading stocks options and futures.In 1985, Schwartz began his own fund in which he would manage other people's money as well as his own.