First published in , “Reminiscences of a Stock Operator” is the most widely read, highly recommended investment book ever. Generations of readers have. And thanks to American journalist Edwin Lefevre’s Reminiscences of a Stock Operator, a work of “fiction” that is in fact a thinly veiled biography. The Paperback of the Reminiscences of a Stock Operator by Edwin Lefevre at Barnes & Noble. FREE Shipping on $ or more!.
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Reminiscences of a Stock Operator by Edwin Lefèvre
View all 7 comments. There is a lot of useful investment advice to be gleaned from this book, but you must know investment terminology. I was amazed at the similarities between the tactics that Livermore describes using, and the tactics that George Soros describes in The Alchemy of Finance Reading the Mind of the Market. There is no asphalt boulevard to success in Wall Street or anywhere else.
Jul 17, John Hively rated it really liked it. Without those two credentials, breaking into high finance is hard. Stoock doesn’t waste time on Jesse’s personal life and focuses only on his successes and failures in the markets until that point in time in the s.
Reminiscences of a Stock Operator – Wikipedia
It always was my sitting. But I understand the rational and see how his approach may work for some people, at least most of the time. In Jack Schwager’s Market WizardsReminiscences was quoted as a major source of stock trading learning material for experienced and new traders by many of the traders who Schwager interviewed.
Fear, greed, hope and pride are the same today as they were in the early s and these core fundamental human emotion I read this book virtually every summer, not only as a very interesting historical account of the life of a famous Wall Street trader in the early s, but also as a learning tool. Observation, experience, memory and mathematics these are what the successful trader must depend on. This difference between the professional and the amateur or occasional trader cannot be overemphasised.
It requires a little longer to forget that he used to be rich. However, at the age of nineteen, he began his career as a journalist and eventually became a stockbroker, as well. Read only for novelty, or as a moral fable against the hazards of stock market gambling.
Given that this book is primarily an account of his numerous failures, contradictions, and his total inability to ever enjoy a vacation with his endlessly acquired, and then destroyed fortunes, the only thing I’m left confused by is why any sane human in their right mind would ever read this book as investment advice, which it seems that a good many confused people have. It requires more time and more work to keep posted and to that extent stock speculation has become much more difficult for those who operate intelligently.
A trader gets to play the game as the professional billiard player does—that is, he looks far ahead instead of considering the particular shot before him. There is nothing like losing all you have in the world for teaching you what not to do.
It doesn’t go into explanations. There was very little real news, and therefore plenty of rumors and tips. Once, when someone cornered a commodity, he broke it by shorting a related commodity, causing the whole edifice to crumble and allowing him to get out, at his own price. Every other line would make so much sense to me Reads like a first person novel.
InLivermore’s attempt to corner the post WWI cotton market caused President Wilson to invite him to the White House to try to persuade him to remove his corner for the sake of the struggling post-war economy. To learn that a man can make foolish plays for no reason whatever was a valuable lesson. He does not feel the difference much —that is, he does not vividly remember how it felt not to be a millionaire. I’m writing this review two years after I read the book, so I’m going here by impression and memory.
Reminiscences of a Stock Operator
Written by Edwin Lefevre, a business writer of the era, it is actually lefebre story of Jesse Livermore, one of the greatest stock traders of all time. I’ve known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit.
He gets so successful that he has to rotate among different locations and use disguises to avoid being discovered a lot like modern-day card sharks or the movie “21”. Certainly one of the greatest traders the history has ever known. The book is a non-fictional Wall Street primer about “Lawrence Livingstone”, a pseudonym for Jesse Livermore, the legendary lone Wall Street trader whose personal fortune purportedly peaked between 1. His mission to perfect his game was therefore a reminisences.
Every other line would make so much sense to me Jesse Lauriston Livermore. There is no mind so machinelike that you can depend upon it to function with equal efficiency at all times.
There is nothing new in Wall Street. Tip-takers are all they really are. Livermore began trading in “bucket shops”, which are essentially gambling parlors where people can bet on stock and commodity prices. I began to realize that the big money must necessarily be in the big swing.
It is also a nostalgic trip to the good old times of pre-SEC markets, of the unprecedented operato of American industry, of names like Kuhn-Loeb-Harriman leefvre Bethlehem Steel, of days when Livermore could note that the capitalisation of US Steel exceeded the size of the entire government debt – well, good times.
You will surely not regret reading this book. I forget it overnight. But fate does not always let you fix the tuition fee. You quickly figure it out. Spending so much time and energy without changing anything, without creating anything. It chronicles the life of one of the most legendary stock traders.
wdwin This book is a marvel. It took me longer to get that general principle fixed firmly in my mind than it did most of the more technical phases of the game of Stock speculation.