Reminiscences of a Stock Operator Review

Reminiscences of a Stock Operator

Author: Edwin Lefèvre
Published in: 1923
Pages: 288

A couple of days ago I’ve had a chance to finish a magnificent book that is “Reminiscences of a Stock Operator”, one of the investment classics.

About the book

This book tells the story about one of all-time best stock traders: Jesse Lauriston Livermore aka Boy Plunger.

According to Wikipedia, Jesse himself wrote the book and Edwin Lefevre acted as the editor and coach. Story is told from the first person perspective, by the way.

About Jesse Livermore

During his lifetime, Livermore made and lost multi-million dollar fortunes a couple of times; from broke to rich and vice versa.

At the age of 14, this brilliant man started his trader career that lead him to bucket shops. He was so successful that those shops banned him soon afterwards. As a result, Jesse moved to New York and began trading.

Unfortunately, it was too much of a difference and Boy Plunger lost everything there. Started trading in the bucket shops again (using others, etc.), earned money and went back to NY.

What happened then?

He made millions of dollars and then lost everything. Actually, he borrowed millions and lost most of it as well. Ultimately, he earned everything back, paid bills, made more cash and become one of the well-known speculators.

Obviously, this is just a short summary that does not reflect even a tiny fraction of this amazing writing.

This book is full of wisdom, memorable quotes and life lessons:

“The average man doesn’t wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn’t even wish to have to think.” ~ Jesse Livermore

Tell me more…

On November 28, 1940, he shot himself…. Why? Depression, women and new market regulations…

Jesse himself, several hours before his suicide

He left the following note to his wife:

“My dear Nina: Can’t help it. Things have been bad with me. I am tired of fighting. Can’t carry on any longer. This is the only way out. I am unworthy of your love. I am a failure. I am truly sorry, but this is the only way out for me. Love Laurie”.

Rating

10/10

Please note: rating may be biased, as I am a speculator myself.

Purchase

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