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Reminiscences of a Stock Operator: With New Commentary and Insights on the Life and Times of Jesse Livermore (Annotated Edition) by Edwin Lef?vre, Jon D. Markman
- Sales Rank: #195060 in Books
- Published on: 2009-12-21
- Original language: English
- Number of items: 1
- Dimensions: 10.30" h x 1.20" w x 8.30" l, 2.32 pounds
- Binding: Hardcover
- 448 pages
Amazon.com Review
Reminiscences of a Stock Operator is the fictionalized biography of perhaps the most famous financial speculator of all time-Jesse Livermore. This annotated edition bridges the gap between Edwin Lefevre's fictionalized account of Livermore's life and the actual, historical events, places, and people that populate the book. It also describes the variety of trading approaches Livermore used throughout his life and analyzes his psychological development as a trader and the lessons gained through hard experiences.
- Analyzes legendary trader Jesse Livermore's strategies and explains how they can be used in today's markets
- Provides factual details regarding the actual companies Livermore traded in and the people who helped/hindered him along the way
- Explains the structure and mechanics of the Livermore-era markets, including the bucket shops and the commodity exchanges
- Includes more than 100 pages of new material
Reminiscences of a Stock Operator has endured over 70 years because traders and investors continue to find lessons from Livermore's experiences that they can apply to their own trading. This annotated edition will continue the trend.
Amazon Exclusive: The Inside Scoop on Reminiscences of a Stock Operator, Annotated Edition
Content from author Jon Markman
My annotations bring the history, people and strategies of Reminiscences to life in a way that enrich the already mesmerizing reading experience. Many investors, including hedge fund great Paul Tudor Jones, who wrote the foreword, consider Reminiscences to be a bible for speculators due to its profound psychological insights and its brilliant epigrams on tradecraft. It's also just a gripping read. The annotated edition is oversized and includes lots of illustrations and photos, so it really does make a handsome and impressive gift.
And it's not all about Livermore and trading. You'll learn about the German Jewish immigrant who helped Abraham Lincoln finance the Civil War by selling bonds in Europe and later rescued the slain president's widow from poverty after Congress voted against pensions for presidential widows; and about the dramatic gold corner of 1869 that almost crushed the nation's financial system and was known for decades as "Black Friday''; and about colorful rogues such as Jim Fisk, Daniel Drew, James Keene and Jay Gould who each shaped modern Wall Street in their own way.
Who was Jim Fisk? A biographer called him, "A big, burly, blond creature who looked like a butcher, jovial and quick witted, with the manners and gaudy habits of a publican; he was a swindler and a bandit, a destroyer of law and an apostle of fraud; he was a clown in velvet waistcoats and spurious admiral's uniforms, a fatuous fat man who never grew up, playing with railroads and steamboats, canary birds and ballerinas; his private life was to many a public dismay, his public conduct to some a private scorn; he was, for a while, the most successful, the most conspicuous, the most significant figure in the sinister business world of New York. And to the hundreds of his fellow citizens -- thousands, as was shown when his funeral passed by -- he was charitable, light-hearted, open-handed big Jim Fisk; a community which loathed Jay Gould adored him; and when he died they adored him with ballads. The America of the Sixties produced him, and nowhere perhaps, except in the America of 1870, could he have existed.''
Who was Jay Gould? The prime example of a speculator during the Civil War era and a prototype for the manipulators who rule the Street today. Called the ''Wizard of Wall Street,'' he was a man of great contrasts. On the outside, he was a timid, short, frail, sickly, almost effeminate man who rarely looked anyone in the eye. On the inside, he was a ruthless, smart, cold-blooded predator who would extract his profit with indifference from friend or foe. What his physique lacked, his intellect and spirit provided in abundance: He was endowed with a rare ''courage, grit, insight, foresight, tireless energy, and indomitable will,'' according to a biographer, who added: ''He played the great game of speculative finance for all it could be made to yield without disguise or apology -- a stranger to honesty and good faith; a personality of alarming cunning deprived of all feeling, scornful of any consideration or rectitude. An operator who always played with loaded dice; an administrator whose only interest lay in the accumulation of selfish profits; a genius whose talents were completely devoted to the limited spheres of his own enrichment; a parasite of disaster, an instrument of calamity, a destroyer.''
Gould was really an amazing character, because he was totally unethical and everyone knew it, but he still managed to make the public see him as a major financier and businessman rather than as a con man. And he was, but just barely and because laws were so thin. One of my favorite stories, which I won't explain at length here, involves his massive bear raid on Western Union to force down its price. He was rewarded amply with millions as a short-seller. But that wasn't his goal. Just when the stock reached the single digits after starting well over $100, he started to buy it back without telling any of his former raiding partners -- and it turned out the idea all along was to buy the whole company on the cheap, which he did. And then he moved into its modern, fortress-like offices in Manhattan.
Responding to Gould's brutal treachery in the deal, his partners -- not exactly naifs themselves -- made comments that echo across time as they could easily be said about some financiers today. Banker Russell Sage said: ''Gould gave us his contract. That was no good. He gave us his word, and that was no good.'' Keene said: '''Gould is nothing to me, and I don't care what he does or says as far as I am concerned." But the toughest line comes from a former Civil War major who thought he was a partner in the deal, until he was ruined in the reversal. He said, "It would exhaust the capacity of the English language to fittingly characterize the meanness, the duplicity, and the treachery with which this scoundrel has treated me. For weeks and months he has lied to me in the most varied and persistent manner. He has all the time pretended to be my friend, and yet in secret he has been constantly plotting my overthrow.''
Gould left his family $72 million when he died -- the equivalent of almost $1 billion today -- and was never charged with any crimes. He is now usually referred to as a shrewd businessman, not a scoundrel. The value of studying Wall Street's history has never been more clear. Gould's spiritual successors today are not nearly as overt, but they certainly stalk the halls of the exchanges today with similar intent. Regulations have cleaned up the place a lot, but not as much as you might think. So it's our job as private investors to recognize, neutralize and avoid the latter-day Goulds, because we're never going to beat them in a head-to-head confrontation.
Review
"...is big and beautiful, cutting across two centuries of booms and busts and market and economic history, with a myriad of vintage historical photos and instructive historical charts throughout." (Barron's, November 1, 2010)
"This is a wonderful classic for any investor or economic historian...the style is pacey, robust and humorous." (Professional Investor, October, 2010)
"A 10 best finance book.
Does the ongoing financial turmoil leave you scratching your head? Worry not, here's our pick of the finest - and most readable - books about Big Money..."
(The Independent)
From the Inside Flap
Reminiscences of a Stock Operator, Annotated Edition brings the story of the great speculator Jesse Livermore to life like never before. One of the foremost investment classics of all time, the original edition of Reminiscences by Edwin Lefèvre has inspired countless investors and traders with its fictionalized account of Livermore's legendary trading experiences. Now, in this meticulously researched Annotated Edition, Jon Markman reveals the truth about Jesse Livermore and provides colorful, historically accurate commentary on the characters, places, and events that have made Reminiscences such an enjoyable and educational read for generations.
The real Jesse Livermore won and lost tens of millions of dollars playing the stock and commodities markets during the early 1900s, at one point making ten million dollars in one month of trading—an astronomical sum at the time. His ideas and keen analyses of market price movements are as useful today as they were when he was first developing them. Offering profound insights into the motivations, attitudes, fears, and aspirations shared by every investor and trader, Reminiscences of a Stock Operator is among the most compelling and enduring books ever written on the markets.
This Annotated Edition bridges the gap between Lefèvre's fictionalized account of Livermore's life and the actual exploits, personalities, and locations that populate the book. Side-by-side with the original text is Markman's commentary about the historical setting and the real companies, individuals, and news events to which Lefèvre alludes. Readers will learn all about bucket shops—unsavory relics of the investment world that gave Livermore his first taste of trading. They'll also learn how fierce public debates over gold and silver roiled the politics and markets of the time; how presidential candidate William Jennings Bryan incited a financial panic in 1896; how World War I created a boom followed by a harsh recession; and how ambitious tycoons built fortunes from scratch and drove rivals to ruin by cornering stocks and through other now-illegal manipulations.
And they'll learn about important but forgotten figures briefly mentioned or disguised via pseudonyms in the text, such as broker E.F. Hutton, who gave Livermore a $500 loan when the trader was down on his luck, as well as legendary financiers like E.H. Harriman, John Gates, James Hill, James Keene, and Cornelius Vanderbilt as well as daring rogues like Daniel Drew and Jay Gould.
Engaging and informative, the Annotated Edition of Reminiscences of a Stock Operator provides a rich and colorful portrait of a volatile era in U.S. financial markets that in many ways parallels the crisis-prone twenty-first century. At the same time, Markman extracts the timeless insights and wisdom from one of the world's greatest traders and shows how they can be applied to understand and profit in today's markets. Longtime fans of the book will understand Reminiscences in an entirely fresh way, while new readers will enjoy a much richer experience than ever before possible.
Most helpful customer reviews
53 of 58 people found the following review helpful.
Wonderful book, DON'T BUY IT ON A KINDLE
By Florida FTW!
This is a great book and a must read. I hate giving it a low mark. But my reason is not for the content itself, but the Kindle edition.
I am just stunned at how the editors (or whomever) did such a poor job on the Kindle edition. It is unreadable. The annotations are mixed in with the text, not hyperlinked. Disaster. What a waste of a wonderful medium!
I went ahead and bought the non-annotated version. It's wonderful. I can actually read it. I suppose it's nice to the have the annotated version to refer to later, after I'm actually done reading the ACTUAL book.
To the folks behind the Kindle edition -- shame on you. You rushed it out and it shows.
Update: I went back and read the annotated version after having read the non-annotated version. The annotations are actually very useful! But the problem for me was in the readability.
Update 2: I've bumped it up to 4 stars. It's a fair point that one commenter made that the review should be on the book, not the layout. However, there was a real issue with this layout that made the book very difficult to read. At any rate, perhaps they've solved it (get the free sample and see for yourself); the book itself is marvelous.
30 of 31 people found the following review helpful.
Two books in one
By TopGun
When I first read "Reminiscences of a Stock Operator" in 1985, I have to admit, I found myself skimming it as it did not hold my attention. Markman has enhanced that book many fold. Not only is it now rich with financial history during that era, it brings to light much of the message that was not apparent in the original. If you have ever read the original, read this one, and my bet is you will appreciate it much more. You can read the original here, or you can read a detailed history of the financial world in the late nineteenth century and early twentieth century, or you can read them both, all in this book. Nice!
19 of 20 people found the following review helpful.
Annotated Edition by Jon D. Markman
By M. Lavdiotis
Aged 14, Livermore leaves his family of subsistence farmers and arrives in Boston with $5. It will be another 5 years until the first Dow Jones index, comprising of 12 stocks, is formed in 1896.
Price (1891-1901)
For 10 years Livermore day trades. As he says: "in a bucket shop where your margin is a shoestring you don't play for the long pulls". Bucket shops are places where no actual transactions take place (the house takes the opposite side of the bet). Bucket shops offer three advantages: instant execution, a guaranteed stop loss and lots of margin. In fact both times Livermore goes broke (and in debt the first time) he does so when trading from brokerage firms, not bucket shops. Livermore has trained himself to "read" small moves of up to 2-3% and his orders are "at the market". In the brokerage firms however (where $1000 will "only" get you $10,000 of stock), he gets terrible executions and this is the reason he goes broke both times before he turns 24 in 1901. The second time he also had to face violent price movements in Northern Pacific on Thursday May 9, 1901. The stock was cornered and went from $160 to $1000 and closed at $325 only after Morgan and Harriman reassured traders that they would not force delivery. (The ticker had a 10 minute delay from action on the floor). Again, Livermore will go to the few remaining bucket shops to make some money (which were becoming fewer by that time, until they were banned in 1915).
Time (1901-1908)
From here on, Livermore will try to cash in on the big bet. As he says: "A big swing will mean big money if your line is big, and to be able to swing a big line you need a big balance at your broker's." He has to change his game. His focus shifts from studying short-term price fluctuations to the study of timing longer term movements. He has to play for the long pull. To do this successfully he begins to study general conditions, including the money markets. Having mastered individual stock movements and the technical part of stock speculation he moves on to study basic principles. As he will later say, Every successful trader has to anticipate. However, in 1906 he goes broke again. To blame is his wrong timing. His outlook remains on the bear side and on borrowed money and this time he successfully shorts Great Northern in late 1906 and covers in February 1907. He then goes on a vacation to France. His trip ends abruptly when he sees the market advancing by the bull cliques "fighting desperately against conditions- against common sense and common honesty". He finds a fast boat leaving Paris for New York and shorts the market with $500,000 on margin. As he says: I certainly pushed my luck to the limit. What is the use of being right unless you get all the good possible out of it? October 24, 1907 will find him with more than $1 million. Over a period of six weeks the Panic of 1907 will net him more than $3 million. And in the spring of 1908 he will clear another $2 million in cotton.
Psychology (1908-1917)
Aged 31, Livermore has mastered the price and time aspects to trading. Soon he will also learn about the human factor in trading. As he says: "To learn that a man can make foolish plays for no reason whatsoever was a valuable lesson." Before 1908 ends he will lose all his money and go into debt. After meeting an influential personality of the time (likely the cotton broker Theodore Hazeltine Price) Livermore is talked into such a state of uncertainty about the markets that he loses his confidence in trading. As he says: It cost me millions to learn that another dangerous enemy to a trader is his susceptibility to the urgings of a magnetic personality when plausibly expressed by a brilliant mind. The final blow occurs in 1908 when he runs up against illness and also needs to find $200,000 in cash (to defend his brother-in-law). He goes broke by trying to make the market pay for that sum. As he says: the hope of making the stock market pay your bill is one of the most prolific sources of losses on Wall Street. In 1911, he will learn another lesson. This time he subordinates his judgment to another man's desires. That man is "Williamson" who was very nice about giving Livermore money to trade. Having made a profit of $112,000 out of a $25,000 loan, Livermore goes back to pay his creditor. Williamson, however, does not accept the money. Livermore does not insist and finds himself with a moral obligation that ties up his own hands. It is bad business, and a mistake he regrets more than any other. Allowing his gratitude to interfere with his play will be Livermore's undoing. He will lose a great opportunity to make millions, an opportunity he will not find for the next 5 years ("...five years is a long time for a man to be poor. Young or old, it is not to be relished"). The years running up (1911-1914) to World War I were rather dull. As he says: I could do without the yachts a great deal easier than I could without a market to come back on... It was the kind of market in which not even a skunk could make a scent! In 1915, vexed by debts since 1908, he voluntarily files for bankruptcy. His mind now free, he can trade with some prospects of success. In 1915 he goes back to Williamson to ask for an allowance. He will get his chance to trade and will also be lucky enough to find "the most clearly defined bull market we ever had." The DJIA will gain 82% in 1915.
Livermore has caught his break and will come back big in December 1916, playing the short side. His profits will be around $800,000 to $1 million. By January 1917 rumors say that he has cleared $3.5 million recently. The Boston Daily Globe, reports him having said, I made this fortune on several issues- cotton, grain, and "war brides". This Wall Street game is a psychological one.
_________________
In Lefevre's narrative, Livermore goes broke 4 times. The first two have to do with bad executions. He then realizes that he has to change his game and go for the long pull. He sees a big smash coming in 1907. Yet, he is a bit early in calling it, and goes broke a third time. The next time we see him lose all his money, in late 1908, he will remain in a slump for the next 5 years, until 1915. During this period he realizes that, this Wall Street game is a psychological one.
The remaining of the book deals with Livermore's methods as a stock "manipulator" for other people. As he says, Stocks are manipulated to the highest point possible and then sold to the public on the way down... It is perfectly astonishing how much stock a man can get rid of on a decline. And, the public's buying capacity ... was something that they could determine only by actual tests. Sounds familiar?
In the annotations we are told that Livermore will make millions in the 1929 crash but will suffer a series of setbacks following the multi-month rally of mid-1932. He will file for bankruptcy for a fourth time in 1934.
PS. For a video on the 1929 crash and Livermore, see [...]
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