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Reminiscences of a Stock Operator: With New Commentary and Insights on the Life and Times of Jesse Livermore (Annotated Edition) Hardcover – December 21, 2009
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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
"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..."
Learn about the life and times of legendary trader Jesse Livermore [PDF].
Top Customer Reviews
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.
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).
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.Read more ›
It is a classic. But can a classic be made better? In this case yes. Jon Markman, an able financial writer, has written notes around the narrative, with pictures and graphs that illustrate many things that would be obscure to the reader of the book. Markman brings forgotten people to life, and motivates the events that transpired.
It was an exciting era, one where the common law of contracts played a greater role, and statutory law played a lesser role. It wasn't no-holds-barred, but it was close.
We are experiencing our own era of leverage that is too high, and what happens when it breaks. The protagonist of the book, Jesse Livermore, aims for best advantage, and learns as he goes along, going broke several times in the process, and dying broke as well. Leverage cuts two ways. Live by leverage; die by leverage.
Paul Tudor Jones II writes an appendix to the volume, as well as a foreword. Being a trading billionaire who started from scratch and went broke a few times, he is an excellent man to get into the mind of Livermore on a modern basis.
Who would benefit from this book: Historians would benefit, as would those interested in trading. Economists wanting to get a look at market microstructure would also benefit. Livermore, more than most, gives a full view of technical analysis, because he lays bare the motivations of players, and how other players attempt to devine those motivations.
Most Recent Customer Reviews
A bon vivant look at the speculators of old that draws out some guiding analytical and emotional principles that remain relevant today.Published 7 days ago by Lance
This is an absolute must read for anyone who invests. You will discover that all the tricks of the trade were there right from the beginning. Read morePublished 9 days ago by R. Lundberg
There is nothing new under the sun, also in the markets...Very interesting!Published 3 months ago by Joeri
This edition is simply breathtaking. The annotations add incredible color and deep, yet concise explanation of the persons and history of the period. Read morePublished 3 months ago by Rick V.
I have already the read the original book and this version with additional commentary and insights is definitely a must have for any trading enthusiast. Read morePublished 4 months ago by burakborhan
It is a classic book and worth reading. I recommend it to anyone who is interested in stock speculation.Published 4 months ago by Amazon Customer
About half way through, think it is fantastic. Sort of eye opening with regards to the level of "game playing" that there was during that period of time... Read morePublished 5 months ago by NRL Builders, Inc.