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Reminiscences of a Stock Operator Paperback – January 17, 2006
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"Enlightenment Now: The Case for Reason, Science, Humanism, and Progress"
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"...certainly one of the most entertaining books ever written about stock trading..." (Money magazine, November 2007)
"...is a classic that gives readers a sense of a trader's mind..." (Wall Street Journal, August 7, 2006)
"…an engaging read, chock-full of pearls of wisdom and amusing anecdotes...candid and analytical style evoking sympathy for the narrator." (Money Week, October 2006)
“…contains timeless advice on the markets.” (The Independent, Extra, Thu 13th March)
From the Back Cover
"Although Reminiscences...was first published some seventy years ago, its take on crowd psychology and market timing is as timely at last summer's frenzy on the foreign exchange markets."
"The most entertaining book written on investing is Reminiscences of a Stock Operator, by Edwin Lefèvre, first published in 1923."
—The Seattle Times
"After twenty years and many re-reads, Reminiscences is still one of my all-time favorites."
—Kenneth L. Fisher, Forbes
"A must-read classic for all investors, whether brand-new or experienced."
—William O'Neil, founder and Chairman, Investor's Business Daily
"Whilst stock market tomes have come and gone, this remains popular and in print eighty years on."
First published in 1923, Reminiscences of a Stock Operator is the most widely read, highly recommended investment book ever. Generations of readers have found that it has more to teach them about markets and people than years of experience. This is a timeless tale that will enrich your life—and your portfolio.
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Reminiscences of a Stock Operator is a work of historical fiction, a roman à clef, originally published in 1923. At the time of publication, people who read about the key character, Larry Livingston, believed that to be a pseudonym for a famous securities trader of the day, Jesse Lauriston Livermore. The wisdom and knowledge of events portrayed could only come from one deeply engaged in the stock and commodity markets from late 19th to early 20th century.
You can buy several modern versions of this entertaining and educational investment classic these days. There are already hundreds of reviews of this book in its various versions posted on Amazon. I have purchased and read the top three versions over the years. Rather than tread over ground that has already been thoroughly covered by others, this review focuses on the differences among versions to hopefully assist you in deciding which one to purchase.
The main three print versions are these. Included are links to the Amazon page for each book.
- The Wiley Investment Classic Version with Foreword by Jack Schwager, author of the Market Wizards series. Reminiscences of a Stock Operator (Wiley Investment Classics)
- The MarketPlace Book with Foreword by Market Wizard William J. O'Neil, Founder of Investor's Business Daily. Reminiscences of a Stock Operator (A Marketplace Book)
- The Annotated Edition by Jon D. Markman with Foreword by Market Wizard Paul Tudor Jones, Founder of Tudor Investment Corporation. Reminiscences of a Stock Operator: With New Commentary and Insights on the Life and Times of Jesse Livermore (Annotated Edition)
There is also a PDF Version available online via search engines. Here are brief summaries of the differences among versions.
The Wiley Investment Classic Version. This is the original book without embellishment. There are no illustrations. There is no table of contents. This version includes a short Foreword by Jack Schwager. This is the one to buy if you want the original work but cannot afford the gilded price tag of a very rare original edition.
The MarketPlace Book. This book reproduces a series of 12 articles by Edwin LeFevre published in The Saturday Evening Post in 1922. It includes one installment, the first, that does not appear in the Reminiscences book. This version is richly illustrated with black and white cartoons in the Saturday Evening Post style, that is, humorous and wickedly ironic. In his Foreword William J. O'Neil says that of his thousands of investment books, Reminiscences is "one of the top 10 or 12" in his library. This is the one to buy if your objective is to see the markets as did the public in the years before the 1929 stock market crash.
The Annotated Edition. This is the best of the lot in my opinion. The commentary by Jon D. Markman and the Foreword by Paul Tudor Jones, one of the most successful investors operating today and perhaps in history, make this the one to buy if your objective is investment education.
The PDF Version. This is a typewritten copy of the original text of the book. You get the whole story. Personally, I find Reminiscences so valuable a reference that I want a hard copy in hand to mark up and re-read from time to time, in part or in all. You may want to read it first in PDF and then decide.
This is a five star book and a must-read for every investor. Enjoy!
I thought that it was written after Jesse Livermore's death (suicide, 1940), but this book is 1923 (I am only on page 57).
Livermore's own book might have better overview (How to Trade In Stocks; written just before he died) .
Jesse had $100 Million after the 1929 sell-off. He had 5 million when he died.
He was practically prescient about a big short at the time of market 'crashes.' Or, maybe he just caught a lot of buses because he was always at the station.
And like most investors he made money in the longer growth periods.
He continued to do poorly, apparently, during extended periods of market inaction. It's be nice to think that one could stay elsewhere occupied during those periods, but then they would not be positioned for the rest.
The book isn't the easiest to digest though and parts do tend to drag due to datedness or loose structuring. By that, I mean there isn't much cohesion to the book.
I firmly believe anyone who invests themselves will get something out of this book. As an aside, I read the attractively priced Kindle edition - fine, but there were a number of typos and copy editing issues.
This would be a reasonable biography read, even if it didn't have so many financial trading stories and lessons. The Kindle version is especially cheap (0.99), although it has quite a few minor quality issues caused (I think) by OCR scanning mistranslations, as well as some missing words at the beginning of sentences, and some odd chunks of whitespace and other formatting issues.
I would recommend it to anyone interested in trading, or in the stock market environment of the time.