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Reminiscences of a Stock Operator Paperback – January 17, 2006
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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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2- "It takes a man a long time to learn all the lessons of all his mistakes. They say there are two sides to everything. But there is only one side to the stock market; and it is not the bull side or the bear side, but the right side. 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."
3- "If the unusual never happened there would be no difference in people and then there wouldn't be any fun in life. The game would become merely a matter of addition and subtraction. It would make of us a race of bookkeepers with with plodding minds. It's the guessing that develops a man's brain power. Just consider what you have to do to guess right."
4- "There is nothing like losing all you have in the world for teaching you what not to do. And when you know what not to do in order not to lose money, you begin to learn what to do in order to win. Did you get that ? You begin to learn!"
5- "After spending many years m Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. 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. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon. I . I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance."
6- "The reason is that a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight."
7- "Even as a lad I always got my own meanings out of such facts as I observed. It is the only way in which the meaning reaches me. I cannot get out of facts what somebody tells me to get. They are my facts, don't you see? If I believe something you can be sure it is because I simply must."
8- "A stock speculator sometimes makes mistakes and knows that he is making them. And after he makes them he will ask himself why he made them; and after thinking over it cold-bloodedly a long time after the pain of punishment is over he may learn how he came to make them, and when, and at what particular point of his trade; but not why. And then he simply calls himself names and lets it go at that. Of course, if a man is both wise and lucky, he will not make the same mistake twice. But he will make any one of the ten thousand brothers or cousins of the original. The Mistake family is so large that there is always one of them around when you want to see what you can do in the fool-play line."
9- "The weaknesses that all men are prone to are fatal to success in speculation--usually those very weaknesses that make him likable to his fellows or that he himself particularly guards against in those other ventures of his where they are not nearly so dangerous as when he is trading in stocks or commodities. The speculator's chief enemies are always boring from within. It is inseparable from human nature to hope and to fear. In speculation when the market goes against you you hope that every day will be the last day--and you lose more than you should had you not listened to hope--to the same ally that is so potent a success-bringer to empire builders and pioneers, big and little. And when the market goes your way you become fearful that the next day will take away your profit, and you get out--too soon. Fear keeps you from making as much^money as you ought to. The successful trader has to fight these two deep-seated instincts. He has to reverse what you might call his natural impulses. Instead of hoping he must fear; instead of fearing he must hope. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit. It is absolutely wrong to gamble in stocks the way the average man does."
10- "The professional concerns himself with doing the right thing rather than with making money, knowing that the profit takes care of itself if the other things are attended to. 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. It gets to be an instinct to play for position."
11- "A trader, in addition to studying basic conditions, remembering market precedents and keeping in mind the psychology of the outside public as well as the limitations of his brokers, must also know himself and provide against his own weaknesses. There is no need to feel anger over being human."
12- "A bear tip is distinct, positive advice to sell short. But the inverted tip that is, the explanation that does not explain--serves merely to keep you from wisely selling short. The natural tendency when a stock breaks badly is to sell it. There is a reason--an unknown reason but a good reason; therefore get out. But it is not wise to get out when the break is the result of a raid by an operator, because the moment he stops the price must rebound. Inverted tips!"
13- "The belief in miracles that all men cherish is born of immoderate indulgence in hope. There are people who go on hope sprees periodically and we all know the chronic hope drunkard that is held up before us as an exemplary optimist. Tip-takers are all they really are."
14- "I have found that experience is apt to be steady dividend payer in this game and that observation gives you the best tips of all. The behaviour of a certain stock is all you need at times. You observe it. Then experience shows you how to profit by variations from the usual, that is, from the probable."
15- "The manipulator to-day has no more need to consider what they did and how they did it than a cadet at West Point need study archery as practiced by the ancients in order to increase his working knowledge of ballistics. On the other hand there is profit in studying the human factors--the ease with which human beings believe what it pleases them to believe; and how they allow themselves-- or by the dollar-cost of the average man's carelessness. Fear and hope remain the same; therefore the study of the psychology of speculators is as valuable as it ever was. Weapons change, but strategy remains strategy, on the New York Stock Exchange as on the battlefield."
16- "Speculation in stocks will never disappear. It isn't desirable that it should. It cannot be checked by warnings as to its dangers. You cannot prevent people from guessing wrong no matter how able or how experienced they may be. Carefully laid plans will miscarry because the unexpected and even the unexpectable will happen. Disaster may come from a convulsion of nature or from the weather, from your own greed or from some man's vanity; from fear or from uncontrolled hope. But apart from what one might call his natural foes, a speculator in stocks has to contend with certain practices or abuses that are indefensible morally as well as commercially."
17- "But today, a '"an is trading in everything; almost every industry in the world is represented. 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."
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!
While there is much to learn from Livermore's investing rules, his life is more like a Shakespearean tragedy. He was obsessed with stock trading and speculation, to the point of addiction. With great personal discipline, he mastered the art of taking big risk for a gigantic reward. However, his personal life was a mess that led to his downfall and suicide. His personal life was in many ways the exact opposite of his stock trading life: no rules, no discipline, no insight, and lavish living with no limits. Overall a very sad story.