Reminiscences of a Stock Operator – Abridged Audio
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Generations of investors have benefited from this 1923 masterpiece. Jack Schwager’s new introduction clarifies why this account of Jesse Livermore, one of the greatest speculators ever-continues to be the most widely read book by the trading community.
“…I learned early that there is nothing new in Wall Street. There can’t be because speculation is as ancient as the hills. Whatever happens in the stock market today has happened before and will take place again. I’ve never forgotten… The fact that I remember that way is my way of capitalizing experience.”
- from Reminiscences of a Stock Operator
First published in 1923, Reminiscences of a Stock Operator is the fictionalized biography of Jesse Livermore, one of the greatest speculators who ever lived. Now, more than 70 years later, Reminiscences remains the most widely read, highly recommended investment book ever written. Generations of investors have establish that it has more to teach them about themselves and additional investors than years of experience in the market. They have also learned that its trading advice and keen analyses of market fee movements ring as right today as in 1923.
Jesse Livermore won and lost tens of millions of dollars playing the stock and commodities markets during the early 1900’s – at one point building the then-astrophysical amount of ten million dollars in just one month of trading. So potent a market force was he in his day that, in 1929, he was widely believed to be the man reliable for causing the Crash. He was forced into seclusion and had to hire a bodyguard.
Originally reviewed in The New York Times as a nonfiction book, Reminiscences of a Stock Operator vividly recounts Livermore’s mastery of the markets from the age of 14. Permanently excellent at facts, he learns, early on, that he can predict which way the numbers will go. Starting out with an investment of five dollars, he amasses a chance by his early twenties and establishes himself as a major player on the Street. He makes his first killing in 1906, selling fleeting on Union Pacific. He goes on to confront the cotton market, and has a million-dollar day. Bullish in bear markets, and bearish among bulls, he claims that only suckers gamble on the market. The trick, he advises, is to protect yourself by balancing your funds, and selling huge on the way down. Livermore goes broke three times, but he comes back each time feeling richer for the learning experience.
Offering profound insights into the motivations, attitudes, and feelings shared by every investor, Reminiscences of a Stock Operator is a timeless instructional tale that will enrich the lives – and the portfolios – of today’s traders as it has persons of generations past.Amazon.com Review
Stock investing is a relatively recent phenomenon and the inventory of right classics is to some extent slim. When questioned, people in the know will permanently list books by Benjamin Graham, Burton G. Malkiel’s A Random Walk Down Wall Street, and Common Stocks and Uncommon Profits and Additional Writings by Philip A. Fisher. You’ll know you’re getting really excellent advice if they also mention Reminiscences of a Stock Operator by Edwin Lefèvre.
Reminiscences of a Stock Operator is the thinly disguised biography of Jesse Livermore, a remarkable character who first ongoing speculating in New England bucket shops at the turn of the century. Livermore, who was banned from these shady operations because of his winning ways, soon stirred to Wall Street where he made and lost his chance several times over. What makes this book so valuable are the observations that Lefèvre records about investing, speculating, and the scenery of the market itself. For example:
“It never was my thinking that made the huge money for me. It permanently was my sitting. Got that? My sitting forceful! It is no trick at all to be right on the market. You permanently 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 started 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 forceful are uncommon.”
If you’ve ever spent weekends and nights puzzling over whether to buy, sell, or hold a position in whatever investment–be it stock, bonds, or pork bellies, you’ll be glad that you read this book. Reminiscences of a Stock Operator is full of lessons that are as significant today as they were in 1923 when the book was first published. Highly recommended. –Harry C. Edwards
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I do reflect it’s a fantastic book, that’s why I ordered it overseas.
But,after a long-time-waiting,I haven’t received it yet.So I don’t have chance to read it at all.
Reader’s Rating: 1 / 5
I ordered this book on 12/10/07 and still have not received it. Today is 12/29/07. So much for having it for Christmas. Your service sucks………
Reader’s Rating: 1 / 5
If you’re looking for some past tales, thats the book. Keep in mind the leader is not a trader so we see many things like… “I have a friend who…” or “I met a guy that…”
There is way to much hype on this book. Not a terrible book but don’t be too nervous to read it… you might be disapointed.
Reader’s Rating: 2 / 5
Product arrived promptly and was in even better condition than advertised. Completely pleased with this buy!
Reader’s Rating: 5 / 5
I establish nothing new in this book that I could use as an investor. The book’s leader traded based on what is now called “technical analysis” or more precisely gambling. This is affirmed by the fact that this supposedly genius-trader finished his life with $10,000 to his name. Not excellent.
The book is also not an simple read. May be it was back then when it was written, but it was hard going for me. Had to drop it 2/3 way down. Of course, may be the last third was the best, where all that trading wisdom and writing skills came out, but I just could not handle it any more.
Reader’s Rating: 2 / 5