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Reminiscences of a Stock Operator (Wiley Investment Classics) Paperback – 10 Feb 2006


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Product details

  • Paperback: 288 pages
  • Publisher: John Wiley & Sons; Rev Ed edition (10 Feb. 2006)
  • Language: English
  • ISBN-10: 0471770884
  • ISBN-13: 978-0471770886
  • Product Dimensions: 14 x 2.1 x 21.6 cm
  • Average Customer Review: 4.8 out of 5 stars  See all reviews (45 customer reviews)
  • Amazon Bestsellers Rank: 619,412 in Books (See Top 100 in Books)

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Amazon Review

Stock investing is a relatively recent phenomenon and the inventory of true classics is somewhat slim. When asked, people in the know will always list books by Benjamin Graham, Burton G Malkiel's A Random Walk Down Wall Street, and Common Stocks and Uncommon Profits and Other Writings by Philip A. Fisher. You'll know you're getting really good 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 started 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 moved to Wall Street where he made and lost his fortune several times over. What makes this book so valuable are the observations that Lefèvre records about investing, speculating, and the nature of the market itself. For example:

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.

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 relevant today as they were in 1923 when the book was first published. --Harry C Edwards --This text refers to an out of print or unavailable edition of this title.

Review

"...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)

"...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)

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I WENT to work when I was just out of grammar school. Read the first page
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Customer Reviews

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Most Helpful Customer Reviews

7 of 7 people found the following review helpful By Rolf Dobelli TOP 500 REVIEWER on 16 Feb. 2006
Format: Hardcover
Edwin Lefèvre published this classic in 1923. His subject is Jesse Livermore, an infamous speculator and the world’s first documented successful day trader. Lefèvre thinly disguises Livermore, assigning him the fictional name Larry Livingston. First published as a series of Saturday Evening Post articles, this book explores greed, fear, envy and the relentless pursuit of fame and fortune, all as relevant today as in 1923 – one reason that this remains required reading for investors. The writing style is quaintly dated and Runyon-esque. Lefèvre’s use of old market jargon ("plungers," "bucket shops," "bear raids" and stock "operators" instead of brokers) reminds readers that this is a journalistic, a novelistic and a fiscal period piece. The illustrations by M.L. Blumenthal evoke its original publication date. Interestingly, market bubbles, whether in high-tech, railroads or real estate, remain basically as emotional and nonrational as they were in the early 1920s, so the lessons here remain meaningful. Speaking from that more innocent time, Lefèvre provides lasting market insights, including Livermore’s investing secrets. He distills the eternal truth that markets only go up or down, and that investors run on fear and greed. We strongly suggest this classic to serious investors and financial reporters. As you read it, you will hear the voice of its time and its lessons for today.
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9 of 9 people found the following review helpful By emulti on 24 Feb. 2004
Format: Paperback
This book saved me from the drudgery of a 12 hour train journey one day. I was absolutely enthused by its storyline and the advice given on financial speculation.
This book teaches you that the way traders think, the way they behave and the reasons for their behaviour are the same now as they were back at the turn of the 20th century. It is not an easy read for those not keen on investment speculation. But if you intend to speculate with your own money, you should allow Jesse Livermore's lessons to sink into your subconcious. It is a book you need to read more than once to gain the most from it.
I am surprised nobody has made a film based upon this book.
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15 of 16 people found the following review helpful By A Customer on 16 Mar. 2001
Format: Paperback
This book is, if understood and followed correctly, ALL one needs to be a successful trader.
It is the best observation of human nature displayed as a mass that has ever been written, and, as such, should be read by anyone interested in markets or psychology.
One of the most striking impressions it gives you is the realisation that NOTHING changes. The markets may be 24 hour, global and electronic now, but they will always move in the same fashion because they will always be driven by the two human emotions of fear and greed.
Run your winners, cut the losers....
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6 of 6 people found the following review helpful By Amazon Customer on 9 Jun. 2002
Format: Paperback
Superb tale that's relevant and informative to anyone trying to extract money from the markets. An excellent insight into the traps and pitfalls we all make whilst developing our own style or system.
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4 of 4 people found the following review helpful By A Customer on 14 April 1998
Format: Paperback
Reminiscences was a very interesting book and a nice change from more technical or even psychologically oriented ones. I would never recommend it as the first book on trading you should grab, however. Much of the insight would be lost on you unless you had at least given some blood to the markets. One thing that makes the book so great is that the reader gets to see examples of why the old trading maxims are what they are by the way they in which they are used.
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4 of 4 people found the following review helpful By A Customer on 17 Mar. 1999
Format: Paperback
and I still belive I haven't gleaned everything from the book. I first bought the book before I started investing and thought it very intriguing as a story. After starting to invest as a professional I have since then gone back and re-read it many times over. For like those hidden 3-D pictures, you never see the hidden picture(s) unless you have the experience of market involvement on your side. Its that simple.
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3 of 3 people found the following review helpful By A Customer on 19 Oct. 1998
Format: Paperback
The book describes Jesse Livermore's victories and defeats. A wise investor would try to learn from Livermore's victories as well as his mistakes. Learning from one of Livermore's mistakes without actually losing the money could easily pay for the cost of the book. I originally learned of the book from another book, Market Wizards by Jack Schwager. Market Wizards was simply interviews with top traders who trade for a living. Reminiscense was the top book recommended by the traders.
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1 of 1 people found the following review helpful By A Customer on 11 Dec. 1997
Format: Paperback
I must say this book is a rare (or extinct) product from the combinations of a competent author and an unbelieveable traders who possess unparallel trading skills.
Trading will never be the same without this book. The way the author describes every individual trades, it just bring you back into the 1920s. Be it how Livermore decide on a long or short position or how he managed to corner the July Cotton.

Below is two of my favorite quote, among many other interesting one you find in the book.

"Fundamental conditions were fighting for me. It was not difficult to be both fearless and patient. A speculator must have faith in himself and in his judgment. With me, I cannot fear to be wrong because I never think I am wrong until I am proven wrong." (paperback p228)

"I have to do my own seeing and my own thinking. But I can tell you after the market began to go my way I felt for the first time in my life that I had allies-the strongest and truest in the world: underlying conditions. They were helping me with all their might. Perhaps they were a trifle slow at times in bringing up the reserves, but they were dependable, provided I did not get too impatient." (p101)

If you will to read between the lines and it sounds familiar with what you had just done not long ago, then it pays to check out this book.
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