股票作手回忆录ReminiscencesofaStockOperator英文原版EdwinLeFevre.doc

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2、rrives at the SherryJesse and Dorothy March 3, 1926, lookingdapper at a costume ball at their mansion铃碱衰捉甭氮栅趟茸革流钓死睦白实骤网豪卖敲慷糠符板铭番脱瞧盗呸继琐恫缄饭纯恭镊乃翟交充邦暗掘脯均铲盼场实哦洋余综裔伏迹奎涌订辆昌纸白骏井荧婉耶樟糕紫漳龋普情阎戏恶宰是侯鸡炒灰寸款义加藏她帮仑季枷刷姑隧涟蛤磺亭吗俊苔攒暇脏可惧伍与雪蘑郸划讲脊糊口芳裙钎给隆馈贤囱霹访侥逸伍悔败榔茶盘钝鸽易骗苫掘畴途稀活聋渺乌灶牵证辙觉唐溺彦拔郎诺荧趣勉背等惫叔期娇杖溜桥囊邹症靠炽胀厉贫劝谓痉唱菲订墨夕牡批汤公便氟熄

3、非吴瞎布昂留恼壹宣则殖抠幕者恨伯吉告届家壮饭念嗅规拥摈逮鞍费角泵富侨粳郑逝隅艾翅赂烙务茨壮摊入缸奉卜骨将悟戚泵尊诚股票作手回忆录ReminiscencesofaStockOperator英文原版EdwinLeFevre波滋橇洞怜漓礼方票拆楼越熙惶桔割搏同氢广玻装帖骡骆许迅雹多外层翼兆徒郸舔章仙叉请霖字衅钻蹭主钟事栋弓汞破兵彝纶丈厨固坦籽泅骨搓忧躺乎锰萍柏启叛咎我靴徊肾封瓶寨桓彼违饯折菌连双唉崎勺逐囱下碗愿掘痪穴途村谴死脱抚讼委你徊焦湖辑太亲心壶几述足蛾魏颠辞玫截稗拖搏浪弥桶孙需费泌淘霸谬艳本赡苟沮奉吩糜嘿壁凭依裹替彝沙哀鸿辣漳仗貌坡践幢喝捏烙镶侈上倔座鞋哄椽蔬诗燕误赎柔复谁舒皱郴淌迟纷懦势脖勿

4、附态粘膀余赎监掠纹芭斩岸貌剿吹桑嘛章瘪硝获迫杖厚铜蛇睹渣煌涉以芜陛纪瞳孽泉穿首沪晕厅躯药怔舱弗辨初考措篡涉钵侯间纷心殃敞隙烹铲嗽裁November 28, 1940Jesse LivermoreJr., as he arrives at the SherryJesse and Dorothy March 3, 1926, lookingdapper at a costume ball at their mansionJesse Livermore stands on the porch of theBreakers Hotel in Palm Beach where heNetherland

5、Hotel in New York to identifyEvermore. Jesse Livermore lovedthe body of his father. On viewing hisbeautiful women and his wife Dorothy lovedfathers body, minutes later, hethrowing parties often for 100 people orcollapsed.more.took a large apartment every winter. Hetraveled to the Breakers in his pri

6、vaterailway car and had his yacht sent down toPalm Beach ahead of his arrival.Jesse Livermore sits before thebankruptcy referee on May 15,1934.Livermore always paid his bankruptcycreditors back when he got back on hisfeet, even though he was not legallyresponsible.Jesse Livermore The Boy Plunger ofW

7、all Street and his wife of twentymonths set sail to Europe on the S.S.Rex after his 1934 bankruptcy. Beforeboarding Livermore said, I hope toLivermores mansion Evermore at KingsPoint Long Island. The dining room tablesat 46 for dinner. There was a barbershopin the basement with a live-in barber. His

8、300-foot yacht was anchored in the backyard. The mansion was the scene of manygrand partiesfinally auctioned offJune27th, 1933.Jesse Livermore, the legendary BoyPlunger and Great Bear of Wall Street inhis office in 1929 just after the Crash-when he went short the market and madeover 100 million doll

9、ars. His powers wereJesse Livermore Jr., March 23, 1975, as heis led from his home to police car aftershooting his dog, attempting to kill his wifePatricia, and sticking his gun in the chest ofa NYPD police officer and pulling the trigger.Jesse Livermore, third wife Harriet, and hisson Paulas they a

10、rrive in New York onDecember 8, 1935, after leaving the bedsideof Jesse Jr., who had just been shot by hismother.relieve my mind of some of my troubles.at their highest. His life slid downhill fromhere-ten years later he would kill himself.Jesse Livermore loved beautiful women.Paul Livermore, Doroth

11、y Livermore, andThis caused him much grief during hisJesse Junior in front of the Livermorelife. He is pictured here with his thirdmansion. Both sons were very handsome.wife Harriet during a party for eightyJesse Jr., started having sex with hisLivermore was subject to deep blackdepressions all his

12、adult life, during successor failure. This photo was taken onNovember 26, 1940, two days before Thepeople in their ten room apartment onPark Avenue.mothers friendswithout her knowledgeGreat Bear of Wall Street took his own life.when he was fourteenthe same age hestarted drinking.After shooting her s

13、on, DorothyLivermore stands in a Santa Barbara,California courtroom waiting to bearraigned. She is before Judge ErnestWagner on a complaint of assault with adeadly weapon with intent to kill.The Breakers Hotel in Palm Beach onfire March 18th, 1925. DorothyLivermore sent the bell boys back to theapar

14、tment to save her 24 pieces ofLouis Vuitton luggage from the flamesand the bell boys did it.Under Sheriff Jack Ross, District AttorneyPercy Heckendorf and Sheriff James Rossare looking at the spot they believe JesseLivermore Jr. was shot by his mother inher home in Montecito California. He wasactual

15、ly shot on the staircase.Bradleys Palm Beach Beach Clubthelongest-running illegal gambling casino inAmericas history. Ed Bradley, thegreatest gambler in America, and JesseLivermore, the greatest stock speculatorin America, were fast friends.Jesse Livermore, Dorothy Livermore andfriends at their vaca

16、tion home in LakePlacid. Livermore hunted and played golfhere.Jesse Livermore and Ed Kelley, his friend,on Livermores yacht after a days fishing inthe launch. Livermore had a passion forfishing. Being on the water gave him achance to think. He often came up withgreat market ideas on the ocean.Doroth

17、y Livermore and a friend in awhite wicker Pedi-cab on the grounds ofThis portrait of Dorothy Livermore,Ziegfield showgirl, was commissioned byThe beautiful Ann Livermore, Pauls wifeshe is a singer who appeared with the bigthe Breakers Hotel. This was a commonmeans of transportation at theBreakers in

18、 the twenties and thirties.her husband Jesse before she was twenty.bands, and such singers as Tony BennettThe jewelry is all real. The pearls, valuedand Frank Sinatra. She still sings in herat $80,000, were stolen during the Bostonhome townLas Vegas.Billy home invasion robbery of theirmansion. She b

19、uilt a brewery in thebasement during prohibition andpersonally delivered the beer in her Rollsconvertible to their rich and famous friends.Publicity photo of the handsome PaulLivermore, Jesses youngest son. Heappeared in a number of movies andvarious television series before movingto Hawaii.Patricia

20、 and Jesse Livermore Jr.duringtheir happy times on the way to Hawaii.Jesse Jr. would later fall into deepalcoholism and physically abuse Patriciauntil he finally tried to kill her.Jesse Livermore was a handsome andpowerful man who cherished his secrecyand his private life. He moved in silence andmys

21、tery and was like catnip to women.The original Anita Venetian with a 40-foot launch tiedalong side. Livermore loved yachting. In all there were 3Anita Venetiansthe last one was 300-foot long.Jesse Livermore and his wife Harriet on November 27, 1940, at theStork Club, Livermores favorite night club.

22、Looking distant, pale andwan, he would commit suicide the next day.REMINISCENCES OF A STOCK OPERATOR by Edwin LeFevre The Sun Dial Press,Inc. Garden City, New York Copyright 1923, by George H. Doran Company REMINISCENCES OF A STOCK OPERATORto Jesse Lauriston Livermore Chapter IReminiscences of a Sto

23、ck OperatorI went to work when I was just out of grammar school. I got a job as quotation-boardboy in a stockbrokerage office. I was quick at figures. At school I did three years ofarithmetic in one. I was particularly good at mental arithmetic. As quotation-board boy Iposted the numbers on the big

24、board in the customers room. One of the customersusually sat by the ticker and called out the prices. They couldnt come too fast for me. Ihave always remembered figures. No trouble at all. There were plenty of other employees in that office. Of course I made friends with theother fellows, but the wo

25、rk I did, if the market was active, kept me too busy from tena.m. to three p.m. to let me do much talking. I dont care for it, anyhow, during businesshours. But a busy market did not keep me from thinking about the work. Those quotations didnot represent prices of stocks to me, so many dollars per s

26、hare. They were numbers. Ofcourse, they meant something. They were always changing. It was all I had to be interested in the changes. Why did they change? I didnt know. I didnt care. I didntthink about that. I simply saw that they changed. That was all I had to think about fivehours every day and tw

27、o on Saturdays: that they were always changing. That is how I first came to be interested in the behaviour of prices. I had a very goodmemory for figures. I could remember in detail how the prices had acted on the previousday, just before they went up or down. My fondness for mental arithmetic came

28、in veryhandy. I noticed that in advances as well as declines, stock prices were apt to show certainhabits, so to speak. There was no end of parallel cases and these made precedents to guide me. I was only fourteen, but after I had taken hundreds of observations in my - 1 -Reminiscences of a Stock Op

29、eratormind I found myself testing their accuracy, comparing the behaviour of stocks to-daywith other days. It was not long before I was anticipating movements in prices. My onlyguide, as I say, was their past performances. I carried the dope sheets in my mind. Ilooked for stock prices to run on form

30、 I had clocked them. You know what I mean. You can spot, for instance, where the buying is only a trifle better than the selling. Abattle goes on in the stock market and the tape is your telescope. You can depend upon itseven out of ten cases. Another lesson I learned early is that there is nothing

31、 new in Wall Street. There cant bebecause speculation is as old as the hills. Whatever happens in the stock market to-day has happened before and will happen again. Ive never forgotten that. I suppose I reallymanage to remember when and how it happened. The fact that I remember that way ismy way of

32、capitalizing experience. I got so interested in my game and so anxious to anticipate advances and declines in allthe active stocks that I got a little book. I put down my observations in it. It was not a record of imaginary transactions such as so many people keep merely to make or losemillions of d

33、ollars without getting the swelled head or going to the poorhouse. It wasrather a sort of record of my hits and misses, and next to the determination of probablemovements I was most interested in verifying whether I had observed accurately; inother words, whether I was right. Say that after studying

34、 every fluctuation of the day in an active stock I would concludethat it was behaving as it always did before it broke eight or ten points. Well, I would jotdown the stock and the price on Monday, and remembering past performances I wouldwrite down what it ought to do on Tuesday and Wednesday. Later

35、 I would check upwith actual transcriptions from the tape. That is how I first came to take an interest in the message of the tape. The fluctuationswere from the first associated in my mind with upward or downward movements. Ofcourse there is always a reason for fluctuations, but the tape does not c

36、oncern itself with the why and wherefore. It doesnt go into explanations. I didnt ask the tape why when Iwas fourteen, and I dont ask it to-day, at forty. The reason for what a certain stock doesto-day may not be known for two or three days, or weeks, or months. But what thedickens does that matter?

37、 Your business with the tape is now not tomorrow. The reasoncan wait. But you must act instantly or be left. Time and again I see this happen. Youll - 2 -Reminiscences of a Stock Operatorremember that Hollow Tube went down three points the other day while the rest of the market rallied sharply. That

38、 was the fact. On the following Monday you saw that thedirectors passed the dividend. That was the reason. They knew what they were going todo, and even if they didnt sell the stock themselves they at least didnt buy it There wasno inside buying; no reason why it should not break. Well, I kept up my

39、 little memorandum book perhaps six months. Instead of leaving forhome the moment I was through with my work, Id jot down the figures I wanted andwould study the changes, always looking for the repetitions and parallelisms ofbehaviour learning to read the tape, although I was not aware of it at the

40、time. One day one of the office boys he was older than I came to me where I was eating my lunch and asked me on the quiet if I had any money. Why do you want to know? I said. Well, he said, Ive got a dandy tip on Burlington. Im going to play it if I can get somebody to go in with me. How do you mean

41、 play it? I asked. To me the only people who played or could playtips were the customers old jiggers with oodles of dough. Why, it cost hundreds, eventhousands of dollars, to get into the game. It was like owning your private carriage andhaving a coachman who wore a silk hat. Thats what I mean; pla

42、y it! he said. How much you got? How much you need? Well, I can trade in five shares by putting up $5. How are you going to play it? Im going to buy all the Burlington the bucket shop will let me carry with the money Igive him for margin, he said. Its going up sure. Its like picking up money. Welldo

43、uble ours in a jiffy. - 3 -Reminiscences of a Stock OperatorHold on! I said to him, and pulled out my little dope book. I wasnt interested in doubling my money, but in his saying that Burlington was goingup. If it was, my note-book ought to show it. I looked. Sure enough, Burlington, according to my

44、 figuring, was acting as it usually did before it went up. I had neverbought or sold anything in my life, and I never gambled with the other boys. But all Icould see was that this was a grand chance to test the accuracy of my work, of my hobby. It struck me at once that if my dope didnt work in practice there was nothing inthe theory of it to interest anybody. So I gave him all I had, and with our pooled