Profiled in Worth Magazine as one of the four investment classics of all time, this fictionalized biography is among the most compelling books ever written on trading in the markets. Penned in 1923, the text remains timeless because it captures a trader's mind so accurately--the recollections of mistakes, lessons learned and insights gained. Packed with observational gems about the markets and trading.
Reminiscences of a Stock Operator
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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. Highly recommended. --Harry C. Edwards
Review
- one of the best books of the Millennium -- Shares, 23rd December 1999
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I WENT to work when I was just out of grammar school. Read the first page
Front Cover | Copyright | Excerpt | Back Cover
I WENT to work when I was just out of grammar school. Read the first page
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Customer Reviews
Most helpful customer reviews
6 of 6 people found the following review helpful
By Tony Ursillo
Format:Paperback
I have a library of nearly 100 books about the markets. Reminiscences was the third book I ever read and it remains my "bible" more than a decade later. You might wonder how an 80-year old book about the stock market could still be relevant. Well, that is because financial markets are determined by human nature as much as anything else, and human nature acts today as it did a century ago. Greed, fear, herd thinking, impatience - those are the same influences that drive markets today and haunt traders and investors who are striving to make the right decisions. Many of the lessons that dictate my investment philosophy ("Cut your losses, let your winners run", "if you don't like the odds, don't bet") were taught to me by the protagonist, who is the fictional characterization of the legendary Jesse Livermore. That he tells his stories with such color and suspense makes the book completely entertaining beyond its invaluable trading lessons. BUY THIS BOOK FOR YOURSELF. BUY ANOTHER ONE FOR A FRIEND (I've given 4 copies). You'll not only improve your own investing results, but your gift will impress as well.
4 of 4 people found the following review helpful
By Radek Dobias
Format:Paperback
This is a classic book on trading and market speculation, and is still the best introduction to the subject. The author was one of the most successful traders of all time, gaining and losing massive fortunes multiple times in his life. The experience that is passed on in the book is priceless and accelerates one's development as a trader immensely.
12 of 18 people found the following review helpful
By A Customer
Format:Paperback
I bought this book a couple of years ago, because of a reference in John Train's 'The Money Masters'. In fact....the book contained the exact quote used in Harry Edwards review above. Nice quote, but thats it.
The book is amusing enough, and I found the discussion about 'bucket shops' and various investment practices in the largely unregulated early 20th century interesting.
But, of course, you are never told how the hell to know whether to 'sit tight' or sell. There is really nothing specific or useful to anyone trying to make money in any market - legally, at least.
Perhaps a little market history - the fact that markets rise and fall, will be useful to some people.
A much better, and more amusing view of investment excesses can be found in the John Rothchild's highly entertaining 'A Fool and His Money'. Note that this book preceeded, and has absolutely no connection with the popular 'Motley Fools'
Addendum - Dec 21, 2002. Original August 2, 1998.
I am amazed at all the positive reviews -- and I am down at the bottom of the review section, so I doubt many people will plow down to see this.
And, is everyone clear that:
1. This is a fiction - not a biography.
2. It was ghostwritten by a newspaperman.
3. Jessie Livermore died broke.
4. A lot of the "techniques" have been illegal for decades (ie Pools).
I guess that I find the incredibly positive reviews to be an interesting fact. Hope the reviewer's are on the other side of my trades.
Rent the DVDs "Boiler Room" or "Wall Street"
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4.6 out of 5 stars
Most recent customer reviews
5.0 out of 5 stars
Great read for learning trading psychology
Really great insight on having the correct mindset for trading. You will learn all about the rationale behind the Jessy LIvermore's investments and why he succeeded/failed. Read more
Published 8 months ago by LJ7
5.0 out of 5 stars
Could not stop reading
I'm a very long-term investor and day trading is not my thing.. However, this book was beyond interesting. I could not stop reading. Read more
Published on July 9 2010 by Alex Turcot
5.0 out of 5 stars
A Must Read Investment Book
This book is the story of Jesse Livermore. Livermore was one of the greatest speculators of all time. This is the story about group psychology and market timing. Read more
Published on Oct 28 2008 by Patrick Sullivan
5.0 out of 5 stars
A Masterpiece
I bought this book after it was mentioned on the book Market Wizards. After I finished reading it, I found myself going back to it over and over again. Read more
Published on May 25 2004 by "mad2rite"
5.0 out of 5 stars
Dated Yet Insightful
This book's contribution to the literature of the financial markets is incontrovertible. For an investing public starved of trading wisdom in a pre-Markowitz era when stock traders... Read more
Published on May 3 2004 by Melvin Sico
5.0 out of 5 stars
Hardcover Marketplace Book version worth the price ?
Wonderful book.
However I wanted a version printed on good paper so it would last a long time.
I bought a very costly hardcover Marketplace copy, just to discover that it... Read more
However I wanted a version printed on good paper so it would last a long time.
I bought a very costly hardcover Marketplace copy, just to discover that it... Read more
Published on April 21 2004
5.0 out of 5 stars
A must-read if you are interested in the market
This book is a definite must-read for anyone who owns anything in the market. I am reading it the second time, and this is just one month after I finished the first. Read more
Published on April 16 2004 by Nicole
4.0 out of 5 stars
Entertaining
It is amazing that with all the advancement in technology during this era, the basics of trading remain the same: fear and greed, supply and demand. Read more
Published on Mar 26 2004 by Ramsey
3.0 out of 5 stars
Less Than You Expect
The first 50 pages are gripping. The next 50 - 100 pages are okay. After that you start to wonder why you are reading this book.
It becomes repetitive. Read more
Published on Mar 16 2004 by J. E. Robinson
5.0 out of 5 stars
You Won't Wonder How It's Still a Classic
What makes a classic a classic? It's that the truths taught so many years ago are still true today.
Jesse Livermore in this book written nearly a century ago (minus just a few... Read more
Published on Mar 15 2004 by Greg Perry
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