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"