jess livemore
The past July 26th is the 32nd anniversary of the birth of Jesselivemore/KLOC-0. As a recognized "king of speculation" in the past century, he not only shorted the American stock market many times (the most famous one was 1929, and the net profit was 1 billion dollars), but also was named as "the giant bear of Wall Street". Moreover, his many experiences of bankruptcy and rise have always inspired and warned future generations.
"I saw this man's obituary in the newspaper the other day. He is as poor as a church mouse. If he dies in 1896, every newspaper in new york will publish at least one column on the front page. " Jesse Livermore wrote in Memoirs of a Stockbroker.
(JesseLivermore) tells the story of a once arrogant speculator.
Many years later, this sad scene is repeated, and the protagonist is himself.
He walked as poor as ever, but he was by no means unknown. The New York Times mourned:
"His death ended an era. His merits and demerits are judged by later generations. "
Time is running out, and the world is long. The New York Times did not expect that the "Livermore era" was not over. A "loser" who ended in bankruptcy, in the golden dust of more than half a century after his death, actually took the name of "the first person in the US stock market in a hundred years". You know, there are winners and losers on Wall Street, and the winners and losers are like the autumn wind. Why does Li Can enjoy the privilege of transcending material desires?
Legend 1877 was born in the home of a poor farmer in Massachusetts on July 26th.
From the age of 15 to the age of 20, before wandering on Wall Street, this rural wild child who dropped out of junior high school became a frightening "juvenile gambler". However, living in the city is not easy. When his life came to an abrupt end after 48 years, his trading career on Wall Street had fallen apart. In the trading history of 150 years, there are several people like him who have gone through many cycles after the reunification. No one can be so "lucky"-every time you are trapped, cold-blooded creditors are willing to let them go, let them regain their freedom and return their engagement. Li Can has also reorganized mountains and rivers, taking Ma Yue to the peak of higher wealth. He never pays his debts, and every time he makes a comeback, he will fully compensate those who are trapped in bankruptcy, although it is completely unnecessary in law.
1October 24th, 1907, 10, Livermore reached the first peak of his career. He plundered $654.38 million+00,000 in the market crash that day by shorting, so that JPMorgan Chase, the financial tycoon who saved the day, had to find someone to pay tribute. Livermore made more backhand shots the next day and finally got $3 million. The so-called "wall street giant bear" started from this.
19 19, President Wilson invited him to the White House and asked him to liquidate cotton futures to save the country.
10 years later, it was another month of 10 years. An "American Great Depression" that still evokes people today pushed Livermore to the pinnacle of honor. In the luxurious trading room with private elevator on the top floor of Heckscher Building, No.730 Fifth Avenue, New York, he directed dozens of warehouses to place orders, making large short positions and holding $100 million in his arms. You know, at that time, the annual tax revenue in the United States was only about $4.2 billion! Since then, "Wall Street Bear" has become famous, and no one can match it.
How high the mountain is, how big the shadow is.
Livermore never comments on merits and demerits, and the outside world has different opinions on him. He used to be a lone ranger. Because he is 15 years old, except for the first transaction-a capital of $5 and a profit of $ 3. 12-he cooperated with others, and there is no record of his joint transaction in history. He listened to inside information and shorted the quilt cover at 1906, but was accidentally rescued by the Los Angeles earthquake. After earning more than $250,000, he no longer believes in gossip. 1908 after believing the news of "cotton king" and doing more on cotton, he spit out all the millions of profits of the previous year to the market, and then turned a deaf ear to the so-called "expert advice".
"After I fell into the trap many times and struggled to get out, one of my most satisfied places with my work was loneliness."
"I have no followers. I make money with my brain. When the stock price developed in the direction I predicted, I didn't rely on my friends or partners to help me push the market price; When the stock price goes against me, no one can stop it. ..... that's why I've been working alone. "
Within ten steps, kill one person, cross a thousand miles, leave no one behind. If Li Fo Moore can "take care of his clothes and hide his surname, make a name for himself", he may lose a lot of criticism and criticism of the notorious "giant bear". But he just doesn't, oh, let a man with spirit take risks where he wants to go, and never point his golden cup at the moon empty! . Many luxurious houses, 200-foot-long yachts, luxurious dances and nightly performances ... If these are put into today's luxury enjoyment, those who hate Livermore even think that he caused the crisis of 1929 and threatened to kill him, which would be even more tragic in that era. Li failed in marriage many times, cheated on his second wife and shot his eldest son, which made him suffer from depression. Moreover, he is also a flower name, keeping many mistresses ... so unruly, naturally even irrelevant people are afraid of him. Gann, a master of contemporary technology trading, acknowledged his greatness in trading, but also accused him of "greedily chasing the profits of financial capital, and once he succeeded in obtaining huge profits, he would get carried away and be extravagant".
Livermore has stopped talking about markets and stocks since he was 30 years old. He is completely indifferent to all this. At the end of each year, he would lock himself in the vault of Manhattan Bank for three days, reflecting on the gains and losses of the transactions in that year-compared with the tens of millions of dollars in cash around him, every transaction record in that year was his focus. But what these people don't know is that when he comes out of the vault, his pockets and wallets are full of cash, and he will spend hundreds of thousands of dollars in the next few days.
If you are poor, you will lose your hat. Whether Livermore looks at this problem from two aspects is unknown to others. However, when "take all the pearls" and "use them like sand" galloped on him in parallel, Li's self-defense that "I never cared much about money myself, never paid attention to money, and I thought it was worth lying for it" was never forgiven.
1933, the year before the last (fourth) bankruptcy, Livermore, who was in trouble at home and abroad, was taken to the police station after 26 hours of overeating. He told the police that he had lost his memory.
At the end of 1939, under the persuasion of his son, Livermore finally began to compile his trading skills summarized from several gains and losses into a book. It's just that people admire its success, ignore its failure and despise its debauchery, but few people want to know how these legends are written. This book, entitled "Stock Master Manipulation" (1940), was published in March, and nobody took care of it. Eight months later,165438+1on the evening of October 27th, it was said that it snowed heavily. After getting drunk at SherryNetherland Hotel, Livermore shot himself in the cloakroom. He left a note:
"My life is a failure."
Twenty years later, the financial novel Memoirs of a Warren based on him 40 years ago became popular on Wall Street. William O 'Neill even spent $50 on a copy; This book is still the investment bible of contemporary top traders, as expensive as the "king of bonds" Bill? BillGross, that is to say, whenever he is confused, he always reads, but he can solve everything and even break the book.
Twenty years later, the Chinese version of Master Stock Manipulation written by him was first published in Taiwan Province Province, China. At the end of the preface, it says:
"With the lessons revealed by Livermore in this book, it is really controversial whether many heroes can make money in today's stock market. To be sure, every reader can benefit a lot from the wisdom contained in this book, the wise "rules" and the dangerous indicators presented by price changes ... He can make anyone's stock market trip more interesting. "
At this moment, when people can only pick up Li Fo Moore from a pile of old paper, they suddenly find that the secret of trading that has been sought after by countless people for a hundred years has been written in a thin book many years ago. This lonely stock, which was not understood until death, took 48 years of ups and downs to turn speculation among evil forces into a chapter in his life's career. Only when the long river of time washes loneliness and indulgence into heavy sand and the thought diamond buried under the sound of sadness and joy can shine brilliantly through the heavy dust of history.
He said that wealth has come and gone, and stocks have gone up and down, but Wall Street will never change, because human nature will never change.