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Stock Operator, Annotated Edi- Well As Daring Rogues Like Daniel Drew and Jay Gould [continued from front flap] L foreword by paul tudor jones $34.95 USA / $41.95 CAN EFÈVRE financiers like E.H. Harriman, John Gates, James Hill, James Keene, and Cornelius Vanderbilt as EDWIN LEFÈVRE Reminiscences of a Stock Operator, Annotated Edi- well as daring rogues like Daniel Drew and Jay Gould. tion brings the story of the great speculator Jesse praise for Livermore to life like never before. One of the Engaging and informative, the Annotated Edition foremost investment classics of all time, the origi- of Reminiscences of a Stock Operator provides a nal edition of Reminiscences by Edwin Lefèvre Reminiscences of a Stock Operator Reminiscences Reminiscences rich and colorful portrait of a volatile era in U.S. annotated edition has inspired countless investors and traders with fi nancial markets that in many ways parallels the its fi ctionalized account of Livermore’s legendary crisis-prone twenty-fi rst century. At the same trading experiences. Now, in this meticulously time, Markman extracts the timeless insights and of a Stock Operator researched Annotated Edition, Jon Markman re- wisdom from one of the world’s greatest traders veals the truth about Jesse Livermore and provides and shows how they can be applied to understand “It is a textbook for trading. I hand a copy to every new trader we have.” With New Commentary and Insights on the Life and Times of colorful, historically accurate commentary on and profi t in today’s markets. Longtime fans of the –Paul Tudor Jones, from the Foreword the characters, places, and events that have made book will understand Reminiscences in an entirely Reminiscences such an enjoyable and educational fresh way, while new readers will enjoy a much JESSE LIVERMORE read for generations. richer experience than ever before possible. “The best yet! The original I read as a kid starting out and it has always been a The real Jesse Livermore won and lost tens of mil- EDWIN LEFÈVRE favorite—with its unending insights. Jon Markman’s marvelous new annotations was trained as a mining add color, context, and muscular history, making this classic a really fun read you lions of dollars playing the stock and commodities engineer, but became a journalist at age nineteen. markets during the early 1900s, at one point mak- He produced eight books, including The Making will return to repeatedly.” ing ten million dollars in one month of trading— of a Stockbroker, during his fi fty-three-year writing –Ken Fisher, New York Times bestselling author, founder and an astronomical sum at the time. His ideas and career. He was a celebrated fi nance author made CEO of Fisher Investments and 25-year Forbes of a keen analyses of market price movements are as most famous by his publication of the fi ctional- “Portfolio Strategy” columnist useful today as they were when he was fi rst de- ized story of Jesse Livermore, which fi rst appeared veloping them. Offering profound insights into in the Saturday Evening Post in 1922. Operator Stock the motivations, attitudes, fears, and aspirations shared by every investor and trader, Reminiscences JON D. MARKMAN is an award-winning “The exquisite pleasure to be found in Lefèvre’s street-smart narration has been of a Stock Operator is among the most compelling journalist, popular market analyst, and veteran fund attracting stock market fans to Reminiscences through many a bull and bear market.” and enduring books ever written on the markets. manager. He was a pioneer in the development of –Roger Lowenstein, author, When Genius Failed stock-rating systems and screening software; a port- This Annotated Edition bridges the gap between folio manager at a hedge fund; managing editor at Lefèvre’s fi ctionalized account of Livermore’s life CNBC on MSN Money; and an investment col- and the actual exploits, personalities, and locations umnist and investigative reporter at the Los Angeles “Every serious investor should read and re-read the classic Reminiscences of a Stock that populate the book. Side-by-side with the origi- Times. Markman provides investment guidance in Operator, especially if you had trouble in the 2000 or 2008 market.” nal text is Markman’s commentary about the his- his daily Strategic Advantage and Trader’s Advan- torical setting and the real companies, individuals, tage research services, as well as in his weekly MSN –William J. O’Neil, founder, Investor’s Business Daily and and news events to which Lefèvre alludes. Readers Money column and managed accounts. He is also author, How to Make Money in Stocks will learn all about bucket shops—unsavory relics the author of Swing Trading, which is published by of the investment world that gave Livermore his Wiley, and two other fi nance books. fi rst taste of trading. They’ll also learn how fi erce “An ageless gem of trading wisdom—often imitated but never surpassed.” public debates over gold and silver roiled the poli- tics and markets of the time; how presidential can- Jacket Image: © Corbis –Dr. Alexander Elder, author, Trading for a Living didate William Jennings Bryan incited a fi nancial annotated panic in 1896; how World War I created a boom edition followed by a harsh recession; and how ambitious tycoons built fortunes from scratch and drove rivals to ruin by cornering stocks and through other now- illegal manipulations. And they’ll learn about important but forgot- ten fi gures briefl y mentioned or disguised via pseudonyms in the text, such as broker E.F. Hut- ton, who gave Livermore a $500 loan when the trader was down on his luck, as well as legendary annotated edition by jon d. markman [continued on back flap] overall matte finish Reminiscences Stock Operator With New Commentary and Insights on the Life and Times of Jesse Livermore EDWIN LEFÈVRE ANNOTATED EDITION BY JON D. MARKMAN John Wiley & Sons, Inc. Copyright © 2010 by John Wiley & Sons, Inc. All rights reserved. Annotations: Copyright © by Jon D. Markman. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifi cally disclaim any implied warranties of merchantability or fi tness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profi t or any other commercial damages, including but not limited to special, incidental, consequential, or other damages. For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993 or fax (317) 572-4002. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. For more information about Wiley products, visit our web site at www.wiley.com Library of Congress Cataloging-in-Publication Data: Lefèvre, Edwin, 1871–1943. Reminiscences of a stock operator : with new commentary and insights on the life and times of Jesse Livermore / Edwin Lefèvre. — Annotated ed. / by Jon D. Markman. p. cm. Includes bibliographical references. ISBN 978-0-470-48159-2 (cloth) 1. New York Stock Exchange. 2. Speculation. 3. Livermore, Jesse L. (Jesse Lauriston), 1877–1940. 4. Stockbrokers — United States. I. Markman, Jon D., 1958- II. Title. HG4572.L4 2010 332.6’2 — dc22 [B] 2009042600 Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 CONTENTS Foreword by Paul Tudor Jones v Preface vii Chapter I 1 Chapter II 17 Chapter III 35 Chapter IV 51 Chapter V 71 Chapter VI 87 Chapter VII 105 Chapter VIII 115 Chapter IX 131 Chapter X 151 Chapter XI 167 Chapter XII 183 Chapter XIII 203 Chapter XIV 219 Chapter XV 239 Chapter XVI 251 Chapter XVII 269 Chapter XVIII 287 Chapter XIX 297 Chapter XX 313 Chapter XXI 331 Chapter XXII 351 Chapter XXIII 373 Chapter XXIV 389 Appendix: Dow Jones Industrial Average (1895–1929) 395 Paul Tudor Jones on Reminiscences 399 Selected Quotes 407 Credits 419 About the Author 423 iii FOREWORD fi rst read Reminiscences in 1976. It was given to me by my fi rst boss as the most important book I could read. It resonated with me on a variety of Ilevels. First, Livermore started with but a few coins in his pocket, and as a relatively penniless 21-year-old when I fi rst read it, it was both reassuring and hopeful. His stories of making millions, hobnobbing with other great fi nanciers and stock market operators, trading from a yacht, and deftly ma- neuvering through the great commodity and stock corners of the day was the fi nancial equivalent of “sex, drugs and rock ‘n roll” to a young man at the advent of his fi nancial career.
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