Edwin Lefevre tells an entertaining story of a fictionalized account of Jesse Livermore in Reminiscences of a Stock Operator. The draw of Livermore is an interesting one because he failed to learn the biggest lesson, summed up by Levefre:
In addition to trying to determine how to make money one must also try to keep from losing. It is almost as important to know what not to do as to know what should be done.
Even after he made and lost multiple fortunes in his life, Livermore never figured it out. In the end, he died broke. But this is less about Livermore and more about highlights from the book.
Despite the book being fiction, it offers some great lessons on history, human nature, and what not to do: Continue Reading…