Edwin Lefèvre

"Although Reminiscences...was first published some seventy years ago, its take on crowd psychology and market timing is a s timely as last summer's frenzy on the foreign exchange markets." —Worth magazine "The most entertaining book written on investing is Reminiscences of a Stock Operator, by Edwin Lefèvre, first published in 1923." —The Seattle Times "After twenty years and many re-reads, Reminiscences is still one of my all-time favorites." —Kenneth L. Fisher, Forbes "A must-read classic for all investors, whether brand-new or experienced." —William O'Neil, founder and Chairman, Investor's Business Daily "Whilst stock market tomes have come and gone, this remains popular and in print eighty years on." —GQ magazine First published in 1923, Reminiscences of a Stock Operator is the most widely read, highly recommended investment book ever. Generations of readers have found that it has more to teach them about markets and people than years of experience. This is a timeless tale that will enrich your life—and your portfolio.

Reminiscences of a Stock Operator

Ce livre, écrit par Edwin Lefèvre en 1923, est le récit en partie biographique et en partie fictif de Jesse Livermore (nommé, pour l’occasion du récit, Larry Livingston), un spéculateur américain qui déchaîna les passions de son vivant au début du XXe siècle. Mais attention, ce texte n’est pas un ouvrage de plus sur la spéculation qui sera oublié avant même que l’encre ne sèche ! En effet, si vous demandez aux traders professionnels de nommer des personnes qui ont pu influencer leur vision du trading, nombreux seront ceux qui citeront spontanément Jesse Livermore et Mémoires d’un spéculateur. Pourquoi ? Vous le découvrirez en lisant ce texte traduit de l’anglais exclusivement pour les éditions Memoria Books, et aussi avec la préface de Benoist Rousseau, trader en compte propre, auteur du best-seller traduit en 3 langues Devenez trader pro. Mieux que simplement le lire, vous vous y plongerez littéralement et revivrez le contexte new-yorkais des Années Folles de la spéculation, grâce à des illustrations exclusives, réalisées par Yoann Laurent-Rouault, un Maître diplômé des Beaux-Arts de Rennes ! Ce livre est non seulement une référence internationale, mais vous avez également entre les mains un superbe objet d’une totale exclusivité.

Version préfacée par Benoist Rousseau et illustrée par Y. Laurent-Rouault

Mémoires d'un spéculateur

There is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again. The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among professionals. I never lose my temper over the stock market. I never argue the tape. Getting sore at the market doesn’t get you anywhere. They say you can never go poor taking profits. No, you don’t. But neither do you grow rich taking a four-point profit in a bull market. Where I should have made twenty thousand I made two thousand. That was what my conservatism did for me. Remember that stocks are never too high for you to begin buying or too low to begin selling. A man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street…nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight. After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was the sitting. Got that? My sitting tight! Losing money is the least of my troubles. A loss never bothers me after I take it…But being wrong—not taking the loss—that is what does the damage to the pocketbook and to the soul. Prices, like everything else, move along the line of least resistance. They will do whatever comes easiest. The speculator’s chief enemies are always boring from within. It is inseparable from human nature to hope and to fear. In speculation when the market goes against you hope that every day will be the last day—and you lose more than you should had you not listened to hope—the same ally that is so potent a success-bringer to empire builders and pioneers, big and little. And when the market goes your way you become fearful that the next day will take away your profit, and you get out—too soon. Fear keeps you from making as much money as you ought to. The successful trader has to fight these two deep-seated instincts…Instead of hoping he must fear; instead of fearing he must hope.

Benoist Rousseau

Illustrated by a famous French illustrator : dive into the New York of the 1920s ! This book, written by Edwin Lefèvre in 1923, is a part biographical and part fictional story (possibly mythological someday) of Jesse Livermore (referred to in the narrative as Larry Livingstone), an american speculator who unleashed passions during his lifetime at the beginning of the 20th century. But beware, this text is not like others. It’s not one more book on speculation that will be forgotten before the ink dries. Indeed, if you ask professional traders to name people who may have influenced their view of trading, many will spontaneously quote Jesse Livermore and Reminiscences of a Stock Operator.

The American Bestseller of Trading Illustrated by a French Illustrator

Based on interviews with trader Jesse Livermore, called Larry Livingston in the book.

Jon D. Markman

With new commentary and Insights on the life and times of Jesse Livermore Reminiscences of a Stock Operator is the fictionalized biography of perhaps the most famous financial speculator of all time-Jesse Livermore. This annotated edition bridges the gap between Edwin Lefevre's fictionalized account of Livermore's life and the actual, historical events, places, and people that populate the book. It also describes the variety of trading approaches Livermore used throughout his life and analyzes his psychological development as a trader and the lessons gained through hard experiences. Analyzes legendary trader Jesse Livermore's strategies and explains how they can be used in today's markets Provides factual details regarding the actual companies Livermore traded in and the people who helped/hindered him along the way Explains the structure and mechanics of the Livermore-era markets, including the bucket shops and the commodity exchanges Includes more than 100 pages of new material Reminiscences of a Stock Operator has endured over 70 years because traders and investors continue to find lessons from Livermore's experiences that they can apply to their own trading. This annotated edition will continue the trend.

With New Commentary and Insights on the Life and Times of Jesse Livermore

It seemed to Fullerton F. Colwell, of the famous Stock-Exchange house of Wilson & Graves, that he had done his full duty by his friend Harry Hunt. He was a director in a half score of companies—financial débutantes which his firm had “brought out” and over whose stock-market destinies he presided. His partners left a great deal to him, and even the clerks in the office ungrudgingly acknowledged that Mr. Colwell was “the hardest worked man in the place, barring none”—an admission that means much to those who know it is always the downtrodden clerks who do all the work and their employers who take all the profit and credit. Possibly the important young men who did all the work in Wilson & Graves’ office bore witness to Mr. Colwell’s industry so cheerfully, because Mr. Colwell was ever inquiring, very courteously, and, above all, sympathetically, into the amount of work each man had to perform, and suggesting, the next moment, that the laborious amount in question was indisputably excessive. Also, it was he who raised salaries; wherefore he was the most charming as well as the busiest man there. Of his partners, John G. Wilson was a consumptive, forever going from one health resort to another, devoting his millions to the purchase of railroad tickets in the hope of out-racing Death. George B. Graves was a dyspeptic, nervous, irritable, and, to boot, penurious; a man whose chief recommendation at the time Wilson formed the firm had been his cheerful willingness to do all the dirty work. Frederick R. Denton was busy in the “Board Room”—the Stock Exchange—all day, executing orders, keeping watch over the market behavior of the stocks with which the firm was identified, and from time to time hearing things not meant for his ears, being the truth regarding Wilson & Graves. But Fullerton F. Colwell had to do everything—in the stock market and in the office. He conducted the manipulation of the Wilson & Graves stocks, took charge of the un-nefarious part of the numerous pools formed by the firm’s customers—Mr. Graves attending to the other details—and had a hand in the actual management of various corporations. Also, he conferred with a dozen people daily—chiefly “big people,” in Wall Street parlance—who were about to “put through” stock-market “deals.” He had devoted his time, which was worth thousands, and his brain, which was worth millions, to disentangling his careless friend’s affairs, and when it was all over and every claim adjusted, and he had refused the executor’s fees to which he was entitled, it was found that poor Harry Hunt’s estate not only was free from debt, but consisted of $38,000 in cash, deposited in the Trolleyman’s Trust Company, subject to Mrs. Hunt’s order, and drawing interest at the rate of 2½ per cent per annum. He had done his work wonderfully well, and, in addition to the cash, the widow owned an unencumbered house Harry had given her in his lifetime.

Wall Street Stories

A classic collection of titles featuring one of the world'sgreatest traders: Jesse Livermore Jesse Livermore won and lost tens of millions of dollars playingthe stock and commodities markets during the early 1900s, at onepoint making ten million dollars in one month of trading—anastronomical sum for this time. His ideas and keen analyses ofmarket price movements are as true today as they were when he firstimplemented them. Now, for the first time ever, TheReminiscences of a Stock Operator Collection brings togetherthree classic titles based on this unique individual and offersprofound insights into his motivations, attitudes, andstrategies. Reminiscences of a Stock Operator, the fictionalizedbiography of Jesse Livermore, has endured over seventy yearsbecause traders and investors continue to find lessons fromLivermore's experiences that they can apply to their ownendeavors Reminiscences of a Stock Operator, Illustrated Editionreproduces the original articles by Edwin Lefèvre and drawingsby M.L. Blumenthal published in the Saturday Evening Post inthe 1920s Reminiscences of a Stock Operator, Annotated Editionbridges the gap between Edwin Lefevre's fictionalized account ofLivermore's life and the actual, historical events, places, andpeople that populate the book. Throughout the book there are notesthat detail the actual companies, people, or situations thatLivermore encountered Engaging and informative, this collection provides a completepicture of Livermore's life and trading strategies, and offerstremendous value to today's serious investor or trader.

The Classic Book, The Illustrated Edition, and The Annotated Edition

The Reminiscences of a Stock Operator Collection

Richard Demille Wyckoff

Jesse Lauriston Livermore

For the first time, these two works attributed to the great Jesse Livermore are presented together in one volume with a new foreword by Juliette Rogers. Both contain interesting insights into Livermore's life and times as well as the reasons for his success. They remain classics and must reads for every new aspirant in the world of speculation. The two books in this volume were written in the early 1920s, when Livermore was already famous but still ascending to the peak of his wealth. The nightmare of World War I was fading, and the United States had successfully transitioned from a wartime economy into a peacetime powerhouse. Americans became enamored of cars, telephones, radios, and movies. A newfound fascination with celebrities extended beyond film stars and athletes to the rich and powerful. People wanted to know how Wall Street wizards like Jesse Livermore spun their magic. The first book, Reminiscences of a Stock Operator by Edwin Lefèvre, offers keen insight while at the same time adding to the Livermore enigma. Reminiscences is the first-person narrative of a fictional speculator named Larry Livingston, whose life events happen to match precisely those of Jesse Livermore. As a financial journalist, biographer, and novelist, Edwin Lefèvre gave his readers their much-desired glimpse into the lofty world of Wall Street elites. He wrote eight other books, but none matched the success of Reminiscences, which has remained in print since 1923 and been translated into numerous languages. Even the understated former Federal Reserve Chairman Alan Greenspan once called it "a font of investing wisdom." In true Livermore fashion, the book itself remains something of a mystery. Specifically, over the decades many readers have wondered if the book's author was not Lefèvre, but none other than Jesse Livermore. The two men were long acquainted and may have traded useful information over the years. A 1967 biography claims that Livermore, shortly before his death, acknowledged writing Reminiscences with guidance from Lefèvre, who served as "editor and coach." This revelation came to the biographer secondhand and without confirmation, so the mystery continues. However, attentive readers may note the narrator's especially gleeful tone whenever windfalls are made or old scores are settled, suggesting a connection more personal than professional. In the years following these publications, Livermore continued to burnish his legend. A 1924 run-up in wheat prices squeezed him out of $3 million, but the following year he recovered his losses and added tremendous profit when the wheat market collapsed. Of course, in this era of modest regulation, markets were vulnerable to manipulation and Livermore--by now nicknamed the "Great Bear of Wall Street"--did not eschew such tactics.

Edwin Lefèvre

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