[.ca] Reminiscences of a Stock Operator (ISBN 0471059706)

From Amazon.com:
Stock investing is a relatively recent phenomenon and the inventory of true classics is somewhat slim. When asked, people in the know will always list books by Benjamin Graham, Burton G. Malkiel's A Random Walk Down Wall Street, and Common Stocks and Uncommon Profits and Other Writings by Philip A. Fisher. You'll know you're getting really good advice if they also mention Reminiscences of a Stock Operator by Edwin Lefèvre. Reminiscences of a Stock Operator is the thinly disguised biography of Jesse Livermore, a remarkable character who first started speculating in New England bucket shops at the turn of the century. Livermore, who was banned from these shady operations because of his winning ways, soon moved to Wall Street where he made and lost his fortune several times over. What makes this book so valuable are the observations that Lefèvre records about investing, speculating, and the nature of the market itself. For example: "It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon." If you've ever spent weekends and nights puzzling over whether to buy, sell, or hold a position in whatever investment--be it stock, bonds, or pork bellies, you'll be glad that you read this book. Reminiscences of a Stock Operator is full of lessons that are as relevant today as they were in 1923 when the book was first published. Highly recommended. --Harry C. Edwards

Dated Yet Insightful:
This book's contribution to the literature of the financial markets is incontrovertible. For an investing public starved of trading wisdom in a pre-Markowitz era when stock traders relied more or less on rules of thumb, "Reminiscences" stood out as a true gem. It should be read both as a source of profound insight into the workings of financial markets past and present, and as a critique of speculative activity in the years prior to the bursting of the stock market bubble in 1929. One of the most important lessons mentioned in the book is that a trader does not have to be invested in the market all the time. It sounds hackneyed today, but this tenet is actually difficult to follow in practice, given the propensity of traders and investors to ride out losing positions. It is important to remember that, having been written during a massive bull run and prior to the systemic failure of the stock market in 1929, during which the market's 'boundless hope and optimism', as described in Galbraith's "The Great Crash 1929", run roughshod over sentiments that the markets were overheating, "Reminiscences" should be read with an eye towards portfolio preservation, not injudicious speculation.

A must-read if you are interested in the market:
This book is a definite must-read for anyone who owns anything in the market. I am reading it the second time, and this is just one month after I finished the first. I use it as a reminder of what's really happening out there, instead of being distracted by the noise. The author writes in a very easy-to-read style which is not common of his time. Through a very direct approach, the reader can easily identify with the emotions of the character. It truly is a book worth owning, and reading again and again.

A Masterpiece:
I bought this book after it was mentioned on the book Market Wizards. After I finished reading it, I found myself going back to it over and over again. This is a must read book for anyone that is really interesting in how the trading markets work in real life. It's brilliant, funny... Great!!!!!!!

Hardcover Marketplace Book version worth the price ?:
Wonderful book. However I wanted a version printed on good paper so it would last a long time. I bought a very costly hardcover Marketplace copy, just to discover that it was printed on weak paper. It probably is just the paperback version with a hardcover, for which a 4.5 times the paperback price tag is quite rich.

Entertaining:
It is amazing that with all the advancement in technology during this era, the basics of trading remain the same: fear and greed, supply and demand. I found this book enlightening in that it sheds light to human behavior and psychology of trading. If you're looking to find a mechanical system that tells you when and what to buy, go elsewhere. This book though, is a must read for anyone who wants to start trading stocks. I enjoyed it a lot.