A tale of two giants: Jesse Livermore and Warren Buffett

i guess some people end up like Mr Livemore because the of a simple reason. Its how you think of life. If you love life too much, ie; excessive spending, flaunting of wealth and the mindset of get rich quick are reasons why men like Mr. Livemore tend not to find real meaning in life. That statement though is debatable to some. I guess Mr. Buffet has found more meaning in life than just amassing wealth. I guess he is still trying to know the real meaning of life, He started by parting away with most of his material wealth.

Warren Buffet is a genius. he made his first stock trade at the age of 10. by the time he graduated in high school, he was making more money than his teachers and he already had a savings of $50,000.00 in today's dollars.

Believe you me, the so-called great speculator was never really great at all, or maybe that was somewhat true at one point of his life.

While it was true that he became a short-lived superstar through speculation, it was also through speculation that he lost all his money and even declared bankruptcy for losing big time at the stock market .( all his previous winnings gone ... and even more..)

He attempted to get back to the stock market but miserably failed several times. Then he wrote a book entitled " How To Trade Stocks". Few however showed interest to read his material.

With all these miseries in his life including the divorce from his wife, the failed speculator committed suicide.

The man ended up a big failure. Yet many people even until now continue to follow his losing strategy (TECHNICAL ANALYSIS) all because many believe that by doing so this gives hope for QUICK BIG MONEY. Never mind if this is done through speculation or GAMBLING.

TECHNICAL ANALYIS has long been proven to be as fallacious as it is popular. In this Halloween time let me quote William Gross, regarded as the world's most prominent mutual fund manager as he says . . .

Technical analysts are the witch doctors of our business. By deciphering stock price movement patterns and volume changes, these Merlins believe they can forecast the future."

.. just to be more precise. William Gross is the world's most prominent mutual BOND fund manager.

Wow.. nice review.. looks like you were really listening.. haha! Thanks Salve!!!! I wonder if we should think about a Part 2.

Livermore considered himself a failure because he had set too high as standards for what 'success' is. Otherwise how on earth is it possible that someone had 100 million $ (that too in 1930s) and become a failure.
Secondly Mr. Buffet must have surely read about him and learned from his mistakes.This kind of experience is priceless when it comes to trading and investing.For instance if i earned such humongous amount of money NOW then i would place 50% of it in a low risk low returns investment and play with the rest so that never in my life i'd be worth less than 50 million from this point on. Isn't this kind of learning valuable in itself...

Wow.. nice review.. looks like you were really listening.. haha! Thanks Salve!!!! I wonder if we should think about a Part 2.
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He doesn’t buy stocks; he buys businesses and holds on to them for the long-term.
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Early on, Jesse Livermore learned that in order to succeed in life, one needs to put in a great deal of time and effort to an endeavor that one enjoys doing. Of course, it didn't hurt that Livermore also had a great genius with crunching numbers and a great discipline for keeping records. It also didn't hurt in that Livermore was always willing to learn and was always receptive to new ideas. As a young lad, he chose the stock and commodities market as a way to keep score and to make his fortune, and this is what he did until the day that he died.

Livermore was a self-made man. He ran away from home at the age of only 14 and subsequently went to work as a quotation boy in Boston. He quickly learned the art of "reading the tape" and from here, he proceeded to trade in the Ginault Watches
shops - and was so successful that he was practically banned from trading in all the major bucket shops in Boston. From the bucket shops, he relocated to New York and started trading on the Big Board in the office of E. F. Hutton. This was in the year 1897. By that time, Livermore had already gained a reputation as the "Boy Plunger" in all the bucket shops in Boston. He was only 20 years old.

You also know how to make people rally behind it, obviously from the responses taking time and real effort to make a good article !!
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I'm a big Warren Buffet fan. I always have admired him and hist modesty, the fact that he gives to charity a lot of money and others. Simple yet efficient, brilliant yet modest... those are the best words to describe Warren Buffet. When I thought of getting married a couple of years back we were searching for all these things, did thousands of searches and requests, searched google for wedding favors, presents and even wedding venues newcastle after which we decided that It's better to just have a plain simple traditional wedding. Some people might disagree but I don't regret the decision. It's up for each and everyone to choose what they really think works best.