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Reminiscences of A Stock Operator
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Reminiscences of A Stock Operator

4.14 of 5 stars 4.14  ·  rating details  ·  4,518 ratings  ·  172 reviews
pFirst published in 1923, this fictional biography of Jesse Livermore, one of the greatest market speculators ever, is widely regarded as one of best investment books of all time. Reminiscences of a Stock Operator is the resource that generations of investors have turned to when they needed deeper insight into their own investing habits and those of others. Listen to this...more
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Published September 8th 2009 by Recorded Books, LLC (first published November 30th 1922)
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Duffy Pratt
This book is a marvel. It's well written. It clings very closely to the trade of a speculator, and barely touches on any personal life. For example, we only learn that the narrator has a wife when someone tries to use her to hook him into a stock manipulation. Everything focuses on the markets, and how the narrator interacts with the markets.

The technology, and the law, have changed enormously. But one of the central points of the book is that fear, greed, hope and ignorance will drive the marke...more
John Spillane
1) This is a 300 page bull-sesh

2) Good to audiobook in order to run the gamut of market reactions on yourself on somebody else's dime

3) Make no mistake this is not a good book, really dull compared to More Money Than God, When Genius Failed, or The Black Swan; less so than what little I read/remember of The Intell. Inv., but obvi RSO is addressing something wholly different than any of those

4) Definitely could have used this when I was a wannabe day trading teen, would have hated it, but I thin...more
Bill
I read this book virtually every summer, not only as a very interesting historical account of the life of a famous Wall Street trader in the early 1900s, but also as a learning tool. Or should I say continuing education. While the rules and regulations of Wall Street have changed dramatically since this book was first published in 1923, human nature remains virtually unchanged. Fear, greed, hope and pride are the same today as they were in the early 1900s and these core fundamental human emotion...more
Stuart
A fascinating look at stock trader Jessie Livermore, a self-made speculator who made and lost fortunes repeatedly in the early 1900s, before the advent of the Great Depression and securities regulations (no accident, I might add). The first part of the book is very interesting, covering his early swashbuckling days making money from "bucket shops", essentially unregulated stock gambling establishments where the house bets against unsuspecting customers. He gets so successful that he has to rotat...more
Grant Palmquist
4.5 stars. This is a great book, expertly written, that takes you inside the mind of stock speculator Larry Livingston (AKA Jesse Livermore), who made and lost fortunes in the stock market in the early 1900s. The narrator is a great writer, who guides the reader through Livingston's ups and downs, speculations, and the logic behind all of it. There is a lot of useful investment advice to be gleaned from this book, but you must know investment terminology. Without it, a lot of the book's informat...more
Hari
This is only the second book that I've read about Stock Market speculation, but I'm pretty sure that it'll be hard to find any better. While the second half of this book pretty much flew right over my head, I'm sure that there's something in the first half for everyone - especially amateurs or beginners such as myself.

Even though this book was written such a long time ago, I think the basic principles discussed here are still valid - many reviews echo this sentiment. I suppose the biggest plus a...more
Wilte
Timeless, hard to believe it was written in 1923, still contains many relevant truths for the stock current market. Reads like a cinch (=easy) to use parlance of the book.

Livermore starts in bucket shops, sort of the equivalent of FX trading a century ago.

"There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time. No man can always have adequate reasons for buying or selling stocks daily—or sufficient knowl...more
Mark Speed
Numerous newsletters and authors have urged me to read this book. Jesse Livermore was one of the most infamous 'stock operators' who ever lived. He began trading professionally at the age of just fifteen, and was active for over 45 years. It really is an extraordinary read, and completely timeless.

This is part-biography, part-guide to speculation, part-warning to the public about the tricks companies and Wall Street pull on private investors to part them from their money.

What's remarkable is tha...more
Matt Larsen
I loved how Jesse Livermore always did everything by himself with investing. He understood that investing is going to be won and lost on his own intellect. If you take a tip, you don't know when to get out and you start putting all your faith on other's analysis. To a lesser degree one could say the same thing about your own investments. If you aren't confident enough to do it by yourself it may not be the best investment.

He talks about how you need to be right and sit tight that you can make bi...more
Rafael Cameron
Captures the essence of day trading that, although was written about a character before the great depression, is timeless in dealing with human nature. Though plotless, love the pace and the narrative.
Vaibhav Gupta
A fantastic book on the workings of a stock trader ,his internal battles and battling his wits against the markets. As applicable today as the time it was written.
D Zhutrade
A must-read book if u r gaining experiences on speculations
Natasha
At times, it can be a bit dense to those who don't know the common business/stock operating jargon. But the messages are clear and charmingly delivered. The book reads quickly and entertainingly. And you walk away having learned a lot. The most important part of the book is that it changes attitudes and affects generalizations, while touching on specificities, to the point that you really understand the game, even if you don't know all the rules.

Highly recommended, even for those who've never de...more
Jake
A fun account of life on Wall Street before current security laws were put in force-- a time when grifters, bucket-shops, and manipulators ruled the market. Lefevre does a great job of capturing the rough and tumble life of Jesse Livermore, the famous speculator-- the dialogue in some scenes is particularly good, and reminded me of something out of The Sting.

Of course, reading a book like this for insight into the market is like reading a book on entrepreneurship by Jesse James (or Donald Trump...more
Omar Halabieh
1- "Another lesson I learned early is that 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 to-day has happened before and will happen again. I've never forgotten that. I suppose I really manage to remember when and how it happened. The fact that I remember that way is my way of capitalizing experience."

2- "It takes a man a long time to learn all the lessons of all his mistakes. They say there are two sides to ev...more
Erwin
Reminiscences of a Stock Operator is the auto-biography of "Jesse Lauriston Livermore", a famous Wall Street speculator from 100 years ago. Livermore describes many of the tactics that he would use to drive prices, either up or down, and most importantly, how he would use the tape to understand prices.

Now that the markets are all fully imersed in the information age, a single speculator would be hard pressed to use the exact tactics that Livermore used 100 years ago, but the overall strategy and...more
Steve
How funny that a lot of stuff mentioned in this book still rings true, today - almost 90 years later. Of course, the landscape looks a little different with online trading, and such, but the basics are still there.

One of the things that will probably never change was his explanation of what the insiders and heads of major corporations know that the public does not. This is important when stocks start shooting down and you hear things like, "it is just a market correction." I think the term that...more
Andy
On Wall Street, as with other industries, there are a few books that are regarded as essential reading; this collection of folk financial wisdom is one of them. Although technically a work of fiction by writer Edwin Lefèvre, it is heavily based on the life of Jesse Livermore, a famous trader of the late 19th and early 20th century (who grew up in the same town as me!). Through relating personal anecdotes of his adventures in the markets, Livermore/Lefèvre discusses his own lessons and rules in t...more
Robert Rubin
Aug 31, 2007 Robert Rubin rated it 5 of 5 stars  ·  review of another edition
Recommends it for: Investors
This is the ghost-written autobiography of one of the great stock speculators of the 19th and early 20th centuries - Jesse Livermore (under a pen name). Composed in the vigorous, if dated, prose of 1924, Livermore's recollections of his career highs and lows are both entertaining and highly instructive. He does not try to instruct, though he can't help but enlighten the reader through telling his story. The reader's attention is repaid with extraordinary insights into the workings and psychology...more
Don
Lefevre has a straight forward manner to his lifestyle and his trading style. He is aware primarily where the market *as a whole* is headed. How he decides this remains a mystery. Secondarily the 'tale of the tape' is considered. Possibly his best source of information on a particular stock is to buy or sell a chunk of it and observe the market's reaction to it.

He distinguishes speculation to investing and says he is a speculator, not an investor. An investor expects steady gains. A speculator c...more
Ivo Crnkovic-Rubsamen
Reminiscences of a stock broker is hard to pin down. It's not really a novel, in that it has very little plot, it's definitely not a how-to book, and its not really a historical piece either. Instead, it combines elements of all three, and does it well. It stays infinitely more readable then some treatise on stock-picking, while making clear the interesting thought process behind the positions of a very successful trader and giving a nice portrait of what it meant to be in finance at the beginni...more
Martin
This should be required reading for every trader. It's important to understand the up's and down's even the most successful traders experience, it's simply part of the learning process. The key is not to go bust. It shows how Jesse Livermore continued to hone his skills and learn from his mistakes. There are multiple relevant lessons that still apply today, like cut your losses ASAP, ride the winners and don't follow the herd or take tips. Great book for your library and worth multiple reads.
Dustin
I read this book after seeing it on a "must read" list for every investor. Given that I am just beginning to familiarize myself with the world of stocks and speculators, I found several terms throughout the book that I was unfamiliar with, and spent quite some time trying to learn their meaning. That being said, I found the book to be fascinating, and I am certain I will re-read it in the future. There are several pearls of wisdom throughout that one can apply to life in general. I did find myse...more
Eric
If you're ever going to invest any of your money in equities or on anyone's behalf you MUST read this book.

This is a kind of pseudo biography of one of the greatest stock speculators the world has seen - Jesse Livermore.

This book is loaded with anecdotes, tips and history lessons from the late 19th to early 20th century US.

Make sure you read the boss hardcover version with the foreword by Paul Tudor Jones, released in 2011 I think. Not only is the layout magnificent but it provides helpful si...more
April
Tip: There's an edition of the book that includes commentary at the beginning of each chapter about the real Livingston. While the book certainly holds on its own, the extra backstory adds another layer to it.

I saw this book on multiple "must read" finance book lists. I was not expecting much from a story about some dude in the market nearly 100 years ago, but it has been a great read. It is so well written, much of his philosophy is still very valid, and at times hard to believe its true. I tot...more
Jana Light
Educational and delightful so far. An interesting perspective on the game that is the stock market, and still relevant to playing the current market.

It's hilarious to me how that he uses the "[this] is [this]....not!" turn of phrase all the time. It never fails to make me laugh. Apparently what I thought to be 90's jargon was actually vintage. Ha!

Having now finished it and having learned a little bit about Livermore (aka, "Livingston") it reads a bit like a tragedy. The man was clearly brillian...more
Liu
what does "Point" mean?

quote: "I made up my mind to be wise and play carefully, conservatively. Everybody knew that the way to do that was to take profits and buy back your stocks on reactions. And that is precisely what I did, or rather what I tried to do.....They say you never grow broke taking profits. No, you don't. But neither do you grow rich taking a four point profit in a bull market."
let's say one buys 100 stocks at $50, and sells them at $52. how many points he takes, 2 points or 4 poi...more
Alexander Dmitriev
The book reflects a good view if you're proper for trading or not. The criteria is have you the same habbits, behaour and education, esp. during childhood. Though being a professional financial I met that non-professionals pay attention to trading rules instead of psychology.
Matthew
Carries the practicality of a screwdriver with the tang of the Great Gatsby. Reminiscences is full of really excellent anecdotes that reflect a lot of trading wisdom; it doesn't really spell out what the wisdom is, but if you've read other books on trading you'll recognise many of the lessons. Unfortunately though Livermore seems to be an unnaturally talented technical trader, and his later success is really built out of this seemingly latent ability.

But better yet its really well paced and wri...more
Estibaliz Delgado
This book is a learning tool about ego and madness inside the financial markets. Human behavior does not change. Technology and some rules have change indeed.
I liked the advice about "sit tight".. Every investor is fighting everyday his own demons.
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Edwin Lefèvre (1871–1943) was an American journalist, writer, and statesman most noted for his writings on Wall Street.

George Edwin Henry Lefèvre was born in Colón, Colombia (now Republic of Panama). His father had sent Edwin to the United States when he was a boy and he was educated at Lehigh University where he received training as a mining engineer. However, at the age of nineteen, he began his...more
More about Edwin Lefèvre...
Wall Street Stories The Making Of A Stockbroker Sampson Rock of Wall Street H. R. (Hendrik Rutgers): The Author of Reminiscences of a Stock Operator To the Last Penny (1917)

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