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Wall Street Ventures & Adventures Thru 40 Years
This is a must-yave book for the student of market lore. This major Wall Street classic was first published in 1930.
313 pages, Hardcover
First published January 1, 1930
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Displaying 1 - 3 of 3 reviews
June 1, 2021
The marvelous story of Richard Wyckoff, which is full of little gems like:
- Once when asked whether he could unload a line of Southern Pacific at 80, he replied that he did not think so, but that he could put it at 120 and then sell it back to par. The reason for this was that with the stock selling at, say, 70, a ten-point rise would not attract much of a following, while a fifty-point rise would attract an enormous following. Such a broad market would be created that almost any amount of stock could then be sold to people who thought themselves shrewd because at 110 or par the stock looked cheap in comparison with the 120 where it had lately been.
- The law of supply and demand controls the movements of both the market as a whole and of individual stocks, they said. The solution of the stock market problem lay, therefore, in an understanding of this principle and in the ability to interpret supply and demand correctly.
- I let them howl, and went on proving that the real solution of the stock market problem, for office traders at least, lay in a study of the forces behind the market and their power to lift or depress the prices of stock. These forces might be natural or artificial; that is, they might result from buying or selling by the public, or they might consist largely of manipulative operations which were purely artificial. These were planned and executed for the purpose of inducing the public to do the opposite of what the manipulators wished to do: when the latter desired to accumulate, they would mark down the price of a stock, spread bear rumors, and try to shake out or tire the outsiders until they sold. When they wished to distribute, prices would be artificially stimulated, glowing reports spread broadcast and the public induced to buy on the bulges.
- Once when asked whether he could unload a line of Southern Pacific at 80, he replied that he did not think so, but that he could put it at 120 and then sell it back to par. The reason for this was that with the stock selling at, say, 70, a ten-point rise would not attract much of a following, while a fifty-point rise would attract an enormous following. Such a broad market would be created that almost any amount of stock could then be sold to people who thought themselves shrewd because at 110 or par the stock looked cheap in comparison with the 120 where it had lately been.
- The law of supply and demand controls the movements of both the market as a whole and of individual stocks, they said. The solution of the stock market problem lay, therefore, in an understanding of this principle and in the ability to interpret supply and demand correctly.
- I let them howl, and went on proving that the real solution of the stock market problem, for office traders at least, lay in a study of the forces behind the market and their power to lift or depress the prices of stock. These forces might be natural or artificial; that is, they might result from buying or selling by the public, or they might consist largely of manipulative operations which were purely artificial. These were planned and executed for the purpose of inducing the public to do the opposite of what the manipulators wished to do: when the latter desired to accumulate, they would mark down the price of a stock, spread bear rumors, and try to shake out or tire the outsiders until they sold. When they wished to distribute, prices would be artificially stimulated, glowing reports spread broadcast and the public induced to buy on the bulges.
October 20, 2024
Интересные биржевые истории и мемуары
February 19, 2022
2nd review 2022
Re-read the book. Mr Wyckoff is admittedly modest and did not hesitate to point out his mistakes/ shortcomings, something I find very genuine, from the way he described it. He ventured into 3 businesses (stock trading, stock advisory and running a start up), which he admitted something that took a toll on his body and if he could choose again, he will only pick one venture to focus on.
Other well liked quotes by Mr Wyckoff:
(1) You have the wrong idea about that," said I; "the important point is not whether our work was appreciated but that the job was well done."
(2) for the real satisfaction a man derives from his work is not in the amount of money which it yields but in the skill and efficiency with which he operates
1st review 2010
this book is Wyckoff's memoirs and details how he started off in the business. he is indeed a very persistent and hardworking person! finally done with this book. liked the last part...
"Business organizations, advertising and selling campaigns, putting over deals, marketing securities, fighting competition, gaining prestige, making money - these are not all there is in life. But with most of us, it takes some sort of shock, it would seem, to awaken us to the fact that we are not married to these things; that beyond a certain point they are not necessary in our lives. It is not until we extricate ourselves and gain distance, and time to consider, that we begin to see that they are only a few things out of the many that make life worth while."
interesting terms include (1) bucket shop (2) tape reading
Re-read the book. Mr Wyckoff is admittedly modest and did not hesitate to point out his mistakes/ shortcomings, something I find very genuine, from the way he described it. He ventured into 3 businesses (stock trading, stock advisory and running a start up), which he admitted something that took a toll on his body and if he could choose again, he will only pick one venture to focus on.
Other well liked quotes by Mr Wyckoff:
(1) You have the wrong idea about that," said I; "the important point is not whether our work was appreciated but that the job was well done."
(2) for the real satisfaction a man derives from his work is not in the amount of money which it yields but in the skill and efficiency with which he operates
1st review 2010
this book is Wyckoff's memoirs and details how he started off in the business. he is indeed a very persistent and hardworking person! finally done with this book. liked the last part...
"Business organizations, advertising and selling campaigns, putting over deals, marketing securities, fighting competition, gaining prestige, making money - these are not all there is in life. But with most of us, it takes some sort of shock, it would seem, to awaken us to the fact that we are not married to these things; that beyond a certain point they are not necessary in our lives. It is not until we extricate ourselves and gain distance, and time to consider, that we begin to see that they are only a few things out of the many that make life worth while."
interesting terms include (1) bucket shop (2) tape reading
Displaying 1 - 3 of 3 reviews