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Patrick Boyle On Finance

Risk & Return - The Jesse Livermore Story

Patrick Boyle On Finance

Patrick Boyle

Investing, Business

4.9320 Ratings

🗓️ 29 January 2024

⏱️ 54 minutes

🧾️ Download transcript

Summary

Send us a textJesse Lauriston Livermore was a famed American stock trader known for his huge successes and devastating failures in the early 20th century. Starting as a "chalkboard boy" in a Boston brokerage, he became hugely wealthy as a trader first in "bucket shops" and then on the exchange in New York. Livermore made millions in the Panic of 1907, the roaring 20's and in the 1929 market crash. His experiences are chronicled in the classic "Reminiscences of a Stock Operator" by Edwin...

Transcript

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0:23.4

Hello and welcome. You are listening to Patrick Boyle on Finance, a podcast exploring ideas from

0:29.8

quantitative finance, examining events occurring in markets right now and financial history

0:35.1

to see what lessons can be taken away, including interviews

0:38.8

with some of the most interesting people in the world of finance. To learn more about the podcast,

0:44.1

visit onfinance.org.

0:50.2

If you ask investors to name the greatest trader in modern history, it's very likely that

0:55.8

they'll bring up the name Jesse Livermore first. Livermore is a true legend in the world

1:01.5

of finance and investing, celebrated as a trading prodigy with an uncanny ability to trade

1:07.8

stocks, bonds, commodities and whatever else moved. He's quoted every day

1:13.6

on trading floors around the world. According to Amazon, reminiscences of a stock operator,

1:19.6

a fictionalised biography based on the life and experiences of Jesse Livermore is the most

1:25.6

widely read, highly recommended investment book ever written.

1:30.8

Newly hired traders at investment banks and hedge funds are often told to read the book before starting the first day at work.

1:39.7

It might surprise you to hear that the story most people know, the one immortalised in reminiscences

1:46.1

of a stock operator, does not accurately reflect Livermore's life.

1:51.7

Let's dig a little bit deeper today to uncover the stark differences between the myth and

1:57.3

the man, exploring the untold chapters that have mostly gone forgotten.

2:02.6

Reminiscences is a great book. I've probably read it three or four times. It's filled with

...

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