the old warren buffet of the 1920s

[madmansg]

In 1929 Jesse Livermore's fortunes were at their zenith. He had made a profit of $100 million dollars shorting the markets during the great crash. Yet, by 1934, he was bankrupt. In just five short years one of the greatest stock-traders the world has known lost his entire $100 million fortune. We cannot blame this on inadequate trading rules - they were fully formulated by then. We must conclude that he ignored at least one of his sacrosanct rules - never to hold on to a losing position. If Livermore did hold losing positions until his $100 million fortune was wiped out - in spite of the lessons of 41 years of trading - we must presume his mental processes had malfunctioned, due either to stress, depression, or a combination of the two.

 

[imperialarms]

<p> u know jesse livermore so u must be a hedge fund manager like ME.
</p>
<p>&nbsp;
</p>
<img alt="http://www.balistes.com/images/StockOperator.jpg" src="http://www.balistes.com/images/StockOperator.jpg" />

 

[Merl Haggard]

Livermore's 100 million Dollars was 'sup sup the water' compared to the world's richest man, William C Durant, the founder of
General Motors who lost his fortune of $2 bln in Wall St during the 1929 great depression.

Livermore shot himself to death in a NY public toilet, and after Durant's death, all he owned was the suit he wore and $250 in
his pocket.