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Jesse Livermore - Boy Plunger: The Man Who Sold America Short in 1929
Between 24th and 29th October 1929 American stock markets lost $30 billion. Jesse Livermore sold $450 million of shares short and made $100 million. It remains, adjusted for inflation, the most money ever made by any individual in a period of seven days. This is the story of that man.
401 pages, Kindle Edition
First published October 23, 2014
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Displaying 1 - 27 of 27 reviews
April 13, 2017
What a life! Jesse Livermore, born a poor farm boy who became the greatest speculator on Wall Street and died a pauper. Tom Rubython has written a well-researched biography of the man who was called "The Boy Plunger". Livermore is now not very well known except among the people who follow the markets but he was a very famous man in US during his lifetime. His life is both instructional and inspirational especially for people who trade in the stock markets. He went broke many times but came back strongly each time except the last time, when he knew that the game is over. His most successful time was the period of depression in 1929.
Rubython tells about the phenomenon of 'bucket shops', the financial crisis of 1907 and the financiers of Wall Street of the early 20th century. It was very fascinating to learn how people use to trade in that era and how much the market has evolved in the past 100 years. He takes us deeper inside the mind of the trading genius and has covered many of Livermore's successes and failures very well. The book provides a very good lesson in market history and reminds us in the words of Jesse Livermore that “There is nothing new in Wall Street. There can’t be because speculation is as old as the hills.”
Rubython tells about the phenomenon of 'bucket shops', the financial crisis of 1907 and the financiers of Wall Street of the early 20th century. It was very fascinating to learn how people use to trade in that era and how much the market has evolved in the past 100 years. He takes us deeper inside the mind of the trading genius and has covered many of Livermore's successes and failures very well. The book provides a very good lesson in market history and reminds us in the words of Jesse Livermore that “There is nothing new in Wall Street. There can’t be because speculation is as old as the hills.”
September 27, 2017
Read this at the same time As Reminisance of Stock Trader. They both complimented each other well. The age old cliche fits this piece well. Money can buy you happiness, but only for a little while.
February 14, 2021
Story of one of the greatest ever traders alive. Have read reminiscences of a stock market operator and enjoyed it. Very much relevant and applicable today. How one can make north of US$100m in 1929 (catapulting him to be one one of the richest in America whilst 99% lost) and losing everything and eventual suicide. $100m in 1929 is almost $50bn today (7-8% compounded).
March 5, 2018
HOPE AND FEAR ARE THE MOST FORMIDABLE HAZARSS FOR A TRADER.
Follow the path of least resistance - he was a trend follower.
JL believed in taking losses early and profits late, but it was easier said than done.
It is the contagion of example that makes a man do something.
Whatever happens in the stock market has happened before and will happen again.
As a rule, man adapts himself to conditions so quickly that he loses perspective.
With bucket shops you were betting on share prices would rise or fall but you didn't own or sell shares. Done on 10% margin. Anyone who won consistently was banned (like corporate bookies). The bucket shops in the last 1800s traded 7x the volume of official exchanges.
Finally the courts rules that CBOT quotations were proprietary and they could decide who used them - end of bucket shops.
In 1900 JL wiped himself out as he didn't know the tape was delayed up to 2 hours from the exchange process. Didn't matter in a bucket shop but did with real shares.
Initially 25% of Sanfrans buildings collapsed in the 1906 quake. Fractures gas Mariana caught fire and within 48 hours 67% of Sanfran was burnt out.
He lost all his money (again) on shorting the market too early. I should have walked and not sprinted.
After a down, a man enjoys being up.
Piermont Morgan saves the American financial system from collapse in 1906, and in turn made hundreds of millions via secured loans.
All stock market mistakes wound you in two tender spits - the pocket book and your vanity.
Reminiscence of a stock operator was published in 1923 - was the story of JL without naming names.
Prohibition was a constitutional ban in the sale, production, importation and transport of alcohol (not drinking). Was initially bought in to save grain for the war effort and reminded to try and reverse the rising crime rate in 1927.
America converted from an agricultural economy to an industrial one in the roaring twenties.
JL equity base dwindled from $30m in 25 to $7m as he tried to pick the top of the market. He made $100m but was very levered so could have blown himself up.
Evermore estate cost $3.5m to build and got only $222k for it in 1933.
He was broke again in 1934 after being worth $100m in 1929.
JL, JL jr and JL111 all committed suicide in their 60s.
Follow the path of least resistance - he was a trend follower.
JL believed in taking losses early and profits late, but it was easier said than done.
It is the contagion of example that makes a man do something.
Whatever happens in the stock market has happened before and will happen again.
As a rule, man adapts himself to conditions so quickly that he loses perspective.
With bucket shops you were betting on share prices would rise or fall but you didn't own or sell shares. Done on 10% margin. Anyone who won consistently was banned (like corporate bookies). The bucket shops in the last 1800s traded 7x the volume of official exchanges.
Finally the courts rules that CBOT quotations were proprietary and they could decide who used them - end of bucket shops.
In 1900 JL wiped himself out as he didn't know the tape was delayed up to 2 hours from the exchange process. Didn't matter in a bucket shop but did with real shares.
Initially 25% of Sanfrans buildings collapsed in the 1906 quake. Fractures gas Mariana caught fire and within 48 hours 67% of Sanfran was burnt out.
He lost all his money (again) on shorting the market too early. I should have walked and not sprinted.
After a down, a man enjoys being up.
Piermont Morgan saves the American financial system from collapse in 1906, and in turn made hundreds of millions via secured loans.
All stock market mistakes wound you in two tender spits - the pocket book and your vanity.
Reminiscence of a stock operator was published in 1923 - was the story of JL without naming names.
Prohibition was a constitutional ban in the sale, production, importation and transport of alcohol (not drinking). Was initially bought in to save grain for the war effort and reminded to try and reverse the rising crime rate in 1927.
America converted from an agricultural economy to an industrial one in the roaring twenties.
JL equity base dwindled from $30m in 25 to $7m as he tried to pick the top of the market. He made $100m but was very levered so could have blown himself up.
Evermore estate cost $3.5m to build and got only $222k for it in 1933.
He was broke again in 1934 after being worth $100m in 1929.
JL, JL jr and JL111 all committed suicide in their 60s.
August 21, 2019
The life of Jesse Livermore was not quite what I expected. As someone who made money from the stock market crash I was curious as to his methodology. I got a lot more than that, including an education into the finance of the late 19th century and 20th century.
Jesse Livermore started from very meager beginnings and the early part of the book was about how he used networking skills to change that very quickly. His father pulled him out of school at 14 and told him he would be a farm laborer. A life that didn't interest him. He ran away from home with his mothers help.
In town he went right up to a financial house and asked for a job. So begins his first stock experience. Bucket Shops. This was a new concept for me. They enabled people to bet on stock prices without actually owning stock. These operated like mini casinos including turning people away for winning too much. They were shady and eventually were banned.
Jesse made and lost fortunes time after time. In this respect there is a lot about him not to model. His personal life was often a disaster. My original goal of learning from him was altered because there is so much I don't aspire to. Making a fortune is great, but not if you lose it shortly thereafter. He also had a number of bad marriages and ended his own life.
The parts I do want to copy are his methods of determining if something was working. He believed that the only way to test the truth of something was to see if he made money with it. He also used a method that stopped losses from becoming dangerous as he was often right, but early. The only time he felt guilty was when he altered his method on another persons advice against his better judgement.
He did spend an absurd amount of money on stupid things and without this vice a lot of his life would have ended up better. This was a fantastic book, not just because of his personal history, but because of what it says about the period he lived in.
Jesse Livermore started from very meager beginnings and the early part of the book was about how he used networking skills to change that very quickly. His father pulled him out of school at 14 and told him he would be a farm laborer. A life that didn't interest him. He ran away from home with his mothers help.
In town he went right up to a financial house and asked for a job. So begins his first stock experience. Bucket Shops. This was a new concept for me. They enabled people to bet on stock prices without actually owning stock. These operated like mini casinos including turning people away for winning too much. They were shady and eventually were banned.
Jesse made and lost fortunes time after time. In this respect there is a lot about him not to model. His personal life was often a disaster. My original goal of learning from him was altered because there is so much I don't aspire to. Making a fortune is great, but not if you lose it shortly thereafter. He also had a number of bad marriages and ended his own life.
The parts I do want to copy are his methods of determining if something was working. He believed that the only way to test the truth of something was to see if he made money with it. He also used a method that stopped losses from becoming dangerous as he was often right, but early. The only time he felt guilty was when he altered his method on another persons advice against his better judgement.
He did spend an absurd amount of money on stupid things and without this vice a lot of his life would have ended up better. This was a fantastic book, not just because of his personal history, but because of what it says about the period he lived in.
August 5, 2018
This is a fascinating story of a the stock market in the years leading up to the great crash of 1929: a biography of a trader who made a 100 million dollars shorting the market during that infamous week. Anyone who has seriously traded stocks will relate to the first-hand account of Jesse Livermore's amazing story. He made and lost fortunes during a time when The Market was not well-regulated, but many of the strategies and psychology involved with stock speculation are still relevant today. History usually focuses on how people lost money during this and other crashes, but Jesse Livermore became one of the richest people in the world by (legally) playing the market perfectly, and then quickly losing all of it by playing it wrong. There are plenty of lessons to be learned here. A very entertaining read, I could not put it down.
February 24, 2016
This is the third biography I have read on Jesse Livermore and each time it leaves the same impression like the ups and downs of the market. No doubt Livermore is one of the great legends of the financial world from long ago but his tragic end is a reminder also of the downside this life can become.
His success in the trading arena was truly astounding and the wealth he derived unsurpassed. He lived his life to the full measure this wealth provided but it certainly also led to his downfall. This addiction that drove him, in the end could not be bridled. So the lessons are all here for one to see, to avoid or repeat. An education into the pathos of the trader.
His success in the trading arena was truly astounding and the wealth he derived unsurpassed. He lived his life to the full measure this wealth provided but it certainly also led to his downfall. This addiction that drove him, in the end could not be bridled. So the lessons are all here for one to see, to avoid or repeat. An education into the pathos of the trader.
December 11, 2018
Only one word for JL “Legend”.. there is no other speculator like him who has ridden the ups and downs of the ticker tape and personal life with chutzpah and there will never be again like him. Thank you to the author to put the entire economic period from 1860s to 1940s succinctly intertwined with speculation activity of JL. Must read to all investors who look at the tape and after reading this book the tape will not look same again. This book deserved six stars.
January 5, 2017
Excellent Book
I thoroughly enjoyed this book. I am a professional trader which gave it much added interest. What a sad story in the end.
I thoroughly enjoyed this book. I am a professional trader which gave it much added interest. What a sad story in the end.
June 1, 2018
Read it
Very interesting to get a front row seat to watch insider trading at its best and worst. These people are so thankless that no amount of money is enough.
Very interesting to get a front row seat to watch insider trading at its best and worst. These people are so thankless that no amount of money is enough.
July 9, 2018
An incredibly insightful look into the trading habits and personal failures of Jesse Livermore. It’s difficult to find great books on markets but this one is interesting and useful. (Kindle).
August 21, 2018
Brilliant biography of a man considered the greatest trader of all time. Highly recommend for people interested in the stock market, economics, investment oriented interests.
January 10, 2019
Interesting to read about the history and the lifestyle of investors at the start of the 20th century
March 7, 2019
The first biography I've ever read. The guy's story is full of ups and downs and I felt like I went through a rollercoaster ride.
September 13, 2021
I've read and re-read "Reminiscences of a Stock Operator" many times during last 20 years and know it by heart now, but I'm still so glad I picked it up!
This book is an actual biography of Jesse Livermore. Though it flows along main plot twists and anecdotes outlined in "Reminiscences", it's not a re-telling of that story but rather illuminating it from different angles and in result adding so much depth to it:
- personal life: his childhood, wives, adultery, larger than life spending (with price tags), media attention being super-celebrity and bankruptcies;
- historical background: US economy, politics and social setting of specific years. Also, since it's a biography, all names and settings are factual (unlike in "Reminiscences");
- trading specifics: here author clearly states the equity and leverage numbers for all trades mentioned as well as profit/loss numbers. That makes the extent of his winning (and risk mismanagement) so much clearer than foggy mentions in "Reminiscences". For example, he was so all in on shorts in autumn 1929 that his position (450M short) comprised 1% of _entire_ stock market cap back then.
In short: it's a MUST read for all readers that enjoyed fictional "Reminiscences of a Stock Operator". The story of Jesse Livermore - a brilliant yet deeply flawed trader and a man - will shine so much brighter after reading this book.
I have more than 200 highlights in this book (yep), here are few gems:
"a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street lose money. The market does not beat them; they beat themselves... because they cannot sit tight."
(in 1929): "A get rich quick scheme is being played at an increasing break neck speed across America. It is a new national sport that can be played for the price of an evening paper."
"No man, it seemed, could really cope with having so much money so quickly and then losing it all almost as quickly again."
This book is an actual biography of Jesse Livermore. Though it flows along main plot twists and anecdotes outlined in "Reminiscences", it's not a re-telling of that story but rather illuminating it from different angles and in result adding so much depth to it:
- personal life: his childhood, wives, adultery, larger than life spending (with price tags), media attention being super-celebrity and bankruptcies;
- historical background: US economy, politics and social setting of specific years. Also, since it's a biography, all names and settings are factual (unlike in "Reminiscences");
- trading specifics: here author clearly states the equity and leverage numbers for all trades mentioned as well as profit/loss numbers. That makes the extent of his winning (and risk mismanagement) so much clearer than foggy mentions in "Reminiscences". For example, he was so all in on shorts in autumn 1929 that his position (450M short) comprised 1% of _entire_ stock market cap back then.
In short: it's a MUST read for all readers that enjoyed fictional "Reminiscences of a Stock Operator". The story of Jesse Livermore - a brilliant yet deeply flawed trader and a man - will shine so much brighter after reading this book.
I have more than 200 highlights in this book (yep), here are few gems:
"a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street lose money. The market does not beat them; they beat themselves... because they cannot sit tight."
(in 1929): "A get rich quick scheme is being played at an increasing break neck speed across America. It is a new national sport that can be played for the price of an evening paper."
"No man, it seemed, could really cope with having so much money so quickly and then losing it all almost as quickly again."
February 16, 2021
Top 5 investment book for me despite not even being an investment book, per se, but the biography of one of the greatest stock traders in history. Jesse Livermore amassed a fortune that a few people will ever have, and wasted it with great tragedy (not once but multiple times). The experiences described by Tom Rubython are exquisitely narrated with great attention to detail on thorough research and even alternate opinions and facts (appreciated the last few chapters that touched on Jesse Livermore's descendants).
This book will not teach you on how to trade, nor it will give you a formula. Rather, this book will depict in my opinion the best way to trade, invest, and teach you what to do with your newfound wealth. You may fit in the camp that JL calls as "those that will end poor and penniless" but will allow you to change your techniques and most importantly, mentality when dealing with the stock market.
An absolute joy to read and being transported to such vivacious times was a plus. Jesse Livermore's legacy will endure the end of time and I rank this books so highly due to its excellent content. Take it as a trading bootcamp or even better, a psychologically trading program to succeed in your dealings with the ever-dangerous stock market.
This book will not teach you on how to trade, nor it will give you a formula. Rather, this book will depict in my opinion the best way to trade, invest, and teach you what to do with your newfound wealth. You may fit in the camp that JL calls as "those that will end poor and penniless" but will allow you to change your techniques and most importantly, mentality when dealing with the stock market.
An absolute joy to read and being transported to such vivacious times was a plus. Jesse Livermore's legacy will endure the end of time and I rank this books so highly due to its excellent content. Take it as a trading bootcamp or even better, a psychologically trading program to succeed in your dealings with the ever-dangerous stock market.
June 16, 2020
Jesse Livermore was considered by many to be "the world's greatest stock trader." As one example: on the evening of the Great Stock Market Crash (Oct. 29, 1929), Livermore returned to his mansion on Long Island to find his wife looking anxiously at him. She said she'd heard on the radio what had happened and she assured him now that they could sell their mansion, sell all her jewels, etc. He just smiled softly at her.
Well might he smile! He'd made *$100 million dollars* that day by selling short in the days before. (As Joseph Kennedy--father of JFK--remarked around that time, "When your shoeshine boy gives you stock tips, it's time to get out of the market.")
Livermore continued reaping his short-selling profits in the days ahead, to the point where President Hoover asked financier J.P. Morgan to plead with Livermore to stop trading or America would be ruined. Livermore cooperated.
This is a fascinating biography of a fascinating man. It doesn't just talk about his financial affairs, but his personal life too, which was just as intriguing. One example: Livermore's second wife had been married four previous times. And all four husbands had committed suicide.
Livermore proved to be no exception. He, too, ultimately killed himself.
(I don't think the woman was particularly malevolent. She just seemed to in some way attract men who had the seeds of self-destruction within themselves. She merely watered those seeds just by being who she was.)
BTW, if you don't know what short-selling is, email me at this site and I'll be happy to explain. And no, I'm not selling anything. I just like explaining things.
Fun Fact: Jesse Livermore has the same birthday as Ethel Mertz (Vivian Vance).
Well might he smile! He'd made *$100 million dollars* that day by selling short in the days before. (As Joseph Kennedy--father of JFK--remarked around that time, "When your shoeshine boy gives you stock tips, it's time to get out of the market.")
Livermore continued reaping his short-selling profits in the days ahead, to the point where President Hoover asked financier J.P. Morgan to plead with Livermore to stop trading or America would be ruined. Livermore cooperated.
This is a fascinating biography of a fascinating man. It doesn't just talk about his financial affairs, but his personal life too, which was just as intriguing. One example: Livermore's second wife had been married four previous times. And all four husbands had committed suicide.
Livermore proved to be no exception. He, too, ultimately killed himself.
(I don't think the woman was particularly malevolent. She just seemed to in some way attract men who had the seeds of self-destruction within themselves. She merely watered those seeds just by being who she was.)
BTW, if you don't know what short-selling is, email me at this site and I'll be happy to explain. And no, I'm not selling anything. I just like explaining things.
Fun Fact: Jesse Livermore has the same birthday as Ethel Mertz (Vivian Vance).
Read
February 15, 2021Livermore is a legendary trader, often positioned as a genius. But reading this summation of his life and its remarkable ups and downs, it's difficult not to wonder if Livermore simply got lucky then pressed his luck, then hit some bad luck, then pressed his luck again, never content to live a more moderate lifestyle or to simply make less risky bets. This dude had to go all-in all the time... it's quite crazy and emblematic of some kind of addiction, I'd say. That Livermore was unable to survive the creation of the SEC is not exactly an endorsement of his genius.
However, one could also argue that the willingness to risk everything -- even after you make $100M -- is a certain kind of genius in and of itself... if we are to equate courage with genius.
Noteworthy that Livermore, who made a killing shorting the market into the crash in 1929, died by suicide, like so many of the investors who lost everything by staying long and selling somewhere near the bottom.
However, one could also argue that the willingness to risk everything -- even after you make $100M -- is a certain kind of genius in and of itself... if we are to equate courage with genius.
Noteworthy that Livermore, who made a killing shorting the market into the crash in 1929, died by suicide, like so many of the investors who lost everything by staying long and selling somewhere near the bottom.
February 28, 2022
An instant classic about one of the greatest stock speculator in Wall Street history. A fascinating story and a must read for all market participants including hedge fund traders, risk managers, long term investors, short term traders. This is one of my favourite biography/memoir and I will be revisiting it in many years to come. 5/5. Highly recommended especially if you are a fan of the "market bible" Reminiscence of a Stock Operator.
January 26, 2023
Unbelievable story! It was really a cool adventure by reading and getting to know the life of Jesse and his up and downs during his life of trader, or maybe gambler? There is a thin line between these two.
December 16, 2023
What a fascinating and tragic story of one of the best stock traders of all time. I read Reminiscences of a Stock Operator every year, just to keep the century-old stock trading tips fresh in my mind. The tips are as relevant today as they were in his day. That’s because people’s emotions are the same as they’ve always been.
October 20, 2020
Great book to read for anyone interested in the stock market and speculation.
June 21, 2021
Descriptive passages of the Wild West period of Wall Street before the SEC reigned in the cowboys.
January 8, 2025
Interesujące życie prowadził J.L. Livermore, a do tego jak grał na giełdzie. Niesamowita, sinusoidalna kariera.
March 14, 2021
This is a great book - Jesse's life story is unbelievable.
Highly recommended for any investor or risk taker.
Highly recommended for any investor or risk taker.
April 8, 2017
This is crazy
The sections of the book that cover trading are great. It drags on a bit on the life and times of his family.
The sections of the book that cover trading are great. It drags on a bit on the life and times of his family.
Displaying 1 - 27 of 27 reviews