Jesse Livermore - Boy Plunger: The Man Who Sold America Short in 1929, by Tom Rubython
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Jesse Livermore - Boy Plunger: The Man Who Sold America Short in 1929, by Tom Rubython
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Livermore went bankrupt for at least the fourth time in 1934. Despite having amassed a fortune of $100 million by1929, Livermore was back where he started at 16. He did not seem to learn from hismistakes."—Victor Niederhoffer "That was the call of a lifetime, everyone was blind and deep into the crisis and Jesse Livermoremade $100 million going short when almost everyone else was bullish and then almost everyone else lost their shirts."—John Paulson "His stories of making millions, were the financial equivalent of “sex, drugs and rock ‘n roll” to ayoung man at the advent of his financial career."—Paul Tudor Jones "It was an amazing day on 24th October 1929 when Jesse came home and hiswife thought they were ruined and instead he had the second best trading dayof anyone in history."—John TempletonWho was Jesse Livermore?Jesse Livermore, was the most successful stock and commoditiestrader that ever operated on the stock markets. He was both theman who made the most money in a single day and the man wholost the most money in a single day. In fact he made and lost threegreat fortunes between 1900 and 1940.Singlehandedly he caused the two great Wall Street crashes of1907 and 1929, making millions from both. When he speculated hespeculated big and was known on Wall Street as the Boy Plunger.For a brief period in the early 1930s he was one of the world’srichest men with a personal fortune believed to be worth over$150 million, $100 million of that earned in just a few days fromthe Wall Street crash of 1929. In the end it was too extreme achange of fortunes for any man to cope with and Livermore shothimself in a New York hotel lobby in 1940 aged just 63. His legacycontinued and his son, Jesse jr later also committed suicide asdid his grandson, Jesse III.In the summer of 1929 most people believed that the stock market wouldcontinue to rise forever. Wall Street was enjoying a eight-year winning runthat had seen the Dow Jones increase 1,000 per cent from the start ofthe decade - an unprecedented rise. The Dow peaked at 381 on 3rdSeptember and later that day the most respected economist of the day,Irving Fisher, declared that the rise was “permanent”. One man vigorouslydisagreed and sold $300 million worth of shares short. Two weeks later themarket began falling and rising again on successive days for no apparentreason. This situation endured for a month until what became famouslyknown as the three ‘black’ days: On Black Thursday 24th October the Dowfell 11% at the opening bell, prompting absolute chaos. The fall was stalledwhen leading financiers of the day clubbed together to buy huge quantitiesof shares. But it was short-lived succor and over that weekend blanketnegative newspaper commentary caused the second of the ‘black’ dayson Black Monday 26th October when the market dropped another 13%.The third ‘black’ day, Black Tuesday 29th October saw the market drop afurther 12%. When the dust had settled, between the 24th and 29th October,Wall Street had lost $30 billion. Only much later did it became knownthat the man who had sold short $300 million worth of shares was JesseLivermore. Livermore had made $100 million and overnight became oneof the richest men in the world. It remains, adjusted for inflation, the mostmoney ever made by any individual in a period of seven days. This is thestory of that man.
Jesse Livermore - Boy Plunger: The Man Who Sold America Short in 1929, by Tom Rubython - Amazon Sales Rank: #356776 in Books
- Brand: Rubython, Tom/ Jones, Paul Tudor (FRW)
- Published on: 2015-05-07
- Original language: English
- Number of items: 1
- Dimensions: 9.46" h x 1.40" w x 6.34" l, .0 pounds
- Binding: Hardcover
- 400 pages
Jesse Livermore - Boy Plunger: The Man Who Sold America Short in 1929, by Tom Rubython About the Author Tom Rubython is best known as the author of Life of Senna, the definitive biography of Brazilian race driver Ayrton Senna. Life of Senna has become the biggest-selling third party biography of a racing driver, with 100,000 copies sold. Six years after its publication, it still sells over 8,000 copies a year. Before beginning as a biographer, Rubython was well known in the world of magazine publishing, spanning the worlds of sport and business. Aside from his work in Formula One, he has been a specialist business writer for thirty years. In business, he is the former editor of BusinessAge, EuroBusiness and Spectator Business. In sport, he has edited F1 Magazine, BusinessF1 and SportsPro. Rubython now specializes in non-fiction storytelling. He is passionate and methodical about the process of writing and researching the definitive biography. Starting out with a determination to tell the full story of a person’s life, he emphasizes what is important and de-emphasizes what is not; the crucial tools of any biographer.Paul Tudor Jones’ connection with Jesse Livermore began when he started his career in finance at Livermore’s first broker, E.F. Hutton at the age of 26. Shortly afterwards he founded his own investment firm, the Tudor Investment Corporation. He became a student of Livermore and resolved that every new employee be handed a copy of Reminiscences of a Stock Operator, the fictional biography of Livermore, on their first day at work. His study of Livermore’s methods paid off in 1987 when he was able to predict Black Monday on 19th October 1987. Employing exactly the same short strategies as Livermore did in 1907 and 1929 he is said to have tripled his net worth that day. He never looked back and by 2014 his firm had over $14 billion under management. He has consistently made money for himself and his clients so much so that Forbes magazine rated him the 345th richest man in the world in its 2014 wealth rankings. Nowadays he devotes as much of his time to philanthropy as making money for himself running the highly successful Robin Hood Foundation. He started it to give money away himself and encourage other successful fund managers to do so as well. The Foundation is unique in that 100% of donations are spent on good causes. Fortune magazine called it: “one of the most innovative and influential philanthropic organizations of our time.”
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5 of 5 people found the following review helpful. Another Book Review from the Aleph Blog By David Merkel This is a story of triumph and tragedy. Jesse Livermore is notable as one of the few people who ever made it into the richest tiers of society by speculating — by trading stocks and commodities — betting on price movements.This is three stories in one. Story one is the clever trader with an intuitive knack who learned to adapt when conditions changed, until the day came when it got too hard. Story two is the man who lacked financial risk control, and took big chances, a few of which worked out spectacularly, and a few of ruined him financially. Story three is how too much success, if not properly handled, can ruin a man, with lust, greed and pride leading to his death.The author spends most of his time on story one, next most on story two, then the least on story three. The three stories flow naturally from the narrative that is largely chronological. By the end of the book, you see Jesse Livermore — a guy who did amazing things, but ultimately failed in money and life.Let me briefly summarize those three aspects of his life so that you can get a feel for what you will run into in the book:The Clever TraderJesse Livermore came to the stock market in Boston at age 14, and was a very quick study. He showed intuition on market affairs that impressed the most of the older men who came to trade at the brokerage where he worked. It wasn’t too long before he wanted to invest for himself, but he didn’t have enough money to open a brokerage account, so he went to a bucket shop. Bucket shops were gambling parlors where small players gambled on stock prices. He showed a knack for the game and made a lot of money. Like someone who beats the casinos in Vegas, the proprietors forced him to leave.He then had more than enough money to meet his current needs, and set up a brokerage account. But the stock market did not behave like a bucket shop, and so he lost money while he learned to adapt. Eventually, he succeeded at speculating on both stocks and commodities, leading to his greatest successes in being short the stock market prior to the panic of 1907, and the crash in 1929. During the 1920s, he started his own firm to try to institutionalize his gifts, and it worked for much of the era.After the crash in 1929, the creation of the SEC and all the associated laws and regulations made speculating a lot more difficult, to the point where he could not make significant money speculating anymore.The Poor Financial Risk ManagerAmid the successes, he tended to aim for greater wins after his largest successes, which led to him losing much of what he had previously made. One time he was cheated out of much of what he had while trading cotton.Amid all of that, he was well-liked by most he interacted with in a business context. Even after great losses, many wanted him to succeed again, and so they bankrolled him after failure. Before the Great Depression, he did not disappoint them — he succeeded in speculation and came roaring back, repaying all of his past debts with interest.In one sense, it was live by the big speculation, and die by the big speculation. When you play with so much borrowed money, it’s hard for results to not be volatile.A Rock Star of His EraWhen he won big, he lived big. Compared to many wealthy people of his era, he let spending expand far more than many who had more reliable sources of income. Where did the money go? Yachts, homes, staff, wives, women, women, women… Aside from the last of his three wives, his marriages were troubled.His last wife was a nice woman who was independently wealthy, and after Livermore lost it all in the mid-’30s, he increasingly relied on her to stay afloat. When he could no longer be the hero who could win a good living out of the market via speculation, his deflated pride led him to commit suicide in 1940.A Sad Book Amid Amazing SuccessesSadly, his son and grandson who shared his name committed suicide in 1975 and 2006, respectively. On the whole, the story of Jesse Livermore’s life and legacy is a sad one. It should disabuse people of the notion that wealth brings happiness. If anything, it teaches that money that comes too easily tends to get lost easily also.The author does a good job weaving the strands of his life into a consistent whole. The book is well-written, and probably the best book out there on the life of the famous speculator that so many present speculators admire. A side benefit is that in passing, you will learn a lot about the development of the markets during a time when they were less regulated. (The volatility of markets was obvious then. It not obvious now, which is why people get surprised by it when it explodes.)QuibblesNone.Summary / Who Would Benefit from this BookThis is a comprehensive book that explains the life and times of Jesse Livermore, one of the greatest speculators in history. It will teach you history, but it won’t teach you how to speculate.
2 of 2 people found the following review helpful. One of the best books I've ever read on Jesse Livermore By Mike Smith I read everything that I can about Jesse Livermore, and have adopted most of his successful trading strategies. Livermore was also a master of the emotional aspects of speculating, and this book explained it well. I love this book because it filled in many details of his life that were unknown to me. But most important, the author included a number of Livermore trading gems, which I was able to put to use immediately. For example, I didn't realize how important it was to Livermore to only trade a few times a year, and only when he was sure he was right (he didn't always follow his own rules, unfortunately).Livermore was a fascinating man and the world's greatest speculator. I liked the book so much I read it twice and highlighted the most important parts (to me). Mr. Rubython did an excellent job of researching this book. Highly recommended.
6 of 8 people found the following review helpful. JESSE LIVERMORE By Jet Lagged This is a good effort by Tom Rubython about the life of stock and commodity speculator Jesse Livermore.This book fills in the gaps in Lefevre's 1923 "Reminiscences of a Stock Operator", Livermore's thinly disguised biography.It also covers the period from where Lefevre's book ends up to the Livermore's suicide.One thing that stands out about the life of Jesse Livermore - at the time of his greatest coup and consequent great wealth it does not seem to have led to any great happiness. For him or his family. Great wealth really does not buy you any lasting happiness. And, if you are not careful with it, it can actually make your life significantly worse.
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Jesse Livermore - Boy Plunger: The Man Who Sold America Short in 1929, by Tom Rubython
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