Risk & Return - The Jesse Livermore Story
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- Опубліковано 23 вер 2024
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Jesse 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 Lefèvre.
Despite his legendary wins, Livermore went bankrupt numerous times and faced personal challenges, culminating in his tragic suicide in 1940. His legacy endures as an influential figure in financial history.
Books:
Jesse Livermore - The Man Who Sold America Short by Tom Rubython: amzn.to/3vWOrCA
Jesse Livermore - Worlds Greatest Stock Trader by Richard Smitten: amzn.to/47QO3Tm
Jesse Livermore - Speculator King by Paul Sarnoff: amzn.to/47R9jIv
Reminiscences of a Stock Operator by Edwin Lefèvre: amzn.to/496874U
How to Trade in Stocks by Jesse Livermore: amzn.to/4baKom1
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I signed up. Don’t know why I did not realize it was free until now.
Thank you very Patrick. I watched till the end. I hope to learn some life lessons.
More lengthy videos please. I prefer an inadept video over those where I have to do further research.
Evergrande into liquidation as of today. Shit storm brewing.
Great one.
Hoping for more of this kind 🎉
Length of a video is never an issue if it's done with high quality content! Absolutely a pleasure!
I know nothing about economics but i really enjoy his uploads plus cause i am Greek i am practicing my English.Good job.
I think he has the type of audience which doesn't mind investing more time in a video as long as producton value remains high.
This one, in particular, is straightforward to listen to. It is not technical in any way. It's just a story. I did deadlifts earlier which usually gives me temporary attention deficit disorder LOL, but I can follow this for 50min no problem.
The length was an issue for me this time to be honest. Way too short.
I would agree. I listen while I'm working, so several times longer would be preferable.
I love that you don't de-humanize the person you present. Even with Charles Ponzi, your documentary presented him as a human first. The same kind of emphaty is felt in this documentary as well.
You worded it weird but I agree.
He treats Livermore and Ponzi with dignity, but Patrick is a lot less sympathetic to some of our contemporaries. I wouldn’t say he dehumanizes them, but he doesn’t pull any punches.
@@MarcosElMalo2Patrick showed Ponzi and Livermore as cautionary tales. Legendary they were, but they were also human, and flawed. The contemporary folks were still here to defend themselves, the dead not so.
@@theodorehsu5023 Word.
The thing is, he doesn't epathise. Not one bit. But he presents things to an insane degree of neutrality, so that we can develop empathy and our own opinion, instead of being manipulated into anger or whatever.
Wow, what a rollercoaster! I’m shocked that Jesse Livermore’s life hasn’t been made into a movie to be honest. It would make a great biopic.
Might be fluffed up by Hollywood, and more "based on a true story" if so, so it's better it's shown as Patrick did it. He's given a lot more respect than Hollywood would give ("The Social Network" was based on an unflattering book that painted Mark Zuckerberg a villain, with those who profited from it having gotten into legal issues of their own)
Yes. Certainly. And same should be with George Soros.
Yeah with Leo dicaprio, if he was young lol
"Her previous five husbands had all committed suicide"
The manner in which Patrick baked that into the story, priceless! This channel is the best channel in the whole world.
And yet no recap on her perfect 6:6 score. 😏
@@MichaelWerneburg that's a missed opportunity to recap. would've be interested to know what happened w first 5, just a quick bio would've been good
@@natetran9987 Five chalk outlines or gritty black and white crime scene pics.
Are they sure? All six? Many mass murderers that got away with in those days
@@MichaelWerneburg who knows, maybe she went on to do more!
What's most striking to me is that this man accrued enough money to never work again, atleast 3 times in his life. But it was never enough, he was never able to step away and simply learn to live well and happily.
a good highlight is also how none of his strategies worked after the tricks were outlawed. Made a fortune on swindling others huh
That's gambling addiction. Judging by his other choices he was also not very emotionally intelligent and generally uneducated. Shortly, he was incapable of managing both his life and his fortune.
Sociopathy is rewarded in our economic system.
That's because he's not specifically interested in money. He, like most magnates, enjoys the _process_ more than the _procedes._
@@brianbuch1 Yeah you can tell by the complete lack of sociopaths in prison. No sociopaths there at all.
"Girls with fans on staircases was a big thing back then, because there was no internet." 😂😂
Fan dancing and bubble dancing were devised to use a loophole in the laws about nudity on the stage, namely they couldn't move in the nude. Source: H. Allen Smith writing about his interview with Sally Rand, some time in the 1940s.
Nowadays we have girls on the internet on "LOnely_Fans" 😂
If you like Girls on Staircases Carrying Fans, you'll love Comedian in Cars Getting Coffee.
I like the cut after that sentence, he had more to say on the topic 🤣
Now we have only fans and no girls or staircases
This was superb - Jesse Livermore had a nephew by the name of John (Jack) Grant who I believe grew up in Florida who was a very dear friend of mine . To look at Jack and at Jesse the family resemblance is striking . To make a long story short Jack was a retired Lt. Col. from the USAF and like Jesse a genius with a degree in electrical engineering. He was also a commodity trader and market analyst both of us working for Siegel Trading Co. in Oklahoma City in the mid 70's . Jack taught me how to trade options always emphasizing the dangers of getting the big head when you had a nice win. Jack was involved in a nasty divorce and had suffered a substantial trading loss in a soybean play - he didn't show up for work one morning - I went to his apartment . He was deceased by his own hand , this was in June of 1976. Thanks in large measure to Jack's tutelage I am very comfortably retired. At the time of Jack's passing I knew nothing of the fates of Jesse Livermore's sons.
You must be very rich haha, if you knew his nephew as you say, plus that's also a lot of compounding time :) amazing story nonetheless thanks, James
@@jamesbyrne9312😊😢
Best rap news and analysis channel out there!
Best
A story well told. The one hour video held my attention the whole time. That is an impressive achievement. Congratulations.
Thanks for the effort,
Pete
I had to take breaks but I'm the tic toc generation
It only felt like an hour. It’s actually 53 minutes and 38 seconds.
I was on my walk and listened. So perfect entertainment. Well delivered, thanks Patrick. Previously I have come across Jessie Livermore's story but not in this detail. Will check out his book online. What an ironically interesting life he had lived. A self made man with some great qualities from poverty to wealth is truly admirable.
This felt like a storytime with grandpa. I loved it, Pat. Never heard of Jesse Livermore before this
Livermore is an absolute LEGEND on Wall Street
Yup a true legend
Been familiar with Jesse Livermore since 2011 when I started trading. Every few years I look on UA-cam for fresh videos on him but they rarely provide any new insights.
Patrick did a great job with this one!
Same here, with all the market buzz lately I’m surprised nobody is producing a movie yet
This is how you spend an hour on a Sunday morning
Anyone who trades knows that large swings in PNL are extremely damaging to the human psyche. The losses weigh extremely heavy and are felt much more than the wins. And yet, the big rewards don't come without the accompanying risk; but most people don't consider risk management first (to protect their mental health and trading confidence). Livermore lived on both sides to the extreme, and I'm sure the stress piled up and cost him, despite previous proof of bouncing back. The market shifted, as it always does, his strategy didn't work anymore, and now there was no coming back. I was happy to hear he established that Trust to serve as protection from poverty, but it looks like he may have undone it to try to bounce back and failed. He never learned to just walk away, because trading is all he ever knew.
There's a bit more to that still, stock trading is very much like gambling, and I'm sure that people knee deep in either share the same character traits and have largely the same things motivating them. Trading and gambling doesn't make a person truly happy or fulfilled, perhaps the opposite is true, miserable and hollow. If you have borrowed 10.000 today and a year later you've made 10 million in risky, high payoff, high leverage speculative trades, where do you go from there? Slow down? In the story, Livermore has succumbed to sunk cost fallacy multiple times, and the outcome was a coin toss. "Broken every one of his own rules" is not something that inspires confidence that a man can keep a multi-million dollar fortune. Added to that, not only was he himself deeply psychologically troubled, so was his wife (lavish parties, shot her own son), so was his son (shot himself), so was his grandson (shot himself)... I mean... abundance of money made in a "casino" probably trivialized their lives, that were bereft of meaning.
exactly. Im puzzled how this great trader seemed to know nothing of the basics of risk management.
@dingdingdingdiiiiing and you forgot to add that great granddaughter is a famous pornstar en.m.wikipedia.org/wiki/Brandi_Love
@@dingdingdingdiiiiingyou sound broken
Yeah..the only way to make huge % gains is to be aggressive. I knew a trader that took $50,000 to $5 Million in the 2003-2007 bull market. He did it by going all in the market leading stocks. RISKY. Yes. But there is no other way to make 150%+ per annum.
It ended bad when CROX gapped down. He lost $3 Million of that $5 million. Still walked away with $2 million. I think he retired. Smart.
Only trade with money you can lose 50% of....play the aggressive game. See where it goes.
I agree with some of the things you stated. I put in 20k into various assets late last year and flipped into six figures within a few months and still going. I’ve always been an advocate of investing because it has been rather rewarding. I hope to attain financial freedom soon. One more thing, keep up the good work Patrick.
You can’t overlook the fact that it’s paramount not to get greedy but to remain invested through careful study, if not you can lose it all.
I have some money saved from day job. I have no idea where or how to invest. How are you doing it, Pam?
My colleagues had a good laugh at me when I told them I started my journey into stocks, REITs, and some cryptocurrency with $20k capital and how I accumulated over 6 figures within a span of 7 months. They never believed me until I pulled out my P&L.
I know that learning the ins and outs of the stock market isn't for everyone, that's why personally, Jonas Herman, a certified fiduciary oversees my investments.
@@Pambegay
While it may sound enticing, it is important to understand that stocks, like a fine wine or a Monet, has no standardized value. You look all good on the outside, while you wait till almost death to enjoy your wealth which presents an enormous economic(uncertainty) risk.
I disagree with you on that. You can’t put stocks and alcohol in the same sentence and expect it to make sense. Over the years, I've been part of numerous investment programs, sifting through a barrage of information. Yet, none comes close to the sheer clarity, depth, and precision of Herman’s instructions and insights. It's akin to finding a diamond in the dirt.
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Dam dude with this many patrons you do NOT need to plug the other thing during the videos. I do appreciate that you allow fast forwarding though. thanks brotha!
👍🏾 yes Thank you guys... and @morningbrew
I didn't understand all the comments about this being a long video until I checked the time. I was captivated the entire vid, broke down all the recycling while making a roast for Sunday evening meal - completely drawn into the story. Thanks for all the work in making this!
I'm rock hard right now Patti boy
same
@@Recraw7get bricked up
Ditto
Bro says it’s only the lighting, but I think it’s that luscious head of hair.
Find God
".... You might not be up for another long video...".
You kidding, right?
Diving right in!
Well researched, and presented, videos are a rarity.
They're addictive when you come across them. Yours do not disappoint in that case👍🏻👍🏻
Keep 'm coming.
I watched the video about JP Morgan right after it came out 😂
This long form historical videos are some of my favorite ones.
Patrick, I was absolutely captivated by your storytelling and very much appreciated the time and effort you put into this fascinating subject. For me, the take-home lesson is that we can learn just as much from failures as we can from successes when we study the lives of others, especially famous or historical figures. Please keep on educating us and sharing timeless wisdom
As a Trader I have decided to separate my private life from the market swings😢market swings can send you to an early grave. When I saw the emotional toll that volatility caused on my life I decided to put aside 50% of the profits won from every trade into stable investments like Real Estate. It worked like magic,, once you know the market can't clean you out in one swing you start enjoying life, you can comfortably start a family, have long term friends and pursue other ventures.
By the way Patrick I have really enjoyed this video😍you are a great story teller, this is the quickest 1hr I have ever had, excellent narration. This is your niche.
how much did you make from trading?
I just finished the Audiobook version of "Reminisces of a stock operator" highly recommend it for anyone who wants to learn more about Jesse Livermore!
Loved this book so much! Such a crazy story.
Except it's a fictionalized account of his life and doesn't actually depict him honestly.
I stopped reading fiction unfortunately
Did you watch the video?
Try « how i made 2 million dollars in the stockmarket» by Nicolas Darvas. Buy both the paperback and sound book
I've been enjoying your lectures quite a while now Patrick. Thank you for this episode; one of your finest.
My life was much like his. I was in the real estate business and did very well. I always wanted to take my business to the next level for the really big bucks... I was already working a hundred hours a week. Went through several booms and busts. Could no longer handle the stress and retired young...
Went back to work at 67!!!!!!
Something different....no stress!!!! Still at it at 72!!! Funny money!!!
Wow! I have to admit I had no idea that is how bucket shops started - pure betting parlors - versus the pumping and dumping of penny stocks. Great channel, Patrick.
Thank-you, Patrick, you are a wonderful raconteur. The life of Jesse Livermore has held a long standing fascination for me. I have made two fortunes and lost them both - now working on the third! It is exceptionally difficult to learn from one's mistakes and this was Livermore's greatest asset coupled with his obvious intuition on market action. The stories about Northern Pacific and cotton are especially salutary - in the end nobody can readily predict the future. Livermore's major early failing was risk management - which the bucket shops forced him into by closing out losing positions. Apart from the interesting tale there is much for traders & speculators to take from study of Livermore's life and its ups and downs. You have presented a well-balanced and insightful look into this brilliant yet deeply flawed man, enjoyed every minute...
Very much appreciate your skillful storytelling and the commitment and research you put in to making these videos! Thank you also for including the sources you relied on!
Side note about the length: this made me think back to school and how I struggled to care or get interested during most lessons. It’s really shocking how that’s completely the opposite to this hour I spent. I was curiously fascinated and enjoying myself. I only checked how much longer I had left because I was sad it was going to end, and got excited when I still have half the video left! Glad you choose to adjust lengths based on the topics to fit your topics! 🙏
Thanks Patrick, never read the book but your summary is the next best thing 👍
You are truly a fantastic story teller. Thank you Patrick.
There are not too many videos out there that explain in detail the life of Mr. Livermore. I categorize him as one the Great financial philosophers the likes of Buffet, Munger, Marks, Templeton just to name a few come to mind. Time less wisdom. And thank you also for explaining how a bucket shop functioned I've heard of them in the past and also from reading Reminiscences of a stock operator but couldn't quite understand how they operated. You did a Great thank you.
As a person who has always snubbed "capitalism", I am surprised how strongly my world view changed after finding Mr. Boyle´s channel. Wish I had found this sooner in life, tbh. The clearly organized thoughts and facts have strongly influenced me. I think I am getting to be a more rational, pragmatic person through this. Kind of therapeutic :-D
Thanks, Mr Boyle, for all your work. Your learnedness, integrity and dry humour are much appreciated. Very helpful and most interesting channel! Greetings from Germany
Capitalism (with proper regulation) is the only system by which individual interests are aligned with the common good.
No surprise, your from a socialist country
what specific opinions of your did Patrick say, and what did he say to change them? This info might be valuable for convincing other people as well.
I have read Reminiscences of a stock operator and confirm it is a great book. This is one co of Patrick Boyle’s best videos.
This story has lessons deeper than trading. It’s about experience, trial and error, learning from mistakes and blaming yourself not others for your mistakes.
And never invest more than what you could afford to lose.
@@DDDd-yz6kz It is a good rule, yet seemingly so easy when you are already willing to do something risky. If you then watch the movement too much and see upward movement, you can delude yourself into putting in way more.
Be careful, everyone!
Great job I read this book 16 years ago over and over I would like to bring his story to the big screen one day
If this post get’s 500k likes then hollywood has to notice
Hey Patrick - I really appreciate these long-form videos. I was captivated by Jesse's story and somewhat unexpectedly ended up watching the whole thing. Kudos to you and your presentation/storytelling abilities
This is the best finance video I have ever seen. If it teaches anything then it is that 1) Leverage is not worth the inevitable massive losses that will follow one day 2) Luck plays a big part in speculation, to the point where one wonders if Livermore his life was just a case of survivorship bias
His 1929 short was a calculated move, so was his painting the tape strategy.
I think stocks moved a lot faster and bigger than they do now.
More like the 1999 tech bubble.
High priced stocks at $50 would fly to $500+ in a few months.
$100 stocks would fly upto $1,000+
He traded upto the 1930's. So I imagine after the 1929 crash the stock market went through the same
Those days are done.
AFTER 2008 it has flattened out.
You only need to get rich once. It's a shame he couldn't have walked away in 1929. A personality fault.
Let's pay our respects to the master.
RIP Jesse Livermore.
Cheers guys from lake Titicaca Peru
Excellent story and excellent storytelling. Thank you, I really enjoyed watching all of it and I really hope someone steps up and makes this into a movie
I don’t know if I should be scared, amazed, inspired, discouraged, grateful, or envious. I don’t think I could stand a life with that amplitude of highs and lows.
These long videos are always worth to watch. You've become one of my UA-cam staple, mate.
What a life! 100 brokers! ......and all before digital calculators and online Banking.....just how did Jesse keep account of his wealth and cash?
Great story, very well told.
I found Reminiscences of a Stock Operator at a used book store one day, I had never heard of Jesse Livermore or this book but the title caught my eye. It was a heavy annotated version that was a little too much for me at the time so I left it there. Several months later I returned to that book store and it was till sitting there, so before I lost the opportunity I decided to buy it at last. It absolutely became one of my favorite books. I read it, then took to listening to the audio book on walks. Probably three times or so ive gone through it and always enjoy this book. Great video man as always
Wow this was a great episode. I am going to have to reread my copy of "Reminisces of a Stock Operator" again this year just to relive the joy I had after discovering this great book back in the stacks of the main library of my college in the mid 1980s.
Thank you for this very well researched and very witty examination of Jessie Livermore. As a kid I used to watch "Wall Street Week" and I read "Reminiscences" ...which influenced me greatly.
I later became a full floor trading member of the American Stock Exchange.... walking down the same street in the opening of "WSW", and even market making in the same AMEX isle shown ...and became a long time New York Cotton Exchange floor member....as a prop trader and market maker in options on cotton futures. After blowing up and on the comeback trail, my clerk told me, "Mark, do you want to appear smart and clever... or do you want to make money?" I gave up trying to outsmart everything... and I never blew up again. Your story here made me reflect, once again, about how Livermore blew himself up several times after he had made enough to live as a very wealthy person the rest of his life. Thanks again for this video!
This was better than most Hollywood movies 😆 Amazing stuff! 👌
This was such a great look at Jesse Livermore and his life. Thank you, Patrick.
This is one of the best channels on UA-cam. Great episode Patrick! Thank you!
I truly appreciate you, your work, and your sense of humor. Thank you.
Thanks!
Worth every second, thank you!!
i can not thank you enough because of how detailed this content is about this legend. I respect Jesse Levermore for he is an inspiration. Despite of all his pitfalls, he opened up many people' eyes about how the market works
This is a well-researched documentary. Great job Patrick.
Thanks for that Patrick. I have little interest in the markets but your channel has made them fascinating recently. That was a brilliant episode about Livermore. Keep it coming !
41:49 I always love his little one liners. I am totally using that explanation when someone inevitably asks me about the Zigfield Follies when Funny Girl tours this year😂
44:42 less of a convenience than she possibly expected it to be
40:02 “Girls with fans on staircases was a big thing back then - there was no internet.” 😂
Thank you so much for this content, sir. I have always found the subject to be a very interesting person, and really enjoyed the way you brought his story to life.
great episode, livermore and baruch probably my favorite traders of all times
Thank you, you're so easy to listen to... I'm here for more long form content if you're able to produce it Mr. Boyle. Excellent video!
These are quickly turning into some of the best historical essays on the names that are often associated with the markets but rarely known in any great depth. Thank you.
Excellent Patrick..What a fascinating story that only you could present so well..
Well, I didn't think I would, but I did listen to the entire episode. The name Livermore was part of my childhood, possibly from a remote ancestor of the family. Reg Livermore, from memory, from Lockheed in California resonates with this story , mostly because of the wealth, his wealth, not mine! . A good narrative, thank you, Greetings from Australia.
Livermore's story would make a great Netflix series, if handled well.
Nowadays they would probably race-swap him a maybe he would even be transgender.
It’s always fascinating to me how these sorts of stories contain lessons that are applicable to today while also being set in a landscape so different from today that it’s fundamentally impossible to take the same path to victory.
I feel like a large part of what made men like this so successful was the vibrant energy of those earlier days. So full of hope and promise. Not sure that’s still around.
When one of yours comes out, it's time to *drop everything* and watch!
I come here for hip hop news, instead I keep getting educated.
This was a very interesting financial history Patrick, thank you for this.
I cannot speak for anyone else but I have to keep watching till the end because I find these short documentaries by Patrick, {that's an Irish name by the way}, simply fascinating.
Top quality as ever Patrick. Thank you.
We like your long videos because it is a bit more detailed about topics no one is bothered about. Thank you for this one.
Yeah when you’re marrying a woman that’s had four previous dudes commit suicide. Either she killed them and framed it or they couldn’t stand her THAT’S A STRONG STAY AWAY MESSAGE.
No, it just means she was attracted to the dangerous unstable types. It was not her fault they killed themselves, it was the sort of men they were, she had nothing to do with that.
@@Tugela60 nope. Statistically it’s not possible to marry five people who kill themselves.
This was a really fascinating history, thank you for uploading this story. I love your long form content.
I had literally just put down that book having finished the first chapter when your YT clip turned up. I enjoyed your overview very much. Thank you. Regards Paddy
Another outstanding long form, well researched and delivered piece from Patrick who never ceases to amaze. Thanks!
The guy has an interesting story but ended broke. Risk management was not his forte tbh.
Spoiler alert
The psychology of trading is fascinating. When you see that one of the most well known winners still managed to lose everything several times, it makes you realise just how difficult it is. That won't stop people trying it. I did enjoy reading "Reminisces of a stock operator", made me think how little things have changed over the years.
Culture change, technology change, finance change. But human nature is the same!. That’s why the fluctuation paterns and charts are the same. Booms and busts
This was excellent, as entertainment and as education. Your videos pack a punch, thematically!
I enjoy listening to your lectures on finance and history - it's all so important.
54 minutes flew by! Thanks Patrick!
seems to be the perfect length. you have covered the man's lif and experiences with a degree of detail many documentary makers would do well to emulate. The story as you have told it was enthralling, even riveting at times. No draggy points of going into the weeds too muc, just the right amount for me.
well done and thank you.
But one thing we have to remember Livermore back then could easily manipulate the market to pay him off in big ways was no rules or SEC back then so a lot easier to make money if you had the bigger capital back then
To be fair...he wasnt the only person with that advantage.
I always love your long form documentary's Patrick- thank you for covering another great story.
Read his book, it's a good story and gives food for thought
It also made me reject his approach for the sake of emotional stability in life
nah
Pootis Spencer here
Thanks Patrick for not being afraid to make long videos when the topic requires it! 😊
👍
So happy you did this Patrick
Thank you so much for this! Enjoyed watching it tremendously. Love Jesse Livermore and his book Reminences should be required reading for all traders.
Patrick, thank you. Very well done, informative and compelling... A tad sad, but real.
I really enjoy your long form content, especially when you take an approach that adds to the general conversation as you did with Livermore. I'm always interested in biopics if there are others you'd like to do. Thanks for adding to the calm, rational voices on UA-cam, Patrick.
Incredible video, I've made it to the end. Thank you very much.
Your documentary videos are some of my favorites!
One of your best videos yet, thank you for making it!
Was a pleasure to watch
fascinating story, I was glued to my screen, I'm 100% getting this book!
Wow..... what a great story! Thank you Patrick!
Jesus, what a story!! hell of a job putting this together! why Hollywood hasn´t made a film about this guy? Thanks Patrick for putting this together. Love your humor :)
Amazing in depth Video. Thoroughly enjoyed watching it.
The biographical videos you put out are some of your finest work!
Thank you very much for crafting them.
Damn, what a story. I wonder what his great grandchildren are up to.
What a great storyteller u are Patrick ! Kudos
You can’t discuss 1929 without understanding Jesse Livermore
He was a very good critical thinker with excellent common sense and intuition. He also learned quickly who to mimic. These qualities have proven to beat out book sense and formal education over and over again throughout history.
Thank you Patrick! Great story as always! 😍