Good morning, Club Members!
As you recall, I have this idea that parallels exist between the San Francisco Earthquake of 1906 and the Japan Earthquake of 2011. This idea came to me from the book, Reminiscences of a Stock Operator by Edwin Lefevre. Reminiscences is the story of Jesse Livermore, a famous trader who had ups and downs throughout his trading career. The book is one of my favorites in that we can see the inner mind of a successful trader at work. I highly recommend the book to you guys as a summer read.
Anyway, Livermore really made his first killing in the Panic of 1907. Livermore was on vacation in the Spring of 1906. He was enjoying Atlantic City and just thinking about rest and fresh air. He stopped by his broker's office just to pass time. He had no intention to do anything at all. (The world of investing and trading is like. It can blow hot and cold. Sometimes, there just isn't much to talk about and one might as well go fishing.) Livermore noticed the stock quotes for Union Pacific. He "got a feeling that he ought to sell it." page 73 Hmmn, I've had those moments. Every investor and trader knows the feeling. Livermore thought about why he wanted to sell. He couldn't place a finger on a reason for selling but the feeling wouldn't go away.
[Note-I have to take my son to a football game. I will continue the story when I return.]
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