Livermore, in his office in 1929 just after the "Crash"--when he
made over 100 million dollars.
Few investors have made and lost fortunes
to equal those of the legendary Jesse Livermore, a notorious stock
market speculator during the first half of the 20th century. He often
remarked," Markets are never wrong; opinions are."
Human nature is no different today
than it was back in the 1920s and 1930s when Jesse Livermore was a
major force on Wall Street. Investors have the same hopes and fears
today that they had seventy or eighty years ago. Mr. Livermore saw
repeatedly that the opinions of many of his colleagues were frequently
wrong, as the market went on its own merry way in a direction contrary
to what they had expected.
In these periods of gyrating markets where
it is difficult to know the markets trend, Livermore remarked over 80
"Men who can both be right and sit tight are uncommon. I
found it one of the hardest things to learn. But it is only after an
investor has firmly grasped this that he can make big money. It is
literally true that millions come easier to a trader after he knows how to
trade than hundreds did in the days of his ignorance."