I think his error was in the divesting, not the investing. He's savvy enough to recognize his error I'm sure and he'll probably not have lost that much on the round trip considering his average buy-in price.
Rubython: Livermore review
Having just received my review copy I will wait until Christmas to read it thoroughly (nearly 400 pages) but after a quick glance through I can offer the following comments.
It's a nicely-produced book in hardback, on quite decent quality paper - by UK publishing standards anyway. [ When will we stop printing overpriced books on bog paper and emulate USA style quality instead? The publishers (Myrtle press) are definitely heading in the right direction here]. Of typical hardback bonkbuster novel size (9.5" x 6" x 1.5") the font and typeface are nicely readable and the surprisingly large number of interesting photographs are excellently reproduced on glossy art paper. Its £20 price is about standard and you can of course get it at a discount on Amazon post-free. Waterstones and the like just don't compete here and you wonder how sustainable their business model is. It's disappointing to see that it's not available digitally (as far as I can tell) but presumably it will be available in paperback in due course. Nowadays I will only buy a book in E-format unless it is of exceptional interest to me – this book would not fit that category and it is not of the size or weight that you could easily slip into your pocket as you can do with your Kindle Fire reader. Gone are the days thankfully, when you had to lug a bag of books around with you. I would therefore implore the publishers to go digital – I note that Alpesh Patel's latest book is available digitally at about half the hardback price which means I would purchase it not only from the convenience but also the cost point of view.
Tom Rubython has a good track record in writing readable biographies and this one appears to maintain the standard. I note that he is also the publisher and good on him for doing so and showing the established Houses the way forward. There is a decent index and the bonus of a bibliography and timeline. This is not an academic treatise (Thank God! I will hear many say in agreement) so you will not be bored with lots of referencing footnotes enabling you to check on the veracity of sources et cetera et cetera. To have done so would have degraded the book's readability and you must therefore rely on the integrity of the author. Bear in mind this book goes back a long way – over 100 years – and it must have been a difficult task to locate and pull together all the various bits of information and stories about Livermore, and no doubt much of it was conflicting. So I think we have to acknowledge the author's skill and determination in putting this all together.
Having just flipped through some early pages I do indeed find it very readable and it's definitely got that "you can't put it down just yet" flavour about it. It's the sort of book I would be delighted to receive as a Christmas present and I think there would be few traders who would not find Livermore’s legendary story of interest. I would suggest also that anybody who likes biographies (and you have to understand and know about the person if you want to get an understanding of their field of interest) would also appreciate this book. Notwithstanding his trading, Livermore's life story is an interesting tale in itself – presumably good material for a truly unauthentic American "we will rewrite history" type of film!
In summary: Tom Rubython has given us a very interesting book, nicely produced and I suggest it would make the ideal Christmas present for any T2W member.
Having just received my review copy I will wait until Christmas to read it thoroughly (nearly 400 pages) but after a quick glance through I can offer the following comments.
It's a nicely-produced book in hardback, on quite decent quality paper - by UK publishing standards anyway. [ When will we stop printing overpriced books on bog paper and emulate USA style quality instead? The publishers (Myrtle press) are definitely heading in the right direction here]. Of typical hardback bonkbuster novel size (9.5" x 6" x 1.5") the font and typeface are nicely readable and the surprisingly large number of interesting photographs are excellently reproduced on glossy art paper. Its £20 price is about standard and you can of course get it at a discount on Amazon post-free. Waterstones and the like just don't compete here and you wonder how sustainable their business model is. It's disappointing to see that it's not available digitally (as far as I can tell) but presumably it will be available in paperback in due course. Nowadays I will only buy a book in E-format unless it is of exceptional interest to me – this book would not fit that category and it is not of the size or weight that you could easily slip into your pocket as you can do with your Kindle Fire reader. Gone are the days thankfully, when you had to lug a bag of books around with you. I would therefore implore the publishers to go digital – I note that Alpesh Patel's latest book is available digitally at about half the hardback price which means I would purchase it not only from the convenience but also the cost point of view.
Tom Rubython has a good track record in writing readable biographies and this one appears to maintain the standard. I note that he is also the publisher and good on him for doing so and showing the established Houses the way forward. There is a decent index and the bonus of a bibliography and timeline. This is not an academic treatise (Thank God! I will hear many say in agreement) so you will not be bored with lots of referencing footnotes enabling you to check on the veracity of sources et cetera et cetera. To have done so would have degraded the book's readability and you must therefore rely on the integrity of the author. Bear in mind this book goes back a long way – over 100 years – and it must have been a difficult task to locate and pull together all the various bits of information and stories about Livermore, and no doubt much of it was conflicting. So I think we have to acknowledge the author's skill and determination in putting this all together.
Having just flipped through some early pages I do indeed find it very readable and it's definitely got that "you can't put it down just yet" flavour about it. It's the sort of book I would be delighted to receive as a Christmas present and I think there would be few traders who would not find Livermore’s legendary story of interest. I would suggest also that anybody who likes biographies (and you have to understand and know about the person if you want to get an understanding of their field of interest) would also appreciate this book. Notwithstanding his trading, Livermore's life story is an interesting tale in itself – presumably good material for a truly unauthentic American "we will rewrite history" type of film!
In summary: Tom Rubython has given us a very interesting book, nicely produced and I suggest it would make the ideal Christmas present for any T2W member.
Im only up to page 100,but its certainly an impressive read so far.I love the way it has ordered his life. Will crack on with it this week.
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Firstly thanks to T2W and Sharky for enabling these review copies of Jesse Livermore Boy Plunger.
Only having read the first 100 pages I wanted to leave a review now in case anyone was considering this book for Christmas.
Having read approximately 30 trading books (and listened to over 400 trader interviews) I would say that up until now my favourite book has been the semi fictitious book Reminiscences of a Stock Operator by Edwin Lefèvre, (closely followed by Nicolas Darvas.) But this is probably about to change.
So with this in mind, I can't help but compare this book to that of Edwin Lefèvre's.
First off this book being biographical gives clarity to the murky aspects of separating fact from fiction within the Reminiscences book. It is clear Tom has put a lot of research into it. This book gives a lot more detail than Edwin Lefèvre's, not just about Jesse Livermore's life but also painting a pretty good picture of the surrounding financial world and the times that Livermore lived in and the spaces he occupied. It gives a better understanding of historical events, putting everything into context.
Also because this book is written in modern times with modern language it is an easier book to understand and relate to.
To sum it up I feel Tom Rubython's book lends itself to a greater implied authority in the fact that the subject matter can be looked at from an unbiased historical perspective.
If the rest of the book is as good as the first 100 pages I can see myself returning to read this book again and again.
Only having read the first 100 pages I wanted to leave a review now in case anyone was considering this book for Christmas.
Having read approximately 30 trading books (and listened to over 400 trader interviews) I would say that up until now my favourite book has been the semi fictitious book Reminiscences of a Stock Operator by Edwin Lefèvre, (closely followed by Nicolas Darvas.) But this is probably about to change.
So with this in mind, I can't help but compare this book to that of Edwin Lefèvre's.
First off this book being biographical gives clarity to the murky aspects of separating fact from fiction within the Reminiscences book. It is clear Tom has put a lot of research into it. This book gives a lot more detail than Edwin Lefèvre's, not just about Jesse Livermore's life but also painting a pretty good picture of the surrounding financial world and the times that Livermore lived in and the spaces he occupied. It gives a better understanding of historical events, putting everything into context.
Also because this book is written in modern times with modern language it is an easier book to understand and relate to.
To sum it up I feel Tom Rubython's book lends itself to a greater implied authority in the fact that the subject matter can be looked at from an unbiased historical perspective.
If the rest of the book is as good as the first 100 pages I can see myself returning to read this book again and again.
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Damn good read about a human being
Without spoiling too much in the books narrative -the end chapters reveal some surprising suppositions relating to events post Livermores suicide.A good read and thorough insight into Livermore as a flawed but intelligent, and gifted human being.
Buy it
To continue in a similar vein to Jason. The book, I feel, is superior to Lefevre's -it shows Livermore the human being. His youthful potential as a budding mathematician, his love of figures and their interpretation related to price movement. Plus he had an understanding of human nature that helped him as a trader. We read of him reacting to the world around him, how he related to other people. He had a magnetic personality that drew more experienced traders to him -this same personality that also made him a favorite among the ladies. His human side is revealed to an extent that the reader sees a well rounded character to care about, a character that brings the book to life as opposed to a dry, unexciting "biography" which it could have become in less experienced hands. Other characters are also described sufficiently for the reader to "care" about their relationship with Livermore and events within their own lives.It places Livermore in his world and registers changing events ( birth of proto-type of SEC for instance). All viewed from a 21st Century perspective which helps the reader to align changes in Livermores' success as a trader, along side changes in an evolving financial world. We read of a man able to amass several fortunes only to end his days in despair in a hotel cloakroom. Think on it -to have one hundred million dollars at one time, only to leave a pittance to surviving relatives upon his demise.
Without spoiling too much in the books narrative -the end chapters reveal some surprising suppositions relating to events post Livermores suicide.A good read and thorough insight into Livermore as a flawed but intelligent, and gifted human being.
Buy it
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I'm half way through this page turner, a real beach book for anyone so inclined.
The reviews so far, 0007's, Jason's and Neil's are so good I doubt if I'd be able to add anything of merit to what they have said.
It's a great present for anyone interested in the markets and their interaction with the minds of traders.
I agree, BUY IT !
The reviews so far, 0007's, Jason's and Neil's are so good I doubt if I'd be able to add anything of merit to what they have said.
It's a great present for anyone interested in the markets and their interaction with the minds of traders.
I agree, BUY IT !
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