제시 리버모어의 회상 Reminiscences of a Stock Operator

제시 리버모어의 회상 

Reminiscences of a stock operator - Edwin Lefevre

 

Investment Library

2009.07.23 20:51   

 원본주소 http://woojinski.tistory.com/80

     

 

 

 

Understand the psych of a great trader

My take : Investing is not about money, but about being right.

 

I was impressed how he would increase his position frequently when he had strong conviction

Essence
- Better to learn from mistakes rather than pretend you hadn't made them
- Back your opinion with money
- Use your brain and your vision
- Remember that stocks are never too high for you to begin buying

or too low to begin selling (but never second until you make a profit)
- Reverse natural impulse - instead of hoping he must fear, instead of fearing he must hope

Key quotes
- Fate does not always let you fix the tuition fee.

  She delivers the educational wallop and presents its own bill
- The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street
- There is only one side to the stock market : not bull, bear side but the right side
- Ignorance at 22 is not a structural defect
- No diagnosis, no prognosis. No prognosis, no profit

 

- Without faith in his own judgement no man can go very far in this game
- Strongest and truest allies in the world : underlying conditions
- A loss never bothers me after i take it.

  But being wrong - not taking the loss- is what does the damage to the pocketbook and to the soul
- You can't tell before you bet
- A great many smashes by brilliant men can be traced directly to the swelled head

 

- It is inseparable from human nature to hope and to fear
- I don't look out for the breaks, I look out for the warnings
- It was a dividend declared by my faith in my judgement and not by my cleverness or by my vanity.

  Knowledge is power and power need not fear lies
- Whereupo the average man, who never thinks of value but of prices,

  and is not governed in his actions by conditions but by fears,

  takes the easiest way - he stops thinking that there must be a limit to the advances.

출처: http://woojinski.tistory.com/80 [Success to Significance]