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Jesse Livermore, the legendary investor, has experienced the worst losses in his short life. His story leaves us with a profound revelation about the risks and the cost of greed in investing.
Jesse Livermore was born in 1877 and grew up in Massachusetts, USA, to an ordinary family. He left school at the age of 14 and became an assistant to a first-class ticket broker. Through observation and learning, he quickly mastered the skills and knowledge related to ** trading. Livermore started at the age of 14 with $5 and made $100 million at his peak. Someone once calculated that 100 million dollars 100 years ago is equivalent to 70 billion dollars today. He went bankrupt four times in his life, and then made a wonderful comeback, but in November 1940, after getting drunk in a Manhattan hotel, he took his own life. He is said to have left less than $10,000 in his posthumous fortune. Before he committed suicide, he wrote a letter to his wife, which ended with the words, "My life is a failure."
A legend who has had several ups and downs in the *** market, made hundreds of millions of dollars, and also lost more than that, creating one classic trading legend after another, some of Livermore's big deals, such as his short selling in San Francisco in 1907** and Wall Street before Black Thursday in 1929, are highly legendary transactions and make him one of the greatest investors of all time. How could a trading master who has written "Memoirs of a Master" and "Memoirs of a Master" and "Masters of Hands", such a classic work of investment that has been famous for centuries, end so sadly and bleakly? For countless nights, when we have decided to make speculation the greatest choice of our lives, we may ask ourselves the question, wasn't Livermore in 1929 famous, dominant, and influential? Why is it that ten years later he is not greater, but he commits suicide? At that time, he was so powerful, I believe that it is difficult for anyone to shake him from the outside. What caused his defeat?
As a speculator, his talent and achievements are dazzling, the fall of a superstar, the collapse of a temple in the hearts of countless investors, and the tranquility of his departure seems to be just to annotate what he once said, you may be a king for a while, but you can never beat the market. He reflects in hindsight and realizes that his greed and blind impulsiveness have brought him disaster. He realized that investing is not just about making profits, but more importantly about protecting capital. He stressed the importance of risk management and developing an effective investment strategy. Livermore's experience and lessons became a warning and inspiration for subsequent investors.
I would like to remind everyone that the accumulation of principal is not easy, investment is risky, and you need to be cautious when entering the market.