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Edwin Lefevre "Reminiscences of a Stock Operator "

spekuliantai.lt | 2010-02-08 | Knygų apžvalgos | perskaitė: 4363
Raktiniai žodžiai: Edwin Lefevre, Reminiscences of a Stock Operator
Edwin Lefevre "Reminiscences of a Stock Operator " “Reminiscences of a Stock Operator” tikrai verta dėmesio knyga, parašyta dar 1923 metais (atorius Edwin Lefevre). Šioje knygoje yra pateikiama vieno iš

Reminiscences of a Stock Operator” tikrai verta dėmesio knyga, parašyta dar 1923 metais (atorius Edwin Lefevre). Šioje knygoje yra pateikiama vieno iš garsiausių praėjusio šimtmečio pradžios JAV spekuliantų – Jesse Livermore – istorija (nuo to, kaip jis susidomėjo akcijų rinka, vėliau kaip uždirbo savo pirmąjį milijoną dolerių, kaip kelis kartus viską prarado, o vėliau dar daugiau uždirbo). Tikrai labai lengvai skaitoma knyga, kurią giria ir rekomenduoja daugelis žinomų treiderių bei valdytojų. Vienas iš tokių žmonių - Paul Tudor Jones - naujam knygos leidimui parašė tikrai įsimintiną įžangą. Žemiau pateikiamos įdomesnės šios knygos ištraukos:

“It was never my thinking that made the big money for me. It always was my sitting.”

“One of the most helpful things that anybody can learn is to give up trying to catch the last eighth — or the first. These two are the most expensive eighths in the world. They have cost stock traders, in the aggregate, enough millions of dollars to build a concrete highway across the continent.”

“That a bull market has added to my bank account or a bear market has been particularly generous I do not consider sufficient reason for sticking to the bull or the bear side…A man does not swear eternal allegiance to either the bull or bear side. His concern lies with being right.”

“Fear and hope remain the same; therefore the study of the psychology of speculators is as valuable as it ever was…The principles of successful stock speculation are based on the supposition that people will continue in the future to make the mistakes that they have made in the past.”

“Observation, experience, memory and mathematics these are what the successful trader must depend on. He must not only observe accurately but remember at all times what he has observed. He cannot bet on the unreasonable or on the unexpected, however strong his personal convictions may be about man’s unreasonableness or however certain he may feel that the unexpected happens very frequently. He must bet always on probabilities that is, try to anticipate them. Years of practice at the game, of constant study, of always remembering, enable the trader to act on the instant when the unexpected happens as well as when the expected comes to pass.”

“I have said many times and cannot say it too often that the experience of years as a stock operator has convinced me that no man can consistently and continuously beat the stock market though he may make money in individual stocks on certain occasions. No matter how experienced a trader is the possibility of his making losing plays is always present because speculation cannot be made 100 per cent safe. Wall Street professionals know that acting on “inside” tips will break a man more quickly than famine, pestilence, crop failures, political readjustments or what might be called normal accidents. There is no asphalt boulevard to success in Wall Street or anywhere else. Why additionally block traffic?”

“The principles of successful stock speculation are based on the supposition that people will continue in the future to make the mistakes that they have made in the past.”

“It is this: Stocks are manipulated to the highest point possible and then sold to the public on the way down.”

“Speculation in stocks will never disappear. It isn’t desirable that it should. It cannot be checked by warnings as to its dangers. You cannot prevent people from guessing wrong no matter how able or how experienced they may be.”

“The speculator’s deadly enemies are: Ignorance, greed, fear and hope.”

“In a bull market and particularly in booms the public at first makes money which it later loses simply by overstaying the bull market. This talk of “bear raids” helps them to overstay. The public should beware of explanations that explain only what unnamed insiders wish the public to believe.”

“The public ought always to keep in mind the elementals of stock trading. When a stock is going up no elaborate explanation is needed as to why it is going up. It takes continuous buying to make a stock keep on going up. As long as it does so, with only small and natural reactions from time to time, it is a pretty safe proposition to trail along with it. But if after a long steady rise a stock turns and gradually begins to go down, with only occasional small rallies, it is obvious that the line of least resistance has changed from upward to downward. Such being the case why should any one ask for explanations? There are probably very good reasons why it should go down, but these reasons are known only to a few people who either keep those reasons to themselves, or else actually tell the public that the stock is cheap. The nature of the game as it is played is such that the public should realise that the truth cannot be told by the few who know.”

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