valuexvail 2012 - jon markman
TRANSCRIPT
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TRADERS ADVANTAGE & STRATEGIC ADVANTAGEjonmarkman.com / markmancapital.net
The StoryBehindthe StoryBehind the Story
JON MARKMAN
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‘‘Reminiscences’’ was a collaboration not a monologue.
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Imagine 1923, world still healing from WWI.
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Imagine 1923, still reeling from 50M flu deaths.
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Imagine 1923, reeling from the 1920 depression.
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The Roaring ‘20s started with a tired yawn.
10 years of slop preceded the Roaring ‘20s
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U.S. cities began to teem with rural migrants
10 years of slop preceded the Roaring ‘20s
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Suddenly stocks caught a spark, and boom!
Out of nowhere came a 460% advance into ‘29.
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Newspapers covered stocks like crazy!
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Lefevre specialized in uncovering manipulation
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Lefevre had his pick of traders to profile.
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Lefevre choose cool, reticent Jesse Livermore.
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Lefevre choose cool, reticent Jesse Livermore.
Lefevre and Livermore remind us:
-- There is never anything new on Wall Street because speculation is as old as the hills.-- In a bull market you must trade w/ the bulls; in a bear market you must trade w/ the bears.-- Anticipation and fast reaction -- born from experience and planning -- are a trader’s key assets.-- Never argue with the tape.-- You don’t know until you bet.-- Only the game can teach you the game
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Lefevre choose cool, reticent Jesse Livermore.
Lefevre and Livermore remind us:
-- There is never anything new on Wall Street because speculation is as old as the hills.-- In a bull market you must trade w/ the bulls; in a bear market you must trade w/ the bears.-- Anticipation and fast reaction -- born from experience and planning -- are a trader’s key assets.-- Never argue with the tape.-- You don’t know until you bet.-- Only the game can teach you the game
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Jay Gould, master manipulator, tycoon, liar, thief.
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Jay Gould, master manipulator, tycoon, liar, thief.
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James Keene: Livermore’s hero & competitor.
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GM founder made millions in stock; died in poverty.
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Jacob Little: the first “Great Bear of Wall Street.”
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Saunders blew up cornering Piggly-Wiggly.
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Bernard Baruch: Legend in stocks, sugar, war.
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Twain saved Grant from destitution after a Ponzi scheme.
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The $500 & $1,000 were common til nixed by Nixon.
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Many new chart styles emerged in the ‘20s.
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Livermore’s sector system: He kept notes by hand.
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Gambling or speculation? Debate raged in 1902.
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Cheating was endemic. Few rules prevented it.
Lefevre has a million synonyms for ‘’swindle’’.
-- “Boodle” was primarily slang for bribes or illicit payments and counterfeit cash. ‘’Clergymen call the NYSE a boodlers battlefield.’’ -- “Thimblerig” was a shell game using three thimbles and a foam ball. Portrayed on the street as a gambling game, it was instead a con game. ‘They thimblerigged the market.’’-- “Coppering” came from faro, where placing a penny on a deck of cards reversed the polarity of the next drawn card. A winner became a loser. If you ‘copper’ a friend’s tip, you bet against it.
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Lefevre believed that all traders were suckers.
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L&L believed “sitting” not trading, made fortunes.
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L&L believed “sitting” not trading, made fortunes.
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L&L believed “sitting” not trading, made fortunes.
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L&L believed “sitting” not trading, made fortunes.
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L&L believed “sitting” not trading, made fortunes.
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L&L believed “sitting” not trading, made fortunes.
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L&L believed “sitting” not trading, made fortunes.
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L&L believed “sitting” not trading, made fortunes.
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L&L believed “sitting” not trading, made fortunes.
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L&L believed “sitting” not trading, made fortunes.
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