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Legendary Life - The Story of Livermore (10)

2022-09-23 05:35:55Fluttershy

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Legendary Life - The Livermore Story (10)


He took a long position in the early 1930s and made a small profit as the market recovered.

He then took more long positions, but again the market fell to 41 in mid-1932.In 18 months, he lost nearly 40 million.

When the market rebounded from 41 to nearly 80, nearly doubling, he was in the wrong direction again.Slapped repeatedly by the market, by the end of 1933 he had lost the $100 million he had made in 1929.During the period, he also paid nearly 10 million in divorce fees with Dorothy.

There is no more description in the book about losing 100 million transactions.Again, the deals looked contrary to his trading system, and didn't even feel like he was doing it.

As mentioned earlier, will his transactions be affected by his personal life?

Since 1930,Livermore's continued intimidation and harassment is not a big problem.The big problem is that his constant scandals make him "doubt about life", Dorothy shoots her son, his mistress demands compensation, bankruptcy lawsuits... In addition, he has always been a media darling, and everything is reported, making him faceless and exhausted..Especially in the second divorce in 1932, Dorothy turned around and married someone."Also single for 20 minutes.".She later auctioned off their beautifully renovated mansion, lovemore, for 10% off, both of which are a great shame.Dorothy also later sold the carefully selected $1 million stock portfolio that Livermore had sent her for railroad bonds, and 20 years later, the bonds were worth zero and the stock portfolio was worth $50 million.

After Livermore's comeback in 1917,He has been living a life of intoxication, "there is no white man", and his circle of friends is either rich or expensive. The contemporary investment guru Baruch, financial tycoon Morgan II, Chaplin, car tycoon Walter Chrysler, etc. are all at home.regulars.Livermore was well-respected in the circle, but the humiliation he suffered from 1930 onwards took a toll on him.Livermore, who appeared in front of his friends during this period, was more of his dull gaze.In the book, it is more vividly said, "It's like seeing outer space".

In this case, how to have a goodtrading status.Emotional management is a part of trading, coupled with the double-edged swords of his heavy positions and high leverage, it is easy to cause huge sums of moneyloss.

Soon, he's in debt again.

The Securities Act of 1933, which introduced new requirements for borrowing leverage and information disclosure, has many restrictions on a big player like Livermore, but he stillThe new law won't stop him from making a comeback, either.

On June 28, 1934, it was officially declared bankrupt.

From 1935-1939, Livermore made several attempts to make a comeback.

Among them, in 1935-1937, he was relatively successful in trading commodities. In April 1937, he had paid the tax owed before, and the federal tax was 7010,000 and local tax of 100,000.But the success didn't last, and subsequent deals didn't pick up.

To clarify here,Lots of online talk about Livermore being down and out after going bankrupt in 1934, writing books to survive, etc.Actually not. After the comeback in 1917, he was never poor again. After bankruptcy in 1934, his life was still rich. Presidential suites and private jets were standard daily requirements. At that time, his third wife’s personal assets exceeded 7 million US dollars (Suspense film), and Livermore has already set up a wealth trust for himself.His third wife is a huge mystery, and all five husbands committed suicide.

Review LivermoreIn his post-1930 transactions, he added another aspect of emotion or state management to his investment system, a lesson he bought with $10 billion.If you don't want to trade, the trade will naturally be bad.The biggest problem for Livermore at this point is the bankruptcy of the trading mentality.

Legend will never be continued, and Dongshan will alsoIt never got up again.

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