http://www.lambertganneducators.com/newsletters/jesselivermore.php W.D. Gann, in 45 Years in Wall Street (page 117) described Livermore as "one of the most spectacular traders of his day". Gann stated that Livermore was an honourable man who "believed in paying debts even after he had been relieved through the courts of bankruptcy". In fact, Livermore and many other traders and investors, including Gann himself, once lost their money when the brokerage firm Murray Mitchell and Company failed in 1913. In Gann's words "In 1917 when Livermore came back and made a fortune, he not only paid back my proportionate part of money which I lost through the Mitchell failure, but paid everyone else". Gann added, "This was an honourable thing to do, and because of Livermore's honor and honesty, in 1934 when he was broke, I backed him and got other people to raise money and back him. Livermore came back again and made money". Gann's one criticism of Livermore was that Livermore had only studied how to make money - not how to keep money. In Gann's words "He had the greed and the drive for power, and when he got a large amount of money, he could not trade conservatively. He tried to make the market go his way instead of waiting until the market was ready to follow the natural trend".