Interesting about Cutten... Also fascinating that Paul Tudor Jones did an annotations book extending Livermore's Reminiscences and that Paul Tudor Jones was/is(?) HUGE into Elliot Wave in the early part(Even Now?) of his trading career. thanks... Edgy...
%% THAT\ maybe a good thing, self killers trending up, in killing themselves. He admitted he was a big spender +a bit jealous of those that enjoyed saving money. Great business tip of his re-using business envelopes. Great @ math+ dont blame him for dropping out of middle-school or elementary school
And I say, why don't ya stay on topic for once . Don't pay attention to Livermore the man. Pay attention to Livermore the trader.
He had amazing trading results when he was winning. But he is not a good role model for traders, few can handle the wild equity swings if you were to model him too closely, those equity swings will just cause anxiety and depression as he himself proved.
%% Sorry if i hit a raw nerve on the big spender + not so good @ saving note. I do reuse business envelope$ And you ?? AMAZING , IF we can trust wikipedia, he learned to read @3.500 years ,Livermore the boy. I dont mean boy as racial slur, that'$ the name for a 3.500 year young man LOL
I educated myself about Jesse's rival: https://en.wikipedia.org/wiki/Arthur_W._Cutten Cutten got richer than Livermore at his richest, but in 1929 he lost 50 million in the crash. Later he forgot that pesky little thing called paying taxes, but even before that the government went after him: https://en.wikipedia.org/wiki/Wallace_v._Cutten Anyhow he only lived 2.5 years longer than Jesse and died of a heart attack at 65. Sure, he had way more money at his death than Jesse! Well: "The tax suit would only be settled by the executors of his estate, because Arthur Cutten, his fortune vastly depleted by the stock market crash and the cost of lawyers to defend him from the government lawsuits," So the point is, both lived very fulfilling lives what we can just dream of, they reached the end of their lives in different ways, but with similar amount left over and at a similar age.
Yes, there were some parallels between the two, but if I recall correctly Cutten’s diminished pile was bigger than Livermore’s at the end. Note how they both looked older than their years towards the end of their lives. Interesting.
I read Bernard's memoir about 16 years ago, so hard to remember all details, except yes, a good read. I recall how he took the 1933 gold confiscation in stride, like water off a ducks back. Later helped the Roosevelt administration during the war. Good macro analyst.