Reminiscences of a Stock Operator - Book by Edwin Lefèvre - pdf link
http://www.thebullbear.com/forum/topics/download-a-pdf-of
Reminiscences of a Stock Operator is a 1923 roman à clef by American author Edwin Lefèvre which is the thinly disguised biography of Jesse Lauriston Livermore.
"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?"
.jpg)
Thanks donofa. Pdf downloaded. Upvoted. 👍 Is buying unit trusts/etf's etc after a market crash and selling near the top a reasonable strategy for the little/average guy. Slow and steady wealth creation or is there a better way so as not to risk losing?
Excellent. It is a good read. You will enjoy it.
This is a really tough market to give advice in. Very glad I dont have to do it anymore. The market is being manipulated big time and should have crashed long ago. I dont know when but I know eventually it will.
That being said, for the long term investor who has staying power and can handle the upside as well as the downside, there is always opportunities in the market. Everyone says they are a long term investor until the market goes down.
If you own quality and can hang on and add to your positions in the event the market goes down and you are using money you dont need in the short term, individual securities of quality names are a better investment than a UIT or ETF. Those investments are not as liquid and go down more than than the market usually and usually dont recover properly.
You need to do your research. Pick a few sectors and dollar cost average over time regardless of the market. Look at names in the Consumer Staple, Technology and Pharmaceutical sectors. Buy what you know and use. Don't listen to what Wall Street says. I would always do the opposite of what the street is doing. Avoid banks, energy and healthcare always. Buy some physical silver, not paper silver.
Only invest 1/2 your cash and slowly add to your positions. Buying quality and what you know and having staying power is the key to success. Even if the market crashes, good companies will be worth holding and adding to.
In retirement accounts that have to invest in mutual funds, I always recommend 50% in a safe Government cash like fund and 50% in the S&P 500.
Thanks I understand everything you mentioned. Physical silver is my favorite. How safe will a money market fund account be with the up and coming crash? If you don't mind me asking. I also try and pay my landlord 3 months rent in advance to make sure I'm covered should this market tank.
Money market will be safe but could experience some turmoil if the banks collapse. Investment accounts are safer than bank accounts. I would never leave to much money in one account. Don't listen to what everyone says. The dollar is not going anywhere and there is no better alternative currently. If there is going to be a global collapse, everything else will crash first and then the US will be last. As to your landlord. Don't give anyone your money in advance. You should if possible always have 3 to 6 months living expenses in cash at home in a safe in a secure location as well as some coins.
Thanks I should have all of the above already covered. Just to clarify is a money market fund account an investment account?
Traditional Banks and Investment Firms both offer money market funds. They offer different types of insurance up to a specific amount. Usually the insurance at an Investment firm is higher. Also Investments firms have a much different balance sheet than a traditional bank. They are more diverse and safer for holding cash. In the event of a shutdown, all will be froze but when they reopen the Investment firms money markets will be better. Regardless, to be safe and have staying power for life, you must have cash and assets at home.
Thank you I will sleep better tonight knowing that I can't do much more than I have done. I'm prepped and ready .... bring it on. 😊 Thank you for some very valuable advice donofa. Keep well.
Your welcome. The world is still a beautiful place. We just have to focus on what we can control and hope for the best with everything else. Health and happiness is most important.