📖Jesse Livermore
Lifelong Learning
Knowledge compounds like interest for investors.
The best investors never stop learning. Read voraciously, study history, learn from mistakes, and stay curious about the world. Knowledge compounds like interest.
🏠 Everyday Analogy
📖 Core Interpretation
Jesse Livermore advocates a repeatable process: define criteria, execute consistently, and review decisions against evidence. Process quality drives outcome consistency.
💎 Key Insight：Continuous learning is a lifelong competitive advantage.
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❓ Why It Matters
Without process, there is no reliable feedback loop. Structured execution and review improve decision quality over time.
🎯 How to Practice
Run a decision loop of research, thesis, execution, and post-mortem; document assumptions and update playbooks with evidence, not hindsight bias.
⚠️ Common Pitfalls
Having opinions without execution criteria
Reviewing outcomes but not decisions
Abandoning rules during volatility spikes
📚 Case Studies
1
1929 Market Crash Short (1929)
He built a large short position in leading stocks, patiently ignoring early rallies and public optimism before the October collapse.
✨ Outcome：Profited millions during the crash, showing that patience in a correctly timed position can outperform frequent trading and small gains.
2
Panic of 1907 Cornering Attempt (1907)
Livermore initially shorted the market during the Panic, then reversed to go long when J.P. Morgan stabilized banks, capturing the violent rebound.
✨ Outcome：Closed positions with millions in profit, cementing his reputation as a master of market turns.
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