《Reminiscences of a Stock Operator》——22条滴墨书摘
作者: Edwin Lefevre
出版: John Wiley & Sons
出版时间: 2009-05-07
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As the public always is “in”the market to some extent, it fol- lows that there are losses by the public all the time. The speculator’s deadly enemies are: Ignorance, greed, fear and hope.
2023-10-24
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The TIPS! How people want tips! They crave not only to get them but to give them. There is greed involved, and vanity. Itis very amusing, at times, to watch really intelligent people fish for them. And the tip-giver need not hesitate about the quality, for the tip-seeker is not really after good tips, but after any tip. If it makes good, fine! If it doesn’t, better luck with the next.
2023-10-20
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The theory that most of the sudden declines or particular sharp breaks are the results of some plunger’s operations probably was invented as an easy way of supplying reasons to those speculators who, being nothing but blind gamblers, will believe anything that is told them rather than do a little thinking.
2023-10-20
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The reason for exaggerating the magnitude and the effect of my operations, I suppose, was the need to satisfy the public’s insatiable demand for reasons for each and every price movement.
2023-10-20
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No reasonable man objects to paying for his mistakes. There are no preferred creditors in mistake-making and no exceptions or exemptions.
2023-10-18
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a man will spend anything he can lay his hands on
2023-10-18
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Never try to sell at the top. It isn’t wise. Sell after a reaction if there is no rally.
2023-10-18
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On the news the market broke badly and I naturally covered. It was the only play possible. When something happens on which you did not count when you made your plans it behooves you to utilise the opportunity that a kindly fate offers you.
2023-10-18
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a market does not culminate in one grand blaze of glory. Neither does it end with a sudden reversal of form. A market can and does often cease to be a bull market long before prices generally begin to break.
2023-10-18
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That a bull market has added to my bank account or a bear market has been particularly generous I do not consider sufficient reason for sticking to the bull or the bear side after I receive the get-out warning. A man does not swear eternal allegiance to either the bull or the bear side. His concern lies with being right.
2023-10-18
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When you read contemporary accounts of booms or panics the one thing that strikes you most forcibly is how little either stock speculation or stock speculators to-day differ from yesterday. The game does not change and neither does human nature.
2023-10-18
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You know how the talk goes-and grows; the amount of misinformation and exaggeration and improvements that you hear. Why, I’ve seen a rumor about myself grow so that the fellow who started it did not recognise it when it came back to him in less than twenty-four hours, swollen with new and picturesque details.
2023-10-17
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In a narrow market, when prices are not getting anywhere to speak of but move within a nar. row range, there is no sense in trying to anticipate what the next big movement is going to be-up or down. The thing to do is to watch the market, read the tape to determine the limits of the get-nowhere prices, and make up your mind that you will not take an interest until the price breaks through the limit in either direction. A speculator must concern himself with making money out
of the market and not with insisting that the tape must agree with him. Never argue with it or ask it for reasons or explanations. Stock-market post-mortems don’t pay dividends.
2023-10-16
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The public is so often whipsawed that one marvels at their persistence in not learning their lesson.
2023-10-16
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But people never take the trouble to ask questions, leave alone seeking answers. The average American is from Missouri everywhere and at all times except when he goes to the brokers’ offices and looks at the tape, whether it is stocks or commodities. The one game of all games that really requires study before making a play is the one he goes into without his usual highly intelligent preliminary and precautionary doubts. He will risk half his fortune in the stock market with less reflection than he devotes to the selection of a medium-priced automobile.
心得：I’m from Missouri
I’m extremely skeptical so you’ll have to prove it. For example, You won the lottery? Come on, I’m from Missouri. The full expression, I’m from Missouri and you’ll have to show me, dates from about 1880. Some authorities believe it alludes to the Missouri Compromise of 1820, whereby Missouri was admitted to the Union as a slave state and slavery was forbidden in certain other areas, but the connection, if any, is not clear.
2023-10-11
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It does not take a reasonably young and normal man very long to lose the habit of being poor. It requires a little longer to forget that he used to be rich. I suppose that is because money creates needs or encourages their multiplication.
2023-10-11
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THE recognition of our own mistakes should not benefit us any more than the study of our successes. But there is a natural tendency in all men to avoid punishment. When you associate cer. tain mistakes with a licking, you do not hanker for a second dose, and, of course, all stock-market mistakes wound you in two tender spots-your pocketbook and your vanity.
2023-10-11
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the only thing to do when a man is wrong is to be right by ceasing to be wrong.
2023-10-10
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I began to realize that the big money must necessarily be in the big swing. Whatever might seem to give a big swing its initial impulse, the fact is that its continuance is not the result of manipulation by pools or artifice by financiers, but depends upon basic conditions. And no matter who opposes it, the swing must inevitably run as far and as fast and as long as the impelling forces determine.
2023-09-07
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If I believe something you can be sure it is because I simply must. When I am long of stocks it is because my reading of conditions has made me bullish. But you find many people, reputed to be intelligent, who are bullish because they have stocks. I do not allow my possessions-or my prepossessions either-to do any thinking for me. That is why I repeat that I never argue with the tape. To be angry at the market because it unexpectedly or even illogically goes against you is like getting mad at your lungs because you have pneumonia.
2023-09-06
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But the average man doesn’t wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn’t even wish to have to think. It is too much bother to have to count the money that he picks up from the ground.
2023-09-05
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I don’t know whether I make myself plain, but I never lose my temper over the stock market. I never argue with the tape. Getting sore at the market doesn’t get you anywhere.
2023-08-29
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