My heroes in the Market world are legends like Bernard Baruch, Sir John Templeton, George Soros, Dr.Marc Faber and Warren Buffet.
I fail to see why such posthumous fame for Livermore, and am astounded he has gotten a cult status based on one book that was written by someone that for some reason idolized him when the facts don't back it up.
On reading of Niederhoffer i at least see he had one truly brilliant run of running a fund that generated 30% average yield over 10 years for his clients--that is awesome.
And that can not be taken from him and maybe he will truly remember what he said after busting a fund---that is his admisssion he had committed an unforgivable trader sin, he bet everything on one roll of the dice.And that he disgraced himself and damaged lives But i do get the feeling that he somehow liquidated enough of his possesions to pay his clients back, as i never heard of any claims be put on him--nor did he ever go into bankruptcy.
I have put ridicule on Livermore in a hope to get this in balance as i have no comprehension why this fellow has gotten such a following.
i feel Livermore present day fame is the result of bold but groundless title to a book --the greatest trader????( anyone that can LOSE what was then roughly one billion dollars in just a couple years after he made it and then went into his 4th bankruptcy that is someone that is someone that kept taking the high risk bet, and lost most the time---that is the the classic pattern of an addicted gambler not a great trader.)
And yes i admit to being ethics oriented fellow that reacts badly noting that Livermore squandered a lot of his fortune in just plain wild outrageous spending on himself, a playboy, really.
Using the Ayn Rand rule of measure( for whom i have much respect and have a lot that she said that i agree with, and a fair amount i disagree with) "In what way did Livermore give anything back to society, what good spun out from his drive for riches?" i can see nothing.
He should be a forgotten footnote in financial history, imo.
He played his video game night and day.
The MAZE of Death.
But that is the game we all are in, the trick, don't believe it.Get above it all and imagine nothing is what it seems.Kill the machine.otraque
AI
