Livermore: You're both correct, I think. As i recall, Jesse made a fortune in the great bull market of the twenties and then made an even bigger killing in the 1929 crash.
But then, at some time, he flipped to the long side (too early) and lost it all again. This bear was far more vicious and prolonged than anyone could ever have imagined and many got their heads handed to them trying to pick up the bargain basement priced stocks between the 1929 crash and the 1932 real bottom.
Don't remember where I read this so I'm sorry, can't verify if my recollection is correct or not.
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