2534: Reminiscences of a Stock Operator by Edwin Lefèvre
"Reminiscences of a Stock Operator" by Edwin Lefèvre is a fictionalised biography based on the life and experiences of Jesse Livermore, a famous stock trader. Jesse Livermore is considered a pioneer of day trading and at one time, Livermore was one of the richest people in the world; Some of Livermore's trades, such as taking short positions before the 1906 San Francisco earthquake and just before the Wall Street Crash of 1929, are legendary within investing circles. However, he eventually committed suicide, largely due to the amount of leverage he took on and at that time he had liabilities greater than his assets. Some observers have regarded Livermore as the greatest trader who ever lived, but others have regarded his legacy as a cautionary tale about the risks of leverage to seek large gains rather than a strategy focused on smaller yet more consistent returns. The book provides insights into the mindset, strategies, and challenges faced by a successful speculator in the stock market during the early 20th century.