One of the greatest traders in the history of the world was Jesse Livermore. He was rumored to have died broke, but that is patently false. Jim Sinclair’s father, Bert Seligman, (also one of the greatest traders in history) was business partners with Jesse Livermore, and Sinclair let KWN listeners know that Jesse was an extraordinarily wealthy man, all the way to the end of his life. Fortunately his lessons from the markets were chronicled and are available for those who are willing to learn.
Jesse Livermore from Reminiscences of a Stock Operator:
“Speculation is far too exciting. Most people who speculate hound the brokerage offices … the ticker is always on their minds. They are so engrossed with the minor ups and downs, they miss the big movements.”
I wanted to highlight that particular Jesse Livermore quote today because too many KWN listeners globally fall into this trap. Many have positioned themselves in the secular bull market in gold, and yet with every break in the price of gold they begin to worry….