A Quote by Jesse Lauriston Livermore
Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money.
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It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon.
Men who can both be right and sit tight are uncommon.
A great idea can't succeed without a great operator. But rarely can a great operator squeak by with a bad idea. So, as pithy as it sounds to say 'It's all about the people,' I only invest when I think I have found the right team for the right business.
It takes a man a long time to learn all the lessons of all of his mistakes. They say there are two sides to everything. But there is only one side to the stock market; and it is not the bull side or the bear side, but the right side. It took me longer to get that general principle fixed firmly in my mind than it did most of the more technical phases of the game of stock speculation.
In the stock market, when you are right, you make a little money; when you are wrong, you learn a lot of lessons, so you always win!
I've always been terrified about not having money. I've been a big saver and a big earner. When I've been out of work, I've always found another job. I never wanted to get into debt, because money was very tight when I was growing up. I never felt deprived, but I couldn't have the things I wanted.
A society that is in its higher circles and middle levels widely believed to be a network of smart rackets does not produce men with an inner moral sense; a society that is merely expedient does not produce men of conscience. A society that narrows the meaning of 'success' to the big money and in its terms condemns failure as the chief vice, raising money to the plane of absolute value, will produce the sharp operator and the shady deal. Blessed are the cynical, for only they have what it takes to succeed.
At one stage, I didn't have any money, so I slept on the streets for a few nights. It wasn't uncommon in the 1950s, and it wasn't uncommon to be out of money. There wasn't anywhere to go to get money.
Of all my children, you were always the hardest on yourself. You were always looking for the right way to behave, so concerned you might make a mistake. But, darling, there are no mistakes. There are only our wishes, our actions, and the consequences that follow both. There are only events, how we cope with them, and what we learn from the coping." "That's too easy," he said. "On the contrary. It's monumentally difficult.
My father was a self-employed, commission-only salesman. He sold double-glazing and fitted kitchens, amongst other things. As he never declared himself unemployed, there was never recourse to benefits, so if money was tight, money was tight. It taught me that we were a closed unit, and that we had to be resourceful.
I don't think anybody ever makes any money buying and selling stock. They have to make money by keeping the stock.
Now, to a single-minded man, who is either brave enough or reckless enough to surrender himself wholly to one idea, and look neither right nor left, but only forward, what earthly consequences may follow is not material. Persecution strengthens him; and so he is sure he is right, whether his course end in a prison or on a throne is no matter at all. But men of this calibre are uncommon in any age or in any country very uncommon in this age and this country.
After I decided to become a Jew, only then did I learn that the Jews don't have all the money. When I found out Rockefeller and Ford were goyim, I almost resigned.
It took me five years to learn to play the game intelligently enough to make big money when I was right.
After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!
For after all, what is there behind, except money? Money for the right kind of education, money for influential friends, money for leisure and peace of mind, money for trips to Italy. Money writes books, money sells them. Give me not righteousness, O lord, give me money, only money.
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