July 22, 2025 • 34 mins
The fun side of rather questionable behaviour.
'Reminiscences Of A Stock Operator' by Edwin Lefevre is a fictional 1st person account of a Wall St trader in the early 1900's, but largely based on the real life operator of Jesse Lauriston Livermore. He describes his early life trading in bucket shops before moving into more high leverage trading and ultimately market manipulation. Within you'll find amusing stories of trading hijinks, unbelievable trades, emotional discipline & bankruptcies galore.
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Timeline:
(00:00:00) Intro
(00:02:31) Themes/Questions
(00:20:48) Author & Extras
(00:29:08) Summary
(00:32:18) Value 4 Value
(00:33:38) Coming Up/Join Live!
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Kyrin Down (00:00):
The fun side of rather questionable behavior.
Welcome,
mere mortalites, to another round of the mere mortals book reviews. I'm your host here, Kyrin, coming in live, coming in clean and fresh with a nice camera on the July
(00:22):
23.
And as you maximize, this is the podcast where I shield my trading start strategy.
Three months guaranteed profits, million dollars plus. Who's willing to join up and pay me a thousand dollars a month?
Okay. There's not gonna be any of that today, but there is gonna be some,
reminiscences
of perhaps a stock operator and of the trading strategies of one in this book here. Reminiscences of a Stock Operator by Edwin Lefebvre, I be I believe is how that is pronounced.
(00:53):
He this was published in 1923.
It's about 288
pages in length. I read it on the Kindle. So it took me, I think, about ten hours reading to get through. It's kinda hard to know because I was traveling whilst reading this. This is one of my travel books.
So what is it? It's a fictional first person account,
but it's kind of based off
of the life of a real life stock trader,
(01:17):
in the early nineteen hundreds whose name was Jesse Lauriston Livermore, AKA Larry Livermore.
And basically, he describes his early life. So
even though a different author wrote it, it's describing the life of Larry,
of how of where he grew up, how he got into these bucket shop tradings, and was essentially trading the ticker prices. And this is in the days of the tickers. We'll see a a little section of that in the next chapter if you're watching and if you're on a modern podcasting app where you can see the chapters.
(01:48):
And then he goes on to getting to Wall Street, starts using leverage,
and finally is getting to the point where he himself is able to move the market and start doing some market manipulations
towards the later part of his career.
So what will you find within
amusing stories of, like, trading hijinks, of
(02:10):
memorable characters in the Wall Street,
era of those days,
unbelievable trades where he made millions
buying or shorting,
certain types of stocks,
of the emotional discipline required to be a good trader, and then also how
you will go bankrupt
and go broke many, many times if you try this stuff. So let's jump into the actual themes and questions. What is a stock market operator? How do you become a good one?
(02:37):
And for the purposes of simplicity, I'm going to
pretend that Jesse Larry Livermore is
the actual author of this and that this is told from his first person account, even though it was a separate author who was writing this. We'll get more onto Edwin LeFevre in that section of the of the podcast. So
he starts his tale about his obsession with numbers.
(03:00):
And essentially what Larry used to do was he would watch the ticker and he would be in these shops and he would just seeing like the ticker price goes up, it goes down, like it'll jump from here to there.
And
he
would essentially watch these. And
there was something within him where, you know, if the price dropped from
$1.30 to $1.28
(03:21):
and a quarter
in a ten minute period
and it behaved in these certain manners, he would then get this feeling of like it's going to go up or it's going to go down even harder.
Nowadays, I guess you would call this
trading
analysis or technical analysis.
Analysis sorry was a better word, which was probably an early
(03:42):
probabilistic
prediction method. And,
you know,
he himself in these days in these bucket shops
where it was kind of a little bit dodgy, but you'd have these the stock market
pricing and you would be able to buy and sell within this,
within this operation.
You know, it was purely just momentum driven, I guess, is what you'd call it. So he knew nothing about the companies,
(04:08):
like valuations of them, PE ratios, forward guidance, interest rates, macro factors.
All of these were irrelevant to him,
although they started to play more of a part in his trading in the later sections of his life. But when he was a young kid, he'd essentially go into these shops and he would, make a fair bit of money doing this as well.
(04:29):
But as happens, you start to make a bit of money, and then he was getting kicked out of these places because he was actually costing them money. He was, you know, beating the bank, so to say.
And so he then moved on to another,
area going to join Wall Street where, yes, you could
join bigger firms. You could play around with large portions of money, and, you could lever up and you could get more connections, be closer to the heart of the action.
(04:56):
So
this, along with the next point, was what essentially made him an operator or what he would describe as a stock market operator.
Operator being the term for, you know, you'd still probably use this nowadays for someone who's who's got, like, a fair bit of skill in something. They're an operator. They know how to, like, execute. They know how to,
(05:17):
move
and behave in certain ways to get the desired outcome that they want. And so Larry was not so much obsessed with making money,
more he was obsessed with being right. He wanted to prove that his predictions were right. So he talks about all the time about, you know, if he was talking with friends about a certain stock
unless he was
(05:39):
like, he would certainly never give advice unless he already had a position open on this certain stock.
There's no point talking about things of just hyper hypotheticals and stuff like this. You have to put your money where your mouth is is was his essential motto. So
what else would he do? He would frequently cut vacation short
(06:00):
to race back to,
you know, his nearest broker and if not getting into the harder action in Wall Street, if he thought there was gonna be a big movement in price, if he thought there was some danger loomed looming on the horizon, if he thought there was an opportunity.
And it was interesting because I think it's a rather subtle distinction or, between
(06:21):
being right and earning money because
if he was right, he then earned money. So you could then say,
you know, what is the difference? It's the kind of subtleness of, like, chasing happiness versus doing things that make you happy.
You know, if you're chasing happiness for happiness' sake, you're not gonna really obtain it. But if you do
(06:41):
things which,
you enjoy or bring you meaning and then happiness kind of comes along for the ride, I guess that's the probably the way I would describe how he views happiness and,
and earning money.
Sorry. Not how he describes happiness, but how he describes earning money. It's more about him being right and correct.
So I think this is a helpful reframe because it took the way it took away some of the negative emotions that come with watching your net worth go up and down. And instead, it was just like, am I right or am I wrong? Which is a bit more of a neutral,
(07:16):
kind of feeling. It's not
tied to
perhaps your status. And he was talking about how he wanted to get rid of his emotions. So
the anger, the greed, the anger, the pride, the vanity that tripped up many of his peers,
and took away the kind of cutting edge of being able to be rational,
of having nerves of steel, of
(07:38):
being able to predict the future.
For him, it was just, am I right or am I wrong? That was essentially,
what he was saying in this.
Now as he grew with his resources, he had to operate differently.
So he couldn't,
just rely on watching a ticket go up and down. He then had to be like, oh, okay. There's different types of games that are being played when you're using large amounts of capital where he himself could move the price with his actions. And so
(08:07):
it's important to remember this was the early nineteen hundreds in The United States Of America.
There were really only 100 stocks
that could be traded. And of these, there was probably only
five at any given time that were worthwhile
of
keeping your eye on, and the rest were just kind of duds or not doing much. And so
(08:28):
it's kind of funny. His last chapter talks about how
it entered an era where it was impossible for a single person to be on top of the market because there's just so many stocks going on, and there was five or 600
nowadays. That's just the benchmark that you use for, you know, the S and P 500. So it was certainly a very different period where one person could be really on top of the stock market. And if you had enough money, I'm talking like a million dollars,
(08:57):
which remember a million back,
one hundred and twenty years ago was was a fair bit of money.
That was where he started have to go like, okay,
if I do this and someone else is trying to short me, or short the stock, that could actually have an impact. And if I'm using leverage, I could get wiped out. So I need to, you know, hedge my bets by doing this or that or that. These were all the sorts of things that started to then come into play for him. So
(09:24):
an operator was someone who had a big line, AKA had an opportunity
to use big leverage,
and could move the market substantially. And,
we're in the game to make money. So that is what a stock market operator is.
How to be a good one is a rather interesting question. And the reason for that is because as we'll see later
(09:47):
in this, in the author section,
he he was good at it, but he also wasn't. So take take all of these next bits of advice or what I I kind of gained from this,
with a grain of salt because
it's good
advice, but also
it didn't end out. His whole life didn't end out spectacularly for him.
(10:09):
Take grain of salt needed. So a couple of lessons encapsulated,
in a short sentence that I took from him.
And
it was kind of unexpected for me because I feel these are rather good rules of thumb, whether you are in the investment, speculation, or gambling side of,
putting money into a
(10:32):
stock, into a cryptocurrency,
into a bond, into a investment of whatever sort.
He himself is certainly more on the speculation side of things. I'm more on the investment side of things,
and the gambling side of things is just idiotic and not a good use of your money.
What's the differences between all of these? I kind of discussed them in some of the previous book reviews on financial,
(10:57):
markets. So,
I'm gonna leave that here for the moment. But it was interesting because I felt this was rather applicable for myself, even though I would never day trade like he does, which,
requires a
level of attention detail
and effort, which I am not willing to put into and which I also don't think particularly works. Once again, his at the end of his life wasn't so great. And, anyway, here we go. You're a good stock operator if you make money. No other metrics matter. So it doesn't matter if you
(11:29):
have more fame on Wall Street for pulling off certain bets, if you are,
you know, more
meticulous, and if you're a bravado, bravado, you you talk all about your gains or if you are more of a quiet,
self centered or inwards person, none of that really matters. What matters if is if you make money. Now reliance on your own judgment is key. So his biggest mistakes were from taking tips from other people, from trying to help out friends,
(11:58):
or being swayed by a charismatic individual.
When he lost money was when he didn't follow his kind of gut instinct. And there was this real kind of tension in the book between
him using his head and then him using his gut
for when to make the right decision. And,
to be honest, I don't think he did a very good job of articulating
(12:20):
when it's best to use kind of the rational
more side of your brain and then when to use this
instinctual gut feeling, which perhaps is telling you things which your rational brain
has seen
and maybe interpreted but hasn't particularly understood.
And so that was kind of a tension in the book, which I don't think was really resolved.
(12:43):
Now
the best way to operate is if you're unhindered by external sources other than the ticker and general news,
was when he could make the best calls. So it wasn't when
he had his wife
telling him about, you know, this guy who sat the dinner with her, and and this guy knew that he was she was the wife of Larry Livingston. And so then he he recommended to her a certain type of stock. So she's recommending it to him and trying to influence him on that. No. The best for him was when he had the cool level, calm head.
(13:15):
He seemed to be a bit of a unique savant
as well,
based on his success
as a kid with, you know, very little capital. I'm talking like a couple of dollars
and
of being able to simply look at a ticker
and
know
whether it was going to go up or go down. You know, he probably had
(13:38):
a very
an aptitude for pattern recognition
of a very certain type related to numbers, which most of us don't have. So remember on that
He made and he made most of his money on big bets in the right macro environments
and when it was easy to tell the general trend. So once again, it's kind of like opportunities
(14:01):
would come along
only every couple of years, and you have to be a wide awake and prepared for them.
And if you try and force an opportunity to happen, if you try and force,
to make the quick gains or something like this, you're gonna get wrecked.
And this probably happens. Yeah. Like I said, on the,
every couple of years timescale,
(14:23):
to take advantage of these moments, he needed patience and kind of a stoic emotionless.
His worst trading, for example, was when he was in debt to other people
and owed $1,000,000
because he first of all, he listened to other people's advice and got swayed by a charismatic individual,
had a short on, which he shouldn't have had on and then got wrecked, and he was also using leverage.
(14:47):
He was then in debt to many other people. And so when he had this looming
thing of debt over his shoulders, over his head, that was when he felt, like, constricted and unable to operate in this best manner. And it wasn't until he paid all of that off,
he did a kind of subtle trick where he told everyone, like, hey, I'm not gonna be able to pay you off. So essentially went bankrupt,
(15:11):
started from a clean slate, made a whole bunch of money, and then was able to pay all of these people off many years later.
So he needed this kind of psychological trick to to say to himself, hey, you're now
unburdened by
this obligation to other people. Now he could operate in the in the best manner.
(15:33):
Set setbacks must be faced with courage. He went broke three times and bankrupt once.
Each instance required a strength of will
of a reliance of himself, and that was another key aspect of the book. He was very reliant on himself.
He trusted his own judgment,
and everyone else could, like, kinda go to hell, essentially. Like,
(15:54):
it's not that he didn't wanna hear their opinions, but he
didn't take it into consideration
when it came to him and to what he was gonna do with his money and his decisions,
which then allowed him to also
find this kind of seeking of the truth or seeking of whether he was correct or not because it was all on him.
(16:15):
And he then couldn't blame other people for, oh, they said this, and he gave me this tip and turned it out like he was just stabbing me in the back and was offloading on me or nothing like this.
You must always take the opportunity to unload paper profits
when operating at a large size. So, you know, when he was in the millions
(16:36):
of dollars and, you know,
hundreds,
thousands, tens of thousands of stocks.
It's funny because at the time, I think the all the stock prices were probably were within a range of like
1 to $100 or something now. Whereas nowadays you could have a penny stock which is worth 0.001.
(16:57):
And you can also have a, you know, Berkshire Hathaway, which is worth $200 or something. So he was always he was denominating
in numbers of stocks as if that meant something. Whereas nowadays, it's like, I don't know what that means.
And,
so
for the smaller person,
that kind of advice would probably be something along the lines of cutting losses and letting winners run.
(17:23):
With fame comes opportunity and bizarre rumors. So, you know, when he started to get famous as being a a big stock operator with a big line
and people knew he had a lot of money, people knew he acted and behaved in certain ways, then all sorts of rumors would come up about how, you know, he died or how he was all in on this one certain stock, which he'd like never even heard of or things like this. So
(17:50):
that was something where he was saying there's nothing you can do about it, but there's certain opportunities that fame allow
access to certain types of people or to,
opportunities which you wouldn't get elsewise
and that it's best to just try and make use of those.
People can manipulate
a market very briefly,
(18:11):
but the market will win as a whole. So if you try and suppress the price of a stock,
which
once again, the whole point of a a stock is to find out, like, what's the actual value of this thing
and
the market sorry. The whole
purpose of a stock market is to find the value of this share in a company.
What is this company gonna be worth? What are its future cash flows? Things like this. He started to get more into, I guess, the fundamental analysis, the later
(18:40):
portions of his,
career where he'd start going like, oh, you know, there's this big San Francisco earthquake that's gonna disrupt train lines. That means this train company is going to experience this or this, you know, grocery company is going to experience that because of these type of events. Oh, geopolitical
stuff. Oh, there's war,
(19:00):
occurring. Oh, there's, you know, a banana shortage in wherever.
He played around with a lot of these things. And,
you know, there was this thing of cornering the market where you corner the market in wheat. So you buy so much like wheat options or I don't know what it was back then,
where you control, let's say, 30%
(19:22):
of all of the wheat in The United
States. Well,
that that has a very serious impact on people's ability to like eat, for example. And so
it was kind of just after this period, the nineteen hundreds, where the SEC
was formed to stop people like Larry,
(19:43):
from
affecting markets
individually
and
for for
his own game. He always said that he acted in an ethical manner according to the rules.
But, you know, if there's no rules, then
he's probably screwing over some people as well, let's be honest.
And here's a little brief quote from him.
(20:05):
One of the most helpful things that anybody can learn is to give up trying to catch the last eight or the first. These are the two most expensive eights in the world. So if you're riding a bubble up or riding or riding it down on a burst bubble,
trying to time the exact top or trying to time the exact bottom
is not gonna
(20:25):
work like you. Those are very expensive eights. And the bulk of the money you can make is in those six eights in the middle where you can catch it near the bottom and write it up and sell it near the top. But trying to time it exactly,
if you do that, you're you're just gonna, like, round trip essentially one way or another. So those were all the kind of things I I took from him.
(20:48):
Let's jump on to the actual author himself.
So the actual author was Edwin Lefebvre,
born 1871,
died in 1943.
He was a journalist
cum investor himself. So
he was more of a writer, I believe, and an academic, but
had some money and was in the investing world,
(21:10):
which I think put him in contact with people like
Jesse, Larry,
Lauriston, Livermore.
And so I imagine he knew him in person,
just the way the book was written,
but I don't know that for actual sure. So,
Larry, we'll talk about him as well. Edwin, unfortunately, there's just not that much to talk about. I mean, he He had published, I think, another book or two, had some articles
(21:36):
written written and and things like that. But largely,
this book is his
most renowned book,
which is even talked about
nowadays by,
financial people. So it is a financial book for sure,
and it's kind of a financial history book, I guess. But he himself was there's not that much to to talk about him.
(21:59):
Now the actual,
other things
about Larry,
are probably more interesting. So
he was a very similar age. So born, you know, late
late eighteen, '8, seventies, eighties, around there, and died at a very similar age in the,
I think just before World War Two.
(22:21):
He ended up becoming extraordinarily
wealthy. At some point, he'd have hundreds of millions. He didn't really flaunted in the book. So
I never got the feeling that
he was
excessive with his wealth, or at least
he he would talk about his vacations and how he had, like, a nice car and things like that, but he wasn't
(22:42):
braggadosed about it,
which was interesting.
But he had hundreds of millions, which nowadays would be in the billions. So he was a pretty wealthy dude at certain points.
And this,
gets to the point where I was hinting at earlier,
he would eventually lose it all and not necessarily on the cars and luxury, but probably because
(23:04):
he was a guy who kept chasing the dragon. He loved the game of stock operating, of of working the markets, of being involved.
And he also did it with leverage and
in a risky manner. You know, he went broke multiple times
and got it all back
when he was talking about it in this book. And, you know, it kind of ends off with him
(23:28):
presumably
wealthy and and doing well. But
he went broke again.
And, so,
eventually he died by suicide
and in fact, in heavy debt as well. So
rather unfortunate end to him, which is also why, you know what, listening to him
talk and about stock operating and day trading and things like this,
(23:53):
he he was never content. He never
found, I guess, a a nice point in his life where he was like, I've got enough money,
or, you know, I can set aside a whole bunch of money to that will never be touched and that it'll just be in, like, a passive, very low risk
index fund or didn't even have index funds back then or in in bonds or something like that.
(24:15):
He he seemed like a guy who was incapable of that. And so,
now the actual writing itself
was rather witty and insightful. I rather enjoyed reading it. The stories that were being told told,
captivated me, pulled me in, was like, oh, this guy is kind of funny. Oh, that was an interesting experience that he had.
(24:35):
And it made him to be rather humble and real about himself. So, for example,
he wouldn't claim that he traded
intelligently.
He learned how to trade less unintelligently.
So he kind of put himself on the back foot a lot and was saying, like, you know, I'm constantly learning and I'm trying
to get better at this.
(24:55):
Although he wasn't in pursuit of the truth or even particularly
moral,
he was grounded in reality. And I did like that about him. He
took on responsibility for his own actions and this being money wise. And if he was right, he was right. And if he was wrong, he was wrong, but he couldn't blame other people. And I I kind of rather respected that about him. He
(25:17):
had an independence or reliance on himself,
and certainly of not playing the victim, which, I thought was pretty good. So the ticker was his ultimate judge of reality. And if he was scammed, if black swans occurred,
it was ultimately his fault and his responsibility.
Speaking of the last chapter, which I mentioned before, where he's kind of rounding it up and saying, like, you know, things have changed in the stock market, and
(25:45):
we've now entered a different era. You know, you can't corner the market. And there's they're putting some regulations in this being the government or even just the way that the stock and ticket the ticket operated and things like this.
He he was kind of already at that age
reminiscing about his own period, let alone us here a hundred and twenty years in the future.
(26:09):
And
what he was saying was,
like, yeah, you know, there was there was things that I was doing which were okay and so, like, he couldn't I couldn't really do anymore.
He would likely be viewed
as a dodgy bad guy nowadays, especially just because of the way that he
was
(26:31):
manipulating
things. And
like I said, his ultimate judge of reality
or morality was whether he was right or wrong, whether he made money or not. It wasn't whether this was good for the nation. It wasn't whether if, this stock
was something that was beneficial and
something that was trying to improve,
(26:53):
or if it was a, you know, a war stock, for example, of of somewhere, you know, creating ammunitions or things like this.
He didn't care if other people lost a whole bunch of money.
He was in it just to know whether he was right or wrong, and that was judged by whether he was very wealthy or not very wealthy. So
(27:14):
I guess you'd call him someone like George Soros nowadays where,
you know, George Soros broke the bank of England famously in the
'19,
I'm going to say eighties.
And,
you know, he by shorting the pound, this caused a tremendous
amount of
havoc for other people. It was probably going to happen anyway, but he was the guy who did it.
(27:37):
And so,
you know, a lot of other people experienced misfortune because he was correct in predicting reality slash making it happen as well. Because there is perhaps a future where
that wouldn't have happened and there wouldn't have been another George Soros stepping up and doing that. So, you know,
he could corner stocks. He this guy, Larry, knew how to knew inside information.
(28:02):
He would kind of form cabals with other people. He would backstab them or
you know, before they backstabbed him, he knew how to move prices, how to unload on the public,
how to use media to
whip up hype
of something so that he could unload it.
It's not his book,
but was likely written with his blessings. And so
(28:24):
it was all rosy, more or less, but I would not be surprised if he indulged in a lot of,
illegal
financial
serious shenanigans,
which we would condemn him for.
Even reading the book, I'm still like, yeah, you know, I'm I'm very ambivalent slash
not
(28:45):
particularly approving of his
style and would probably be like, if I've met him in real life, be like, yeah. You know, like, he's not killing people, but he's not necessarily a great guy. I've I've met some of those types of people before,
and
it's interesting. It's interesting to meet them. They've got a very unique view of the world.
(29:05):
So we're gonna wrap it up here.
Summary summary, so similar books recommendations.
Although it's a book about the 1900
stock market,
a reminiscence,
of nostalgia, if you will,
it's just as much about a man. So I think amoral is the best way to describe Larry himself
(29:27):
and his occupation per perhaps as a whole.
His black and white lens
fixation on on money
doesn't really open him to questions of right or wrong, of
the matters of conscience, the health of an industry, of a market.
What's the meaning of life? You know, he doesn't really give a shit about all of that. He just wanted to know whether he was right or wrong. And he did this by making a shit ton of money.
(29:52):
The stock market at that time, I think, allowed for a lot of unfair practices
of if you knew
the and you could argue that it's still the same nowadays
with,
VCs and hedge funds and
market makers, and there is a lot of manipulation still going on.
(30:13):
It's it's hard to know. Like,
we we never really live in a free market, I would I would say. And a free market implies that anyone can do anything. And so therefore,
he was okay. He was fine to do that. So,
you know, it's this tension between,
right and wrong of being correct or incorrect,
of you tipping the scales and whether that's a good thing or a bad thing.
(30:36):
This book isn't really about that, and it's just about
how to make money and his time of how he made money. So,
putting all that aside, you know, it's a very fun read. I found it super engaging,
with a lot to be learned about financial psychology.
If you're a day trader, I would say this is a must read just because
(30:57):
he was
he he was very good at it for a certain period of his life.
And you get to know about the kind of vibes of nineteen hundreds Wall Street, which was a rather interesting history lesson as well. So overall, I'm going to give Reminiscences
of A Stock Operator by Edwin Lefebvre
a seven and a half out of 10. Pretty solid book. I real I really quite enjoyed it. If you want a similar book,
(31:22):
the book review I'm doing next week, hint hint, is actually rather similar.
So in terms that it's like a financial history of a certain individual,
almost like a biography, if you wanna call it that,
which is gonna be about Jay Gould and written by Trumble White.
Michael Lewis's Liars Poker is probably
(31:44):
something that's the most similar to what I've read, maybe even More Money Than God by Sebastian Mallaby,
has this, you know, financial aspect, but also the characters within the financial world and gives you a feeling of the time period,
whether it be
Wall Street. And
in either case, all the cases I'm listing here is Wall Street, whether it be Wall Street in
(32:07):
the, you know, nineteen
sixties, seventies, eighties for more money than God or whether it be the nineties, 2 thousands for Elias Poker. So,
a couple of different options there.
Final sections here, value for value.
If you've enjoyed this podcast, I just ask that you return that value in some shape or form. Many different ways you can do this reaching out for like a comment. I see Me and Models podcast, AKA Juan, in the chat here was helping me out with just the live stream and,
(32:36):
some of the things about it.
So commenting, joining in live is super fun. If you wanna give me your book recommendations,
what is your favorite book of all time? What is something you think I would enjoy reading?
I love to hear these things, so please reach out via any of our channels. And then finally, if you wanna support in a monetary
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(33:02):
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(33:35):
And, yeah, that's that's it. I am live on 11AM Australian Eastern Standard Time on a Wednesday. So just ask AI to convert that to your time zone, and would love to see you in. I put up the schedule notifications usually a couple of days beforehand
so you can see exactly when,
on YouTube or on your podcasting app,
(33:58):
what's coming up in the future as well. So I mentioned, The Wizard of Wall Street and His Wealth by
Trumbull White, which is about Jay Gold. I'm reading a book at the moment about the Athenian Navy,
and then I'm gonna have a whole bunch of library books coming in my way shortly, and I'll start to sort through those and and read those as we go. So I am about a week and a half ahead at the moment in terms of my reading schedule.
(34:21):
Looking forward to reading more in the future, and I hope you're looking forward to more book reviews
coming up as well. So we're gonna leave it there for today. Ciao for now. Karen out. Bye.
The fun side of rather questionable behavior.
Welcome,
mere mortalites, to another round of the mere mortals book reviews. I'm your host here, Kyrin, coming in live, coming in clean and fresh with a nice camera on the July
(00:22):
23.
And as you maximize, this is the podcast where I shield my trading start strategy.
Three months guaranteed profits, million dollars plus. Who's willing to join up and pay me a thousand dollars a month?
Okay. There's not gonna be any of that today, but there is gonna be some,
reminiscences
of perhaps a stock operator and of the trading strategies of one in this book here. Reminiscences of a Stock Operator by Edwin Lefebvre, I be I believe is how that is pronounced.
(00:53):
He this was published in 1923.
It's about 288
pages in length. I read it on the Kindle. So it took me, I think, about ten hours reading to get through. It's kinda hard to know because I was traveling whilst reading this. This is one of my travel books.
So what is it? It's a fictional first person account,
but it's kind of based off
of the life of a real life stock trader,
(01:17):
in the early nineteen hundreds whose name was Jesse Lauriston Livermore, AKA Larry Livermore.
And basically, he describes his early life. So
even though a different author wrote it, it's describing the life of Larry,
of how of where he grew up, how he got into these bucket shop tradings, and was essentially trading the ticker prices. And this is in the days of the tickers. We'll see a a little section of that in the next chapter if you're watching and if you're on a modern podcasting app where you can see the chapters.
(01:48):
And then he goes on to getting to Wall Street, starts using leverage,
and finally is getting to the point where he himself is able to move the market and start doing some market manipulations
towards the later part of his career.
So what will you find within
amusing stories of, like, trading hijinks, of
(02:10):
memorable characters in the Wall Street,
era of those days,
unbelievable trades where he made millions
buying or shorting,
certain types of stocks,
of the emotional discipline required to be a good trader, and then also how
you will go bankrupt
and go broke many, many times if you try this stuff. So let's jump into the actual themes and questions. What is a stock market operator? How do you become a good one?
(02:37):
And for the purposes of simplicity, I'm going to
pretend that Jesse Larry Livermore is
the actual author of this and that this is told from his first person account, even though it was a separate author who was writing this. We'll get more onto Edwin LeFevre in that section of the of the podcast. So
he starts his tale about his obsession with numbers.
(03:00):
And essentially what Larry used to do was he would watch the ticker and he would be in these shops and he would just seeing like the ticker price goes up, it goes down, like it'll jump from here to there.
And
he
would essentially watch these. And
there was something within him where, you know, if the price dropped from
$1.30 to $1.28
(03:21):
and a quarter
in a ten minute period
and it behaved in these certain manners, he would then get this feeling of like it's going to go up or it's going to go down even harder.
Nowadays, I guess you would call this
trading
analysis or technical analysis.
Analysis sorry was a better word, which was probably an early
(03:42):
probabilistic
prediction method. And,
you know,
he himself in these days in these bucket shops
where it was kind of a little bit dodgy, but you'd have these the stock market
pricing and you would be able to buy and sell within this,
within this operation.
You know, it was purely just momentum driven, I guess, is what you'd call it. So he knew nothing about the companies,
(04:08):
like valuations of them, PE ratios, forward guidance, interest rates, macro factors.
All of these were irrelevant to him,
although they started to play more of a part in his trading in the later sections of his life. But when he was a young kid, he'd essentially go into these shops and he would, make a fair bit of money doing this as well.
(04:29):
But as happens, you start to make a bit of money, and then he was getting kicked out of these places because he was actually costing them money. He was, you know, beating the bank, so to say.
And so he then moved on to another,
area going to join Wall Street where, yes, you could
join bigger firms. You could play around with large portions of money, and, you could lever up and you could get more connections, be closer to the heart of the action.
(04:56):
So
this, along with the next point, was what essentially made him an operator or what he would describe as a stock market operator.
Operator being the term for, you know, you'd still probably use this nowadays for someone who's who's got, like, a fair bit of skill in something. They're an operator. They know how to, like, execute. They know how to,
(05:17):
move
and behave in certain ways to get the desired outcome that they want. And so Larry was not so much obsessed with making money,
more he was obsessed with being right. He wanted to prove that his predictions were right. So he talks about all the time about, you know, if he was talking with friends about a certain stock
unless he was
(05:39):
like, he would certainly never give advice unless he already had a position open on this certain stock.
There's no point talking about things of just hyper hypotheticals and stuff like this. You have to put your money where your mouth is is was his essential motto. So
what else would he do? He would frequently cut vacation short
(06:00):
to race back to,
you know, his nearest broker and if not getting into the harder action in Wall Street, if he thought there was gonna be a big movement in price, if he thought there was some danger loomed looming on the horizon, if he thought there was an opportunity.
And it was interesting because I think it's a rather subtle distinction or, between
(06:21):
being right and earning money because
if he was right, he then earned money. So you could then say,
you know, what is the difference? It's the kind of subtleness of, like, chasing happiness versus doing things that make you happy.
You know, if you're chasing happiness for happiness' sake, you're not gonna really obtain it. But if you do
(06:41):
things which,
you enjoy or bring you meaning and then happiness kind of comes along for the ride, I guess that's the probably the way I would describe how he views happiness and,
and earning money.
Sorry. Not how he describes happiness, but how he describes earning money. It's more about him being right and correct.
So I think this is a helpful reframe because it took the way it took away some of the negative emotions that come with watching your net worth go up and down. And instead, it was just like, am I right or am I wrong? Which is a bit more of a neutral,
(07:16):
kind of feeling. It's not
tied to
perhaps your status. And he was talking about how he wanted to get rid of his emotions. So
the anger, the greed, the anger, the pride, the vanity that tripped up many of his peers,
and took away the kind of cutting edge of being able to be rational,
of having nerves of steel, of
(07:38):
being able to predict the future.
For him, it was just, am I right or am I wrong? That was essentially,
what he was saying in this.
Now as he grew with his resources, he had to operate differently.
So he couldn't,
just rely on watching a ticket go up and down. He then had to be like, oh, okay. There's different types of games that are being played when you're using large amounts of capital where he himself could move the price with his actions. And so
(08:07):
it's important to remember this was the early nineteen hundreds in The United States Of America.
There were really only 100 stocks
that could be traded. And of these, there was probably only
five at any given time that were worthwhile
of
keeping your eye on, and the rest were just kind of duds or not doing much. And so
(08:28):
it's kind of funny. His last chapter talks about how
it entered an era where it was impossible for a single person to be on top of the market because there's just so many stocks going on, and there was five or 600
nowadays. That's just the benchmark that you use for, you know, the S and P 500. So it was certainly a very different period where one person could be really on top of the stock market. And if you had enough money, I'm talking like a million dollars,
(08:57):
which remember a million back,
one hundred and twenty years ago was was a fair bit of money.
That was where he started have to go like, okay,
if I do this and someone else is trying to short me, or short the stock, that could actually have an impact. And if I'm using leverage, I could get wiped out. So I need to, you know, hedge my bets by doing this or that or that. These were all the sorts of things that started to then come into play for him. So
(09:24):
an operator was someone who had a big line, AKA had an opportunity
to use big leverage,
and could move the market substantially. And,
we're in the game to make money. So that is what a stock market operator is.
How to be a good one is a rather interesting question. And the reason for that is because as we'll see later
(09:47):
in this, in the author section,
he he was good at it, but he also wasn't. So take take all of these next bits of advice or what I I kind of gained from this,
with a grain of salt because
it's good
advice, but also
it didn't end out. His whole life didn't end out spectacularly for him.
(10:09):
Take grain of salt needed. So a couple of lessons encapsulated,
in a short sentence that I took from him.
And
it was kind of unexpected for me because I feel these are rather good rules of thumb, whether you are in the investment, speculation, or gambling side of,
putting money into a
(10:32):
stock, into a cryptocurrency,
into a bond, into a investment of whatever sort.
He himself is certainly more on the speculation side of things. I'm more on the investment side of things,
and the gambling side of things is just idiotic and not a good use of your money.
What's the differences between all of these? I kind of discussed them in some of the previous book reviews on financial,
(10:57):
markets. So,
I'm gonna leave that here for the moment. But it was interesting because I felt this was rather applicable for myself, even though I would never day trade like he does, which,
requires a
level of attention detail
and effort, which I am not willing to put into and which I also don't think particularly works. Once again, his at the end of his life wasn't so great. And, anyway, here we go. You're a good stock operator if you make money. No other metrics matter. So it doesn't matter if you
(11:29):
have more fame on Wall Street for pulling off certain bets, if you are,
you know, more
meticulous, and if you're a bravado, bravado, you you talk all about your gains or if you are more of a quiet,
self centered or inwards person, none of that really matters. What matters if is if you make money. Now reliance on your own judgment is key. So his biggest mistakes were from taking tips from other people, from trying to help out friends,
(11:58):
or being swayed by a charismatic individual.
When he lost money was when he didn't follow his kind of gut instinct. And there was this real kind of tension in the book between
him using his head and then him using his gut
for when to make the right decision. And,
to be honest, I don't think he did a very good job of articulating
(12:20):
when it's best to use kind of the rational
more side of your brain and then when to use this
instinctual gut feeling, which perhaps is telling you things which your rational brain
has seen
and maybe interpreted but hasn't particularly understood.
And so that was kind of a tension in the book, which I don't think was really resolved.
(12:43):
Now
the best way to operate is if you're unhindered by external sources other than the ticker and general news,
was when he could make the best calls. So it wasn't when
he had his wife
telling him about, you know, this guy who sat the dinner with her, and and this guy knew that he was she was the wife of Larry Livingston. And so then he he recommended to her a certain type of stock. So she's recommending it to him and trying to influence him on that. No. The best for him was when he had the cool level, calm head.
(13:15):
He seemed to be a bit of a unique savant
as well,
based on his success
as a kid with, you know, very little capital. I'm talking like a couple of dollars
and
of being able to simply look at a ticker
and
know
whether it was going to go up or go down. You know, he probably had
(13:38):
a very
an aptitude for pattern recognition
of a very certain type related to numbers, which most of us don't have. So remember on that
He made and he made most of his money on big bets in the right macro environments
and when it was easy to tell the general trend. So once again, it's kind of like opportunities
(14:01):
would come along
only every couple of years, and you have to be a wide awake and prepared for them.
And if you try and force an opportunity to happen, if you try and force,
to make the quick gains or something like this, you're gonna get wrecked.
And this probably happens. Yeah. Like I said, on the,
every couple of years timescale,
(14:23):
to take advantage of these moments, he needed patience and kind of a stoic emotionless.
His worst trading, for example, was when he was in debt to other people
and owed $1,000,000
because he first of all, he listened to other people's advice and got swayed by a charismatic individual,
had a short on, which he shouldn't have had on and then got wrecked, and he was also using leverage.
(14:47):
He was then in debt to many other people. And so when he had this looming
thing of debt over his shoulders, over his head, that was when he felt, like, constricted and unable to operate in this best manner. And it wasn't until he paid all of that off,
he did a kind of subtle trick where he told everyone, like, hey, I'm not gonna be able to pay you off. So essentially went bankrupt,
(15:11):
started from a clean slate, made a whole bunch of money, and then was able to pay all of these people off many years later.
So he needed this kind of psychological trick to to say to himself, hey, you're now
unburdened by
this obligation to other people. Now he could operate in the in the best manner.
(15:33):
Set setbacks must be faced with courage. He went broke three times and bankrupt once.
Each instance required a strength of will
of a reliance of himself, and that was another key aspect of the book. He was very reliant on himself.
He trusted his own judgment,
and everyone else could, like, kinda go to hell, essentially. Like,
(15:54):
it's not that he didn't wanna hear their opinions, but he
didn't take it into consideration
when it came to him and to what he was gonna do with his money and his decisions,
which then allowed him to also
find this kind of seeking of the truth or seeking of whether he was correct or not because it was all on him.
(16:15):
And he then couldn't blame other people for, oh, they said this, and he gave me this tip and turned it out like he was just stabbing me in the back and was offloading on me or nothing like this.
You must always take the opportunity to unload paper profits
when operating at a large size. So, you know, when he was in the millions
(16:36):
of dollars and, you know,
hundreds,
thousands, tens of thousands of stocks.
It's funny because at the time, I think the all the stock prices were probably were within a range of like
1 to $100 or something now. Whereas nowadays you could have a penny stock which is worth 0.001.
(16:57):
And you can also have a, you know, Berkshire Hathaway, which is worth $200 or something. So he was always he was denominating
in numbers of stocks as if that meant something. Whereas nowadays, it's like, I don't know what that means.
And,
so
for the smaller person,
that kind of advice would probably be something along the lines of cutting losses and letting winners run.
(17:23):
With fame comes opportunity and bizarre rumors. So, you know, when he started to get famous as being a a big stock operator with a big line
and people knew he had a lot of money, people knew he acted and behaved in certain ways, then all sorts of rumors would come up about how, you know, he died or how he was all in on this one certain stock, which he'd like never even heard of or things like this. So
(17:50):
that was something where he was saying there's nothing you can do about it, but there's certain opportunities that fame allow
access to certain types of people or to,
opportunities which you wouldn't get elsewise
and that it's best to just try and make use of those.
People can manipulate
a market very briefly,
(18:11):
but the market will win as a whole. So if you try and suppress the price of a stock,
which
once again, the whole point of a a stock is to find out, like, what's the actual value of this thing
and
the market sorry. The whole
purpose of a stock market is to find the value of this share in a company.
What is this company gonna be worth? What are its future cash flows? Things like this. He started to get more into, I guess, the fundamental analysis, the later
(18:40):
portions of his,
career where he'd start going like, oh, you know, there's this big San Francisco earthquake that's gonna disrupt train lines. That means this train company is going to experience this or this, you know, grocery company is going to experience that because of these type of events. Oh, geopolitical
stuff. Oh, there's war,
(19:00):
occurring. Oh, there's, you know, a banana shortage in wherever.
He played around with a lot of these things. And,
you know, there was this thing of cornering the market where you corner the market in wheat. So you buy so much like wheat options or I don't know what it was back then,
where you control, let's say, 30%
(19:22):
of all of the wheat in The United
States. Well,
that that has a very serious impact on people's ability to like eat, for example. And so
it was kind of just after this period, the nineteen hundreds, where the SEC
was formed to stop people like Larry,
(19:43):
from
affecting markets
individually
and
for for
his own game. He always said that he acted in an ethical manner according to the rules.
But, you know, if there's no rules, then
he's probably screwing over some people as well, let's be honest.
And here's a little brief quote from him.
(20:05):
One of the most helpful things that anybody can learn is to give up trying to catch the last eight or the first. These are the two most expensive eights in the world. So if you're riding a bubble up or riding or riding it down on a burst bubble,
trying to time the exact top or trying to time the exact bottom
is not gonna
(20:25):
work like you. Those are very expensive eights. And the bulk of the money you can make is in those six eights in the middle where you can catch it near the bottom and write it up and sell it near the top. But trying to time it exactly,
if you do that, you're you're just gonna, like, round trip essentially one way or another. So those were all the kind of things I I took from him.
(20:48):
Let's jump on to the actual author himself.
So the actual author was Edwin Lefebvre,
born 1871,
died in 1943.
He was a journalist
cum investor himself. So
he was more of a writer, I believe, and an academic, but
had some money and was in the investing world,
(21:10):
which I think put him in contact with people like
Jesse, Larry,
Lauriston, Livermore.
And so I imagine he knew him in person,
just the way the book was written,
but I don't know that for actual sure. So,
Larry, we'll talk about him as well. Edwin, unfortunately, there's just not that much to talk about. I mean, he He had published, I think, another book or two, had some articles
(21:36):
written written and and things like that. But largely,
this book is his
most renowned book,
which is even talked about
nowadays by,
financial people. So it is a financial book for sure,
and it's kind of a financial history book, I guess. But he himself was there's not that much to to talk about him.
(21:59):
Now the actual,
other things
about Larry,
are probably more interesting. So
he was a very similar age. So born, you know, late
late eighteen, '8, seventies, eighties, around there, and died at a very similar age in the,
I think just before World War Two.
(22:21):
He ended up becoming extraordinarily
wealthy. At some point, he'd have hundreds of millions. He didn't really flaunted in the book. So
I never got the feeling that
he was
excessive with his wealth, or at least
he he would talk about his vacations and how he had, like, a nice car and things like that, but he wasn't
(22:42):
braggadosed about it,
which was interesting.
But he had hundreds of millions, which nowadays would be in the billions. So he was a pretty wealthy dude at certain points.
And this,
gets to the point where I was hinting at earlier,
he would eventually lose it all and not necessarily on the cars and luxury, but probably because
(23:04):
he was a guy who kept chasing the dragon. He loved the game of stock operating, of of working the markets, of being involved.
And he also did it with leverage and
in a risky manner. You know, he went broke multiple times
and got it all back
when he was talking about it in this book. And, you know, it kind of ends off with him
(23:28):
presumably
wealthy and and doing well. But
he went broke again.
And, so,
eventually he died by suicide
and in fact, in heavy debt as well. So
rather unfortunate end to him, which is also why, you know what, listening to him
talk and about stock operating and day trading and things like this,
(23:53):
he he was never content. He never
found, I guess, a a nice point in his life where he was like, I've got enough money,
or, you know, I can set aside a whole bunch of money to that will never be touched and that it'll just be in, like, a passive, very low risk
index fund or didn't even have index funds back then or in in bonds or something like that.
(24:15):
He he seemed like a guy who was incapable of that. And so,
now the actual writing itself
was rather witty and insightful. I rather enjoyed reading it. The stories that were being told told,
captivated me, pulled me in, was like, oh, this guy is kind of funny. Oh, that was an interesting experience that he had.
(24:35):
And it made him to be rather humble and real about himself. So, for example,
he wouldn't claim that he traded
intelligently.
He learned how to trade less unintelligently.
So he kind of put himself on the back foot a lot and was saying, like, you know, I'm constantly learning and I'm trying
to get better at this.
(24:55):
Although he wasn't in pursuit of the truth or even particularly
moral,
he was grounded in reality. And I did like that about him. He
took on responsibility for his own actions and this being money wise. And if he was right, he was right. And if he was wrong, he was wrong, but he couldn't blame other people. And I I kind of rather respected that about him. He
(25:17):
had an independence or reliance on himself,
and certainly of not playing the victim, which, I thought was pretty good. So the ticker was his ultimate judge of reality. And if he was scammed, if black swans occurred,
it was ultimately his fault and his responsibility.
Speaking of the last chapter, which I mentioned before, where he's kind of rounding it up and saying, like, you know, things have changed in the stock market, and
(25:45):
we've now entered a different era. You know, you can't corner the market. And there's they're putting some regulations in this being the government or even just the way that the stock and ticket the ticket operated and things like this.
He he was kind of already at that age
reminiscing about his own period, let alone us here a hundred and twenty years in the future.
(26:09):
And
what he was saying was,
like, yeah, you know, there was there was things that I was doing which were okay and so, like, he couldn't I couldn't really do anymore.
He would likely be viewed
as a dodgy bad guy nowadays, especially just because of the way that he
was
(26:31):
manipulating
things. And
like I said, his ultimate judge of reality
or morality was whether he was right or wrong, whether he made money or not. It wasn't whether this was good for the nation. It wasn't whether if, this stock
was something that was beneficial and
something that was trying to improve,
(26:53):
or if it was a, you know, a war stock, for example, of of somewhere, you know, creating ammunitions or things like this.
He didn't care if other people lost a whole bunch of money.
He was in it just to know whether he was right or wrong, and that was judged by whether he was very wealthy or not very wealthy. So
(27:14):
I guess you'd call him someone like George Soros nowadays where,
you know, George Soros broke the bank of England famously in the
'19,
I'm going to say eighties.
And,
you know, he by shorting the pound, this caused a tremendous
amount of
havoc for other people. It was probably going to happen anyway, but he was the guy who did it.
(27:37):
And so,
you know, a lot of other people experienced misfortune because he was correct in predicting reality slash making it happen as well. Because there is perhaps a future where
that wouldn't have happened and there wouldn't have been another George Soros stepping up and doing that. So, you know,
he could corner stocks. He this guy, Larry, knew how to knew inside information.
(28:02):
He would kind of form cabals with other people. He would backstab them or
you know, before they backstabbed him, he knew how to move prices, how to unload on the public,
how to use media to
whip up hype
of something so that he could unload it.
It's not his book,
but was likely written with his blessings. And so
(28:24):
it was all rosy, more or less, but I would not be surprised if he indulged in a lot of,
illegal
financial
serious shenanigans,
which we would condemn him for.
Even reading the book, I'm still like, yeah, you know, I'm I'm very ambivalent slash
not
(28:45):
particularly approving of his
style and would probably be like, if I've met him in real life, be like, yeah. You know, like, he's not killing people, but he's not necessarily a great guy. I've I've met some of those types of people before,
and
it's interesting. It's interesting to meet them. They've got a very unique view of the world.
(29:05):
So we're gonna wrap it up here.
Summary summary, so similar books recommendations.
Although it's a book about the 1900
stock market,
a reminiscence,
of nostalgia, if you will,
it's just as much about a man. So I think amoral is the best way to describe Larry himself
(29:27):
and his occupation per perhaps as a whole.
His black and white lens
fixation on on money
doesn't really open him to questions of right or wrong, of
the matters of conscience, the health of an industry, of a market.
What's the meaning of life? You know, he doesn't really give a shit about all of that. He just wanted to know whether he was right or wrong. And he did this by making a shit ton of money.
(29:52):
The stock market at that time, I think, allowed for a lot of unfair practices
of if you knew
the and you could argue that it's still the same nowadays
with,
VCs and hedge funds and
market makers, and there is a lot of manipulation still going on.
(30:13):
It's it's hard to know. Like,
we we never really live in a free market, I would I would say. And a free market implies that anyone can do anything. And so therefore,
he was okay. He was fine to do that. So,
you know, it's this tension between,
right and wrong of being correct or incorrect,
of you tipping the scales and whether that's a good thing or a bad thing.
(30:36):
This book isn't really about that, and it's just about
how to make money and his time of how he made money. So,
putting all that aside, you know, it's a very fun read. I found it super engaging,
with a lot to be learned about financial psychology.
If you're a day trader, I would say this is a must read just because
(30:57):
he was
he he was very good at it for a certain period of his life.
And you get to know about the kind of vibes of nineteen hundreds Wall Street, which was a rather interesting history lesson as well. So overall, I'm going to give Reminiscences
of A Stock Operator by Edwin Lefebvre
a seven and a half out of 10. Pretty solid book. I real I really quite enjoyed it. If you want a similar book,
(31:22):
the book review I'm doing next week, hint hint, is actually rather similar.
So in terms that it's like a financial history of a certain individual,
almost like a biography, if you wanna call it that,
which is gonna be about Jay Gould and written by Trumble White.
Michael Lewis's Liars Poker is probably
(31:44):
something that's the most similar to what I've read, maybe even More Money Than God by Sebastian Mallaby,
has this, you know, financial aspect, but also the characters within the financial world and gives you a feeling of the time period,
whether it be
Wall Street. And
in either case, all the cases I'm listing here is Wall Street, whether it be Wall Street in
(32:07):
the, you know, nineteen
sixties, seventies, eighties for more money than God or whether it be the nineties, 2 thousands for Elias Poker. So,
a couple of different options there.
Final sections here, value for value.
If you've enjoyed this podcast, I just ask that you return that value in some shape or form. Many different ways you can do this reaching out for like a comment. I see Me and Models podcast, AKA Juan, in the chat here was helping me out with just the live stream and,
(32:36):
some of the things about it.
So commenting, joining in live is super fun. If you wanna give me your book recommendations,
what is your favorite book of all time? What is something you think I would enjoy reading?
I love to hear these things, so please reach out via any of our channels. And then finally, if you wanna support in a monetary
fashion because
I do does take some money. You know, I'm gonna buy a new cable for this camera here, for example. So
(33:02):
which will cost $13. So if you wanna sell, send 13 Australian dollars through here, that would be very much appreciated.
You know, you choose the value that you got from from listening to this, from watching this perhaps, and,
you can just send it back to us and be very much appreciated. So,
doing that via the PayPal link down below, if you join a modern podcasting app, something like Fountain Podcast Guru, True Fans, Customatic, you can join in live there as well as be able to support us directly within the app through the use of a boost.
(33:35):
And, yeah, that's that's it. I am live on 11AM Australian Eastern Standard Time on a Wednesday. So just ask AI to convert that to your time zone, and would love to see you in. I put up the schedule notifications usually a couple of days beforehand
so you can see exactly when,
on YouTube or on your podcasting app,
(33:58):
what's coming up in the future as well. So I mentioned, The Wizard of Wall Street and His Wealth by
Trumbull White, which is about Jay Gold. I'm reading a book at the moment about the Athenian Navy,
and then I'm gonna have a whole bunch of library books coming in my way shortly, and I'll start to sort through those and and read those as we go. So I am about a week and a half ahead at the moment in terms of my reading schedule.
(34:21):
Looking forward to reading more in the future, and I hope you're looking forward to more book reviews
coming up as well. So we're gonna leave it there for today. Ciao for now. Karen out. Bye.
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