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股票大作手回忆录|Memoirs of Stock Makers

第九章|Chapter IX

属类： 双语小说 【分类】其他读物 -[作者: 爱德温-勒菲弗] 阅读：[9855]
主要讲述了利弗莫尔的一生，不但用鲜活的笔触，复原了他充满激情的生活历程，更从专业的角度，详细介绍了利弗莫尔的各种技巧，并用最准确的表述，无限接近了他的思想最深邃处。
自工业化洪流激荡整个社会后，资本市场就以其无限魅力，强劲地席卷更多人参与其中。在过往100年的金钱游戏里，无疑出现许多顶尖高手，但最被后人不能忘怀的非杰西·利弗莫尔莫属。对数字的极端敏感加之惊人的记忆力，使不到20岁的利弗莫尔，就掌握了一套无往不胜的技术方法，最终被以盘剥“肥羊”为生的所有对赌行拒之门外。随即他转战华尔街，历经几次沉浮，炼就了一套辨识市场趋势的“秘诀”。凭着市场趋势这一“最佳搭档”，数度击溃幕后操纵者，成为当之无愧的投机之王
《 字+字- 行+行- 页+页- 字+字- 行+行- 页+页- 》
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我在佛罗里达州的外海航行，这里是钓鱼的好地方。我已经出脱股票，心情轻松自在，过得非常惬意。有一天，几个朋友驾驶摩托艇，来到棕榈滩海上玩。有人带了一张报纸。那些日子我没看过报纸，不管哪方面的内容，我都不想看。可是我瞄了一眼朋友带来的报纸后，发现股市上涨了十来个点。

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我对朋友说：“我要跟你们一起上岸。”偶尔来个适度的反弹很正常，可此时还是熊市，华尔街上或愚蠢或绝望的股民们却不管资金情况，把价格抬高到合理范围之外，或是纵容某些人这样做。对我来说，这样太过分了。我必须得看看股市了，我不知道自己能干什么，或者不干什么，但我明白我最需要的是看看股市报价。

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哈丁兄弟公司在棕榈滩也有个分部，我走进去时看到了很多认识的人。他们很多人都在议论说很看好市场。他们都是一些仅仅凭着行情报价玩股票的人，总想着快速交易。这样的股民没多少长远的眼光，他们的玩法也的确不需要这样的眼光。我说过，我是怎么在纽约获得“投机分子”这个称号的。当然了，通常情况下，人们喜欢把他人获利和炒股的事实夸大。这里的人听说我在纽约的时候通过做空赚了很多钱，此刻他们还是想让我再那样笃信一把空头。他们自己认为反弹还会持续一段时间，可同时又认为对抗反弹是我的责任。

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我本来是来佛罗里达钓鱼的，前一阵子我承受了很大压力，我需要度个假。可当我知道价格反弹不少的那时候，一下子感觉不需要度假了。我上岸时没有想到要做什么，但是现在我知道我要赶紧放空股票。我是对的，必须要用我唯一的老方法，用钱来验证我的判断是否正确。把股票全部卖掉，这是一种慎重、有效而且可以说是爱国的行为。

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我通过报价牌首先看到的是安纳康达公司的股票马上要突破300个点，简直是飞跃上涨，而且里面肯定有个很猛的团队在操控。有一条传统的交易规则：当股票首次突破100、200或300点的时候，价格不会停滞不前，而是会继续上涨很多，所以当它在突破重要关卡的时候，你马上买，必定会赚一笔。胆子小的人不爱在股价创新高纪录的时候买进，可是我却有这种股价波动的“史实”来指导我。

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安纳康达是所谓的四分之一股票，也就是面值只有25美元的小额股，它的400股相当于100股的普通股票的面值，我估计到了300点后，它还会继续上涨，很快就会到340美元。

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不要忘了，我还是很看淡后市的，可是我也是个能靠行情走势玩股票的人。我清楚安纳康达若能按照我的估计发展，就会很快地波动。不管多快，都吸引着我。我已经培养了耐心，知道了怎么样自我坚持，可我还是更喜欢快速行动。安纳康达绝对不是牛皮股，我在它突破300点的时候买入，是因为我想证实自己的观察，我这种意愿总是很强烈。

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那时，买的人比卖的人多，所以股市上涨的情形会持续下去，因此观察一段时间后再卖空比较适宜。对我来说，等一等也会有所收获的，我可以从安纳康这只股票中迅速赚取30点，我看空整个股市，却看好这一只股票。所以我买了3.2万股安纳康达，相当于8000股整股。这只股票是一只很好的小型投机股，我相信自己的推断，而且我还觉得，这一次赚的钱或许能够增强我的保证金实力，为我以后放空打下基础。

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第二天，因为受到北边暴风雨或者其他因素的影响，电报中断了。我在哈丁公司坐等消息。大家都在闲聊，猜测着股市行情。股票投资人不能交易时总是这样做。后来我们等到了那天唯一的一次报价，安纳康达是292。

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当时有个我在纽约认识的人跟我在一起，他清楚我做多了8000股。当听到报价的时候，他也吃了一惊，所以我觉得他手里也有些安纳康达的股票。他没法判断，那时股票是否会再跌十几个点。按照安纳康达之前上涨的走势，现在跌个20点以上应该也有可能。可是我还是对他说：“约翰，不要担心，明天就没事了。”我确实是这么感觉的，可是他盯着我直摇头，他就是这样的人，自认为自己更懂一些。我哈哈大笑起来，然后继续等着股市报价，可是再也没有报价传回来。我们得到的唯一报价是，安纳康达是292美元。这表示我赔了10万美元。我想要迅速行动，我罪有应得。

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隔天后，电报线路恢复了，我们跟以往一样看到了报价，安纳康达的开盘价是298美元，后来涨到了302又3/4，不过没多久又下跌了。而其他的股票也没有进一步上涨的迹象，我下定决心，如果安纳康达的股票如果回到301，我必须将整个事件看作是一种假象。按照正常情况，它应该能够涨到310才对啊。假如股价反而下跌就表示前例欺骗了我，我出错了。出错的人唯一可做的就是及时改正错误。我买了足足8000股，希望能上涨个三四十点，这不是我第一次也不会是最后一次出错。

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安纳康达又跌到了301。一跌到这个价位，我就悄悄跑到电报员身边。他们可以直接跟纽约联系，所以我对他说：“把我那整整8000股的安纳康达股卖掉吧，全部卖掉。”我小声说话，生怕被别人知道我的行动。

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他抬头看着我，一脸惊恐的样子，我点着头说：“全部卖！”

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“利文斯顿先生，你肯定不是说用市价交易吧？”他的样子好像是因为营业员执行错误，自己亏好几百万美元一样。

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不过我还是说：“卖！什么也别说了。”

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此时，布莱克兄弟、吉姆、奥利弗都在交易大厅，他们没听到我和电报员说话。他们原来都是芝加哥有名的小麦期货商人，如今又是纽约很有地位的股票商人，他们特别有钱，是股票大作手。

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当我回到报价牌前的座位上时，奥利弗·布莱克一边笑一边冲我点头。

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“你会后悔。”他说。

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“你什么意思？”我停下来问。

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“明天你就得买回来。”

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“买什么？”我问。除了那个电报员，我可没对任何人说过。

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“安纳康达股票。”他说，“你要用320美元买，你这做法可不明智啊。”他笑着。

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“什么做法不明智啊？”我似乎一脸茫然地问。

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“你卖掉你的8000股安纳康达，而且那么坚定。”布莱克说。

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我清楚谁都认为他特别精明，他经常根据内幕消息炒股，可我没想到，他居然知道我的交易，我深信公司没有出卖我。

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“奥利弗，你怎么知道的？”我问。

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他哈哈大笑着，对我说：“是查理·克里特斯说的。”他指的正是那个电报员。

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“可他连动都没动啊。”我说。

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“我不知道你们在说什么。”他微笑着说，“可是他发电报的时候，我可是听清楚了所有的内容。几年之前，别人给我发电报时搞错了一句话，我就开始学习电报密码了。我在像你刚才那样告诉电报员指令的时候，我要确定，他是不是搞对了，他发的内容可得是我的想法啊。你卖掉了安纳康达股票，一定会追悔莫及，它能涨到500美元。”

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“这次可不会，奥利弗。”我说道。

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他盯着我：“你这么自信啊？”

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“不是我自信，股市行情就是这样。”我说。实际上那儿并没有接收股市行情的收报机，不过他知道我在说什么。

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他说：“我听说有一些家伙，就算看了行情记录，也看不明白价格，反而像看列车时刻表一样，只能看到股票到站和离站的时间。不过幸好他们都已经住在精神病院的小房子里了，四壁都是软垫，他们不会伤着自己了。”

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我不理会他，因为电报员这时给我送来了一个单子，他们已经按照299又3/4的价格卖掉了我的5000股。我清楚这里的报价很滞后，我告诉电报员的时候，棕榈滩报价牌上还是301块。我确信，纽交所正在卖的股票的实价比这还要低，所以要是那时有人花296买我的股票，我会高兴坏的。这些过程都说明，我从不限价交易是多么正确。如果我把卖出的价格限定到300以上，肯定卖不出去。好吧，先生们，如果你们有了平仓的想法就一定要出手迅速，时不我待啊。

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如今，我买股票的价格差不多是300，他们用299又3/4卖了整整500股整股，用299又5/8的价格卖了1000股，然后以299又1/2卖掉100股，以299又3/8和299又1/4的价格分别卖掉200股，剩下的按照298又3/4卖了。在抛售最后100股时，哈丁兄弟公司里最厉害的经纪人花了十五分钟才卖掉，他们不想把股价砸下去。

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我拿到最后这部分股票售出的单子后，就开始做真正促使我上岸的事情，也就是放空股票，我一定得这样做，市场经过离奇的反弹后，哀求大家放空。人们又在说很看好股市。我却觉得股市上涨已经到头了，做空是安全的，没什么可考虑的。

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次日，安纳康达股票的开盘价比296还低，奥利弗·布莱克本想着它会继续上涨，很早就来瞧着。我不清楚他到底是不是做了多头，到底做了多少，可是当他看到开盘价时，就再也没法笑了。晚些时候，它还在下跌。我们后来听说交易所里已经没人买那只股票了。

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当然，任何人都需要这样的证明。我的账面利润不停地提醒着我，我没做错。我自然又多放空了一些。放空一切股票！熊市的时候，各种股票都在下跌。第二天是周五，华盛顿诞辰纪念日。我不能再在佛罗里达州钓鱼了，我做了一大笔空头。有人需要我坚守纽约，这人是谁？自然就是我本人。棕榈滩又远又偏，光发电报就能浪费大量珍贵时间。

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我从棕榈滩返回纽约，周一必须要在圣奥古斯丁等上三个小时的火车，那里有个经纪行，我自然要利用这点时间去看看股市走向。从上一个交易日到现在，安纳康达股票又下跌了好多点。事实上它一直都在跌，直到那年秋天的暴跌为止。

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到达纽约后，我做了差不多四个月的空头。股市跟以往一样来回反弹，我只能跟着平仓和放空。严格来讲，我不是抓着头寸纹丝不动。不要忘了，我在旧金山地震那次赚到的30万全部折了进去，本以为不会出错，可还是差点完蛋。我现在的做法非常小心，人在逆境中走过，就会很喜欢顺境中的感觉，即使他还没有攀到最高山峰。赚钱的方法就是去赚钱，而想赚大钱，就要选择恰到好处的正确时机。身处这个行业，就要将理论和实际结合起来，不能只是光会投机，而要既做好学生也要做好投机人。

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我当时做得还是很好的，虽然现在我感觉那时的做法有很多不完美的地方。夏天到了的时候，股市萧条了，看样子只有在秋天才能变好。我认识的很多人都去了欧洲，有的准备要去。我觉得这是个好计划，所以我也平了仓。我乘船前往欧洲时，一共赚了75万，这对我而言是笔非常大的财富。

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我在法国埃克斯莱班愉快地游玩，反正已经赚了足够游玩的钱。能在一个好地方，有钱有朋友，一起铁了心快活一场，简直是一件特别爽的事，而埃克斯莱班就具备这些条件。远离华尔街，我差不多都要忘记它了，这一点我认为胜过美国任何一个度假胜地。我不需要再去与股市打交道，不需要交易，我赚的钱完全够我用上很久。而且，我也知道回去后该怎么赚钱，肯定会赚得比在欧洲花费的要多很多。

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有一天，我在《巴黎先锋报》上看到了一条发自纽约的消息，炼铁公司宣布要发放一笔额外股利，他们的股票也已经上涨了，整体股市行情也很不错，而这也就影响了我在埃克斯莱班的计划。这个消息说明多头集团仍在绝望地和大势对抗，他们在跟常识和诚实顽抗，因为他们很清楚要发生什么事情，所以要借势在股市风暴侵袭他们之前把股票倒出来。可能他们不觉得股市会有我估计的那么急迫和严重，华尔街的要人们总像政客一般靠臆想做事。但是我却不能这么做，这对股民来说是很危险的事情。或许也有那种不怕身陷泥潭的人。

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以我的了解，一切在熊市中想通过操纵提升股价的炒股行为都会失败。看到那条消息后，我觉得只有一件事能做得称心愉快，就是把炼铁公司的股票放空。在股市资金出现问题的时候，那些人还在提高配股比率，这就像他们在跪下求我放空一样。这种事情就像你小时候，有人找你挑战一样让你生气。他们挑战我放空这只股票。

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我卖掉了一些炼铁公司的股票，还让我在纽约的朋友们也做空头。经纪人把单子给我的时候，我看到上面的股价比我在《巴黎先锋报》上看到的还低6个点，这足以说明实情了。

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我原计划月底去巴黎，过三周后再回纽约，可当我拿到经纪人的单子后，当天就去了巴黎。到达巴黎的同一天，我向客船公司打电话咨询，第二天就有去纽约的快船，于是我订了船票。

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就这样，我比原计划提前一个月回到了纽约，这里才是适合我放空股票的地方。我有大概50多万的保证金，我回来不是因为不看好后市，而是因为我是个讲理的人。

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我又放空了很多股票。股市的资金越发紧俏了，短期贷款的利率也变高了，与之相应的是股价越来越低。我早就预感到是这样。一开始，我的判断害过我，可现在我成功了。不过，正儿八经的快乐是，我觉得身为一个炒股手，自己终于走对了路。我还有很多东西要学，但是我知道要怎么做。我不再犯错，再不会采用烂办法。在这个游戏中，分析行情是非常重要的。在适当的时候出手，坚持头寸也特别重要。但是我最重要的发现是，必须要全面研究所有因素，考量自己的所作所为，以便预估接下来可能发生的状况。总之，我学会了为钱工作。我不会再去鲁莽地下赌注，也不再关心如何掌握操作技巧，我通过钻研和深思熟虑获得了成功。我还发现，谁也不能免于犯下愚蠢的操作失误的危险。一个人操作愚蠢，就要为愚蠢付出代价。

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我在股票公司赚了很多钱，我玩得很成功，成了人们平日的谈资，不过是经过夸大的。他们把很多只股票的崩跌都归功于我。不知道姓名的人也来向我表示祝贺。他们都认为最神奇的是我赚了那么多钱，却只字不提我第一次跟他们谈到熊市快来了时，他们都认为我是疯狂的空头，是在亏损之后恶意地发牢骚。在他们眼里，我预估到股市资金链断裂不值一提。他们认为，对他们来说，我的经纪商的会计用了三分之一滴的墨水，才在账簿的贷方写完我名下的获利，是惊人的成就。

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过去，朋友们常常跟我讲，在很多股票公司里，人们都在议论着哈丁兄弟公司的投机分子狙击了想要抬高股价的多头集团——他们在情势很明显，股市一定会在比较低的水准寻求支撑的情形之后很久，还设法抬高很多种股票的价格。一直到今天，他们还在谈论我的几次掼压行动。

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从9月下旬开始，资金市场就向全世界发出了警讯，可是大家都相信会有奇迹出现，不愿卖掉手中的股票。当有个经纪人对我说起发生在10月第一周的一件事时，我几乎对自己的不紧不慢感到羞愧了。

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你还记得吧，以前资金贷款是在交易大厅的货币池完成的。经纪人收到银行的通知，说头寸需要多少钱，就知道还需要借款多少。当然，银行也知道这个。可以提供贷款的人会把钱拿到交易所，由几个经纪人处理。他们主要营生的方式就是放贷。一般快中午的时候，当天的新利率就会公布，差不多就是当时贷款利率的平均值。生意还能通过公开投标达成，谁都可以知道进展。一般情况下，从中午到下午两点的交易很少，不过过了交割时间两点一刻后，经纪人就能知晓当天准确的现金头寸，他们可以去货币池借贷需要的钱。这些通常都公开进行。

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10月上旬的一天，我提到过的那位经纪人来找我，说他们都很生气，有钱都不想去货币池，因为几个大证券商总在那儿盯着，看到谁拿出钱就会围过去。当然没有一个公开做放款业务的人能够拒绝这些机构。他们要是有偿还能力和抵押品倒是好说了，问题是一旦他们打电话来借钱，这些钱就打了水漂。他们只要说一句没钱还，不管借钱的人是否情愿，都得继续借。所以，股票交易所想借钱给熟悉的人，一般会派人悄悄对他说：“需要100美元吗？”代表的含意是：“想借10万吗？”银行的资金经纪人也用这样的办法。你想想吧，货币池的情形真的是一片凄惨。

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他告诉我说10月的那些日子股票交易所规定借钱的人可以自己确定利率，这已经成了证券交易所的习惯。你看，年利率一直在百分之百到百分之一百五十之间动荡。我觉得让借钱的人自己定利率，放贷人不会让人觉得自己就是个高利贷主，可他一分钱都不会少拿。债主也自然不想要高利息。他只要钱，钱能到手就很好。

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情况变得越来越不像话了，最终到了一发不可收拾的地步，无论乐观与否，起初没胆量承受小损失，现在终于没办法控制了。虽然他们也怕赔本，可是大多数人都没有避开血本无归的痛苦。我会永远记住这个日子：1907年10月24日。

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从一大帮要借钱的人那里传出来的消息，很早就显示借方愿意付出贷方认为应该要的利率。没有足够的钱来运转，那天的人比平时多出了好多。交割时间刚到，已有一百多人在交易池等着，他们都想借款救急。如果没钱，他们就得按照市场上的价格把股票卖掉，不计价格，因为买主像资金一样稀少——那个时候连一美元都难以寻到。

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朋友的合作者们和我一样，不看好后市，公司也用不着去借钱。可我提到过的那位经纪人朋友，终于一脸憔悴地从交易池里摆脱了，他来到我这里。他清楚我有很多空头头寸。

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他说：“老天爷啊，我不清楚到底怎么了，从来没见过这样的情况。不能这样下去了，这还了得，我感觉现在就有人已经破产了。你卖不出股票，现在市场上一分钱都很难找到。”

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“你说的什么意思啊？”我问。

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他回答道：“你听过这样一个实验吗？把一只老鼠放到一个玻璃器皿中，再把空气抽掉。你能看到老鼠的呼吸不断减弱，小身体两边就像风箱一样呼哧呼哧，真是可怜。它使劲儿地从玻璃器皿中获得稀少的空气。你能看到它喘不上气来，眼睛都要从眼眶里跳出来了，慢慢地喘息着死掉。唉，我看到资金交易池的那些人时，觉得他们就是老鼠。哪里都没有资金，也没人买股票，他就没法交易股票。如果你问我华尔街现在的状况，我会说这个时候它已经病入膏肓了。”

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这种情形让我顿时沉思起来，我预测到会崩盘，可我承认没有预测到我们国家有史以来最严重的一次资本恐慌。这样继续下去的话，对谁都是莫大的损害。

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事情已经明摆着了，再等下去也起不了什么作用，地狱正在召唤他们。

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后来，我听说股票交易所总经理托马斯知道大家头顶都悬着一把剑，都在到处寻求帮助，于是他去拜访了全美国最有实力的银行——国家城市银行的行长詹姆斯·斯蒂尔曼，他曾经自豪地说过，他们的贷款利率从来没高出过百分之六。

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斯蒂尔曼听托马斯讲明情况后说：“托马斯先生，我们必须要去跟摩根先生说说这个问题。”

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他们都希望能够为有史以来最严重的这次金融事件努力做点事情，于是他们到了摩根的办公室。托马斯刚向摩根讲述问题的严重性，摩根先生就说：“回去吧，对他们说，钱会有的。”

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“在哪里？”

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“在银行里。”

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这种危机四伏的时候，谁都对摩根先生充满信任，所以托马斯没再继续查问详情，就直接折回了交易大厅，向已经被判了死刑的老伙计们宣布缓刑。

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接着在下午两点半之前，摩根派来了范恩·埃德波公司的埃德波来交易厅，谁都知道他和摩根关系密切。我朋友说，这个老经纪人快步来到交易池跟前，像复兴大会上规劝迷途者恢复信仰一般，高举着手。之前从托马斯那里得到消息的人们本来已经平静了，现在又开始担心计划泡汤，发生更糟糕的事情。他们盯着埃德波的脸，看到他举起了手，就都僵在了那里。

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在无声的沉寂中，埃德波说：“我有给你们贷款1000万的权力，大家轻松点，谁都会有钱的。”

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接着，他就开始了操作。他没有把放款人的名字告诉要贷款的人，而是简单记下了贷款人的姓名和所需资金，然后对他们说：“等着人通知你们去哪里拿钱。”意思是，稍后贷款人就可以去放款的银行拿钱。

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据说过了一两天，摩根先生对那些担惊受怕的银行家们说，一定要向股票交易所提供需要的资金。

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“可是我们没有钱啊，钱早就全部放出去了。”

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摩根正色言道：“储备金呢？”

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“这已经比法定限额都低了。”他们悲戚地说。

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“用啊！储备金的用处就在这里。”

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银行答应了，拿出了2000万左右的储备金，挽救了即将崩溃的市场。摩根先生是个很了不起的勇士，银行到现在也没有什么长进。

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这一天，是我炒股以来印象最深刻的一天，也是这一天，我赚了100万美元。这说明，我第一次经过精心布局的交易最终成功了，我之前预料的结果也出现了。不过更重要的是，我实现了一个狂妄的梦想，做了一天国王。

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需要说明的是，我在纽约待了几年，常会深入思考，为什么不可以像15岁在波士顿对赌行时一样，也在纽约股票市场上游刃有余地掌控一切呢。我清楚自己有搞明白的一天，然后就不会再犯错。那时候，我不光想做正确的事情，而且还有能做正确事情的资本，这就意味着权力。

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请不要误会，这不是个毫无节制的大梦想，也不是因为虚荣心而妄想，只是我的感觉而已。我认为曾经在富勒顿公司和哈丁兄弟公司把我打垮过的股市，终有一天会匍匐在我的脚下，那一天一定会到来。这一天真的来了——1907年10月24日。

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我之所以这么说，是因为那天早晨，一个与我有过长期合作，也清楚我一直做空头的经纪人和华尔街一家最著名的银行合伙人同车。他对这位银行家说，我这些年的交易量一直非常巨大，因为我确实在尽我最大的力量去赌博。

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或许那个经纪人言过其实，好让他的故事听起来特别重要，也或许我有很多自己都不知道的粉丝，再或者这位银行家比我更清楚问题的严重性，总之我朋友对我说：“我对他说，你觉得再推动一两下，真正的股票销售期到来时，市场会怎么变化。他听得特别认真，我说完后，他还说稍晚一点儿的时候要找我办事。”

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当证券商人们发现，用任何贷价都没法弄来一分钱时，我清楚时机到了。我把经纪人指派到了各处。老天，有段时间太平洋铁路公司的股票没有一张买单，不管什么价格！你想想吧，其他股票也都是这样。没有资金可以支撑股票，也没人愿意买进。

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我的账面利润很惊人，而且我很清楚，要想撼动股价，要做的就是卖出股票。我卖出太平洋和其他六家股息较好的公司各1万的股票，随之而来的一定是哀鸿遍野。我认为，马上要出现的股市恐慌会很惨烈，甚至政府都会产生要关闭交易所的想法，就像1914年8月世界大战时一样。

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这正好说明我的浮动利润要大幅度上涨了。

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不过，要想把利润换成现金，也是没什么可能。不过还是要考虑其他事，其中之一是股票一直下跌，会对刚恢复的市场产生影响，从全局来看，这样的股市恐慌对整个国家都会产生损害。

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我决定，既然再这么热心地做空是不聪明的做法，而且也不好玩，那么我如果继续做空就违反逻辑了，所以我转向开始买入。

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经纪人替我以很低的价格买入股票没多久，银行就把我朋友叫去了。

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“我让人喊你过来，”他说，“目的是想让你赶紧去找你朋友利文斯顿，对他说，我们希望他今天不要再卖出任何股票，市场的压力已经很大了。要扭转这次股市恐慌的确不是一件容易的事情。把你朋友的爱国热情激发出来吧，面对这样的局面，人一定要照顾大局，他有什么说法一定要第一时间告诉我。”

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我朋友立刻就来找我了，他很讲究技巧。我想他可能觉得我既然计划击垮股市，应该会把他提出的要求看作是放弃赚1000万的机会。他同时也明白，那些人跟我一样都知道会出现什么情况，却还使劲儿把股票卖给大家，这是让人很不齿的事情。

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其实，那些股票大户才是受害最严重的人，我用很低的价格买到的股票都是很有名的公司，当时我却不知道，可也没什么，我已经差不多平了所有空头。我觉得既有机会买了便宜股票，若没有人去打压股市的话，我还帮忙恢复了股价。

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所以我对朋友说：“你去告诉银行的人，我答应了。我在他找你之前就明白，这件事的意义非同寻常。我不光今天不卖了，而且还要想办法买入些。”我信守了承诺，当天就买了10万股，还是多头。此后的九个月里，我都没再抛出股票。

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这就是为什么我对朋友说，我的梦想实现了，做了一天国王的原因。那天的某段时间，股市确实是处于任人蹂躏的状态。我没有幻想自己很伟大，其实你知道的，我很明白人们指责我袭击股市时，以及华尔街传播我如何神乎其技时，是种什么感觉。

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我没有受到一点儿损伤就脱身了，报纸上炒作说利文斯顿这个“投机分子”赚了几百万。呵呵，我在那天收市前赚了差不多100万，可我最大的获利不是这个，而是看不到的收获：我是对的，我预估了未来，并且策划周密。我学到要想赚大钱必须要做的事情，我彻底与赌博划清了界限，终于学会了怎么利用智商做大手笔的生意。这是我一生中最重要的日子。

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I CRUISED off the coast of Florida．The fishing was good．I was out of stocks．My mind was easy．I was having a fine time．One day off Palm Beach some friends came alongside in a motor boat．One of them brought a newspaper with him．I hadn’t looked at one in some days and had not felt any desire to see one．I was not interested in any news it might print．But I glanced over the one my friend brought to the yacht，and I saw that the market had had a big rally；ten points and more．

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I told my friends that I would go ashore with them．Moderate rallies from time to time were reasonable．But the bear market was not over；and here was Wall Street or the fool public or desperate bull interests disregarding monetary conditions and marking up prices beyond reason or letting somebody else do it．It was too much for me．I simply had to take a look at the market．I didn’t know what I might or might not do．But I knew that my pressing need was the sight of the quotation board．

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My brokers，Harding Brothers，had a branch office in Palm Beach．When I walked in I found there a lot of chaps I knew．Most of them were talking bullish．They were of the type that trade on the tape and want quick action．Such traders don’t care to look ahead very far because they don’t need to with their style of play．I told you how I’d got to be known in the New York office as the Boy Plunger．Of course people always magnify a fellow’s winnings and the size of the line he swings．The fellows in the office had heard that I had made a killing in New York on the bear side and they now expected that I again would plunge on the short side．They themselves thought the rally would go to a good deal further，but they rather considered it my duty to fight it．

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I had come down to Florida on a fishing trip．I had been under a pretty severe strain and I needed my holiday．But the moment I saw how far the recovery in prices had gone I no longer felt the need of a vacation．I had not thought of just what I was going to do when I came ashore．But now I knew I must sell stocks．I was right，and I must prove it in my old and only way—by saying it with money．To sell the general list would be a proper，prudent，profitable and even patriotic action．

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The first thing I saw on the quotation board was that Anaconda was on the point of crossing 300．It had been going up by leaps and bounds and there was apparently an aggressive bull party in it．It was an old trading theory of mine that when a stock crosses 100 or 200 or 300 for the first time the price does not stop at the even figure but goes a good deal higher，so that if you buy it as soon as it crosses the line it is almost certain to show you a profit．Timid people don’t like to buy a stock at a new high record．But I had the history of such movements to guide me．

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Anaconda was only quarter stock—that is，the par of the shares was only twenty-five dollars．It took four hundred shares of it to equal the usual one hundred shares of other stocks，the par value of which was one hundred dollars．I figured that when it crossed 300 it ought to keep on going and probably touch 340 in a jiffy．

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I was bearish，remember，but I was also a tape-reading trader．I knew Anaconda，if it went the way I figured，would move very quickly．Whatever moves fast always appeals to me．I have learned patience and how to sit tight，but my personal preference is for fleet movements，and Anaconda certainly was no sluggard．My buying it because it crossed 300 was prompted by the desire，always strong in me，of confirming my observations．

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Just then the tape was saying that the buying was stronger than the selling，and therefore the general rally might easily go a bit further．It would be prudent to wait before going short．Still I might as well pay myself wages for waiting．This would be accomplished by taking a quick thirty points out of Anaconda．Bearish on the entire market and bullish on that one stock！So I bought thirty-two thousand shares of Anaconda—that is，eight thousand full shares．It was a nice little flyer but I was sure of my premises and I figured that the profit would help to swell the margin available for bear operations later on．

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On the next day the telegraph wires were down on account of a storm up North or something of the sort．I was in Harding’s office waiting for news．The crowd was chewing the rag and wondering all sorts of things，as stock traders will when they can’t trade．Then we got a quotation—the only one that day：Anaconda，292．

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There was a chap with me，a broker I had met in New York．He knew I was long eight thousand full shares and I suspect that he had some of his own，for when we got that one quotation he certainly had a fit．He couldn’t tell whether the stock at that very moment had gone off another ten points or not．The way Anaconda had gone up it wouldn’t have been anything unusual for it to break twenty points．But I said to him，“Don’t you worry，John．It will be all right tomorrow．”That was really the way I felt．But he looked at me and shook his head．He knew better．He was that kind．So I laughed，and I waited in the office in case some quotation trickled through．But no，sir．That one was all we got：Anaconda，292．It meant a paper loss to me of nearly one hundred thousand dollars．I had wanted quick action．Well，I was getting it．

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The next day the wires were working and we got the quotations as usual．Anaconda opened at 298 and went up to 302?，but pretty soon it began to fade away．Also，the rest of the market was not acting just right for a further rally．I made up my mind that if Anaconda went back to 301 I must consider the whole thing a fake movement．On a legitimate advance the price should have gone to 310 without stopping．If instead it reacted it meant that precedents had failed me and I was wrong；and the only thing to do when a man is wrong is to be right by ceasing to be wrong．I had bought eight thousand full shares in expectation of a thirty or forty point rise．It would not be my first mistake；nor my last．

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Sure enough，Anaconda fell back to 301．The moment it touched that figure I sneaked over to the telegraph operator—they had a direct wire to the New York office—and I said to him，“Sell all my Anaconda，eight thousand full shares．”I said it in a low voice．I didn’t want anybody else to know what I was doing．

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He looked up at me almost in horror．But I nodded and said，“All I’ve got！”

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“Surely，Mr．Livingston，you don’t meant at the market？”and he looked as if he was going to lose a couple of millions of his own through bum execution by a careless broker．But I just told him，“Sell it！Don’t argue about it！”

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The two Black boys，Jim and Ollie，were in the office，out of hearing of the operator and myself．They were big traders who had come originally from Chicago，where they had been famous plungers in wheat，and were now heavy traders on the New York Stock Exchange．They were very wealthy and were high rollers for fair．

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As I left the telegraph operator to go back to my seat in front of the quotation board Oliver Black nodded to me and smiled．

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“You’ll be sorry，Larry，”he said．

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I stopped and asked him，“What do you mean？”

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“Tomorrow you’ll be buying it back．”

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“Buying what back？”I said．I hadn’t told a soul except the telegraph operator．

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“Anaconda，”he said．“You’ll be paying 320 for it．That wasn’t a good move of yours，Larry．”And he smiled again．

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“What wasn’t？”And I looked innocent．

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“Selling your eight thousand Anaconda at the market；in fact，insisting on it，”said Ollie Black．

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I knew that he was supposed to be very clever and always traded on inside news．But how he knew my business so accurately was beyond me．I was sure the office hadn’t given me away．

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“Ollie，how did you know that？”I asked him．

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He laughed and told me：“I got it from Charlie Kratzer．”That was the telegraph operator．

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“But he never budged from his place，”I said．

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“I couldn’t hear you and him whispering，”he chuckled．“But I heard every word of the message he sent to the New York office for you．I learned telegraphy years ago after I had a big row over a mistake in a message．Since then when I do what you did just now—give an order by word of mouth to an operator—I want to be sure the operator sends the message as I give it to him．I know what he sends in my name．But you will be sorry you sold that Anaconda．It’s going to 500．”

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“Not this trip，Ollie，”I said．

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He stared at me and said，“You’re pretty cocky about it．”

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“Not I；the tape，”I said．There wasn’t any ticker there so there wasn’t any tape．But he knew what I meant．

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“I’ve heard of those birds，”he said，“who look at the tape and instead of seeing prices they see a railroad time-table of the arrival and departure of stocks．But they were in padded cells where they couldn’t hurt themselves．”

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I didn’t answer him anything because about that time the boy brought me a memorandum．They had sold five thousand shares at 299 ?．I knew our quotations were a little behind the market．The price on the board at Palm Beach when I gave the operator the order to sell was 301．I felt so certain that at that very moment the price at which the stock was actually selling on the Stock Exchange in New York was less，that if anybody had offered to take the stock off my hands at 296 I’d have been tickled to death to accept．What happened shows you that I am right in never trading at limits．Suppose I had limited my selling price to 300？I’d never have got it off．No，sir！When you want to get out，get out．

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Now，my stock cost me about 300．They got off five hundred shares—full shares，of course—at 299?．The next thousand they sold at 299?．Then a hundred at ?；two hundred at ? and two hundred at ?．The last of my stock went at 298?．It took Harding’s cleverest floor man fifteen minutes to get rid of that last one hundred shares．They didn’t want to crack it wide open．

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The moment I got the report of the sale of the last of my long stock I started to do what I had really come ashore to do—that is，to sell stocks．I simply had to．There was the market after its outrageous rally，begging to be sold．Why，people were beginning to talk bullish again．The course of the market，however，told me that the rally had run its course．It was safe to sell them．It did not require reflection．

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The next day Anaconda opened below 296．Oliver Black，who was waiting for a further rally，had come down early to be Johnny-on-the-spot when the stock crossed 320．I don’t know how much of it he was long of or whether he was long of it at all．But he didn’t laugh when he saw the opening prices，nor later in the day when the stock broke still more and the report came back to us in Palm Beach that there was no market for it at all．

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Of course that was all the confirmation any man needed．My growing paper profit kept reminding me that I was right，hour by hour．Naturally I sold some more stocks．Everything！It was a bear market．They were all going down．The next day was Friday，Washington’s Birthday．I couldn’t stay in Florida and fish because I had put out a very fair short line，for me．I was needed in New York．Who needed me？I did！Palm Beach was too far，too remote．Too much valuable time was lost telegraphing back and forth．

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I left Palm Beach for New York．On Monday I had to lie in St．Augustine three hours，waiting for a train．There was a broker’s office there，and naturally I had to see how the market was acting while I was waiting．Anaconda had broken several points since the last trading day．As a matter of fact，it didn’t stop going down until the big break that fall．

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I got to New York and traded on the bear side for about four months．The market had frequent rallies as before，and I kept covering and putting them out again．I didn’t，strictly speaking，sit tight．Remember，I had lost every cent of the three hundred thousand dollars I made out of the San Francisco earthquake break．I had been right，and nevertheless had gone broke．I was now playing safe—because after being down a man enjoys being up，even if he doesn’t quite make the top．The way to make money is to make it．The way to make big money is to be right at exactly the right time．In this business a man has to think of both theory and practice．A speculator must not be merely a student，he must be both a student and a speculator．

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I did pretty well，even if I can now see where my campaign was tactically inadequate．When summer came the market got dull．It was a cinch that there would be nothing doing in a big way until well along in the fall．Everybody I knew had gone or was going to Europe．I though that would be a good move for me．So I cleaned up．When I sailed for Europe I was a trifle more than three-quarters of a million to the good．To me that looked like some balance．

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I was in Aix-les-Bains enjoying myself．I had earned my vacation．It was good to be in a place like that with plenty of money and friends and acquaintances and everybody intent upon having a good time．Not much trouble about having that，in Aix．Wall Street was so far away that I never thought about it，and that is more than I could say of any resort in the United States．I didn’t have to listen to talk about the stock market．I didn’t need to trade．I had enough to last me quite a long time，and besides，when I got back I knew what to do to make much more than I could spend in Europe that summer．

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One day I saw in the Paris Herald a dispatch from New York that Smelters had declared an extra dividend．They had run up the price of the stock and the entire market had come back quite strong．Of course that changed everything for me in Aix．The news simply meant that the bull cliques were still fighting desperately against conditions—against common sense and against common honesty，for they knew what was coming and were resorting to such schemes to put up the market in order to unload stocks before the storm struck them．It is possible they really did not believe the danger was as serious or as close at hand as I thought．The big men of the Street are as prone to be wishful thinkers as the politicians or the plain suckers．I myself can’t work that way．In a speculator such an attitude is fatal．Perhaps a manufacturer of securities or a promoter of new enterprises can afford to indulge in hope-jags．

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At all events，I knew that all bull manipulation was foredoomed to failure in that bear market．The instant I read the dispatch I knew there was only one thing to do to be comfortable，and that was to sell Smelters short．Why，the insiders as much as begged me on their knees to do it，when they increased the dividend rate on the verge of a money panic．It was as infuriating as the old“dares”of your boyhood．They dared me to sell that particular stock short．

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I cabled some selling orders in Smelters and advised my friends in New York to go short of it．When I got my report from the brokers I saw the price they got was six points below the quotations I had seen in the Paris Herald．It shows you what the situation was．

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My plans had been to return to Paris at the end of the month and about three weeks later sail for New York，but as soon as I received the cabled reports from my brokers I went back to Paris．The same day I arrived I called at the steamship offices and found there was a fast boat leaving for New York the next day．I took it．

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There I was，back in New York，almost a month ahead of my original plans，because it was the most comfortable place to be short of the market in．I had well over half a million in cash available for margins．My return was not due to my being bearish but to my being logical．

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I sold more stocks．As money got tighter call-money rates went higher and prices of stocks lower．I had foreseen it．At first，my foresight broke me．But now I was right and prospering．However，the real joy was in the consciousness that as a trader I was at last on the right track．I still had much to learn but I knew what to do．No more floundering，no more half-right methods．Tape reading was an important part of the game；so was beginning at the right time；so was sticking to your position．But my greatest discovery was that a man must study general conditions，to size them so as to be able to anticipate probabilities．In short，I had learned that I had to work for my money．I was no longer betting blindly or concerned with mastering the technic of the game，but with earning my successes by hard study and clear thinking．I also had found out that nobody was immune from the danger of making sucker plays．And for a sucker play a man gets sucker pay；for the paymaster is on the job and never loses the pay envelope that is coming to you．

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Our office made a great deal of money．My own operations were so successful that they began to be talked about and，of course，were greatly exaggerated．I was credited with starting the breaks in various stocks．People I didn’t know by name used to come and congratulate me．They all thought the most wonderful thing was the money I had made．They did not say a word about the time when I first talked bearish to them and they thought I was a crazy bear with a stock-market loser’s vindictive grouch．That I had foreseen the money troubles was nothing．That my brokers’ bookkeeper had used a third of a drop of ink on the credit side of the ledger under my name was a marvellous achievement to them．

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Friends used to tell me that in various offices the Boy Plunger in Harding Brothers’ office was quoted as making all sorts of threats against the bull cliques that had tried to mark up prices of various stocks long after it was plain that the market was bound to seek a much lower level．To this day they talk of my raids．

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From the latter part of September on，the money market was megaphoning warnings to the entire world．But a belief in miracles kept people from selling what remained of their speculative holdings．Why，a broker told me a story the first week of October that made me feel almost ashamed of my moderation．

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You remember that money loans used to be made on the floor of the Exchange around the Money Post．Those brokers who had received notice from their banks to pay call loans knew in a general way how much money they would have to borrow afresh．And of course the banks knew their position so far as loanable funds were concerned，and those which had money to loan would send it to the Exchange．This bank money was handled by a few brokers whose principal business was time loans．At about noon the renewal rate for the day was posted．Usually this represented a fair average of the loans made up to that time．Business was as a rule transacted openly by bids and offers，so that everyone knew what was going on．Between noon and about two o’clock there was ordinarily not much business done in money，but after delivery time—namely，2：15 P．M．—brokers would know exactly what their cash position for the day would be，and they were able either to go to the Money Post and lend the balances that they had over or to borrow what they required．This business also was done openly．

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Well，sometime early in October the broker I was telling you about came to me and told me that brokers were getting so they didn’t go to the Money Post when they had money to loan．The reason was that members of a couple of well-known commission houses were on watch there，ready to snap up any offerings of money．Of course no lender who offered money publicly could refuse to lend to these firms．They were solvent and the collateral was good enough．But the trouble was that once these firms borrowed money on call there was no prospect of the lender getting that money back．They simply said they couldn’t pay it back and the lender would willy-nilly have to renew the loan．So any Stock Exchange house that had money to loan to its fellows used to send its men about the floor instead of to the Post，and they would whisper to good friends，“Want a hundred？”meaning，“Do you wish to borrow a hundred thousand dollars？”The money brokers who acted for the banks presently adopted the same plan，and it was a dismal sight to watch the Money Post．Think of it！

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Why，he also told me that it was a matter of Stock Exchange etiquette in those October days for the borrower to make his own rate of interest．You see，it fluctuated between 100 and 150 per cent per annum．I suppose by letting the borrower fix the rate the lender in some strange way didn’t feel so much like a usurer．But you bet he got as much as the rest．The lender naturally did not dream of not paying a high rate．He played fair and paid whatever the others did．What he needed was the money and was glad to get it．

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Things got worse and worse．Finally there came the awful day of reckoning for the bulls and the optimists and the wishful thinkers and those vast hordes that，dreading the pain of a small loss at the beginning，were now about to suffer total amputation—without anaesthetics．A day I shall never forget，October 24，1907．

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Reports from the money crowd early indicated that borrowers would have to pay whatever the lenders saw fit to ask．There wouldn’t be enough to go around．That day the money crowd was much larger than usual．When delivery time came that afternoon there must have been a hundred brokers around the Money Post，each hoping to borrow the money that his firm urgently needed．Without money they must sell what stocks they were carrying on margin—sell at any price they could get in a market where buyers were as scarce as money—and just then there was not a dollar in sight．

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My friend’s partner was as bearish as I was．The firm therefore did not have to borrow，but my friend，the broker I told you about，fresh from seeing the haggard faces around the Money Post，came to me．He knew I was heavily short of the entire market．

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He said，“My God，Larry！I don’t know what’s going to happen．I never saw anything like it．It can’t go on．Something has got to give．It looks to me as if everybody is busted right now．You can’t sell stocks，and there is absolutely no money in there．”

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“How do you mean？”I asked．

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But what he answered was，“Did you ever hear of the classroom experiment of the mouse in a glass-bell when they begin to pump the air out of the bell？You can see the poor mouse breathe faster and faster，its sides heaving like overworked bellows，trying to get enough oxygen out of the decreasing supply in the bell．You watch it suffocate till its eyes almost pop out of their sockets，gasping，dying．Well，that is what I think of when I see the crowd at the Money Post！No money anywhere，and you can’t liquidate stocks because there is nobody to buy them．The whole Street is broke at this very moment，if you ask me！”

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It made me think．I had seen a smash coming，but not，I admit，the worst panic in our history．It might not be profitable to anybody—if it went much further．

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Finally it became plain that there was no use in waiting at the Post for money．There wasn’t going to be any．Then hell broke loose．

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The president of the Stock Exchange，Mr．R．H．Thomas，so I heard later in the day，knowing that every house in the Street was headed for disaster，went out in search of succour．He called on James Stillman，president of the National City Bank，the richest bank in the United States．Its boast was that it never loaned money at a higher rate than 6 per cent．

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Stillman heard what the president of the New York Stock Exchange had to say．Then he said，“Mr．Thomas，we’ll have to go and see Mr．Morgan about this．”

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The two men，hoping to stave off the most disastrous panic in our financial history，went together to the office of J．P．Morgan & Co．and saw Mr．Morgan．Mr．Thomas laid the case before him．The moment he got through speaking Mr．Morgan said，“Go back to the Exchange and tell them that there will be money for them．”

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“Where？”

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“At the banks！”

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So strong was the faith of all men in Mr．Morgan in those critical times that Thomas didn’t wait for further details but rushed back to the floor of the Exchange to announce the reprieve to his death-sentenced fellow members．

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Then，before half past two in the afternoon，J．P．Morgan sent John T．Atterbury，of Van Emburgh & Atterbury，who was known to have close relations with J．P．Morgan & Co.，into the money crowd．My friend said that the old broker walked quickly to the Money Post．He raised his hand like an exhorter at a revival meeting．The crowd，that at first had been calmed down somewhat by President Thomas’ announcement，was beginning to fear that the relief plans had miscarried and the worst was still to come．But when they looked at Mr．Atterbury’s face and saw him raise his hand they promptly petrified themselves．

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In the dead silence that followed，Mr．Atterbury said，“I am authorized to lend ten million dollars．Take it easy ！There will be enough for everybody！”

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Then he began．Instead of giving to each borrower the name of the lender he simply jotted down the name of the borrower and the amount of the loan and told the borrower，“You will be told where your money is．”He meant the name of the bank from which the borrower would get the money later．

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I heard a day or two later that Mr．Morgan simply sent word to the frightened bankers of New York that they must provide the money the Stock Exchange needed．

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“But we haven’t got any．We’re loaned up to the hilt，”the banks protested．

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“You’ve got your reserves，”snapped J．P．

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“But we’re already below the legal limit，”they howled．

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“Use them！That’s what reserves are for！”And the banks obeyed and invaded the reserves to the extent of about twenty million dollars．It saved the stock market．The bank panic didn’t come until the following week．He was a man，J．P．Morgan was．They don’t come much bigger．

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That was the day I remember most vividly of all the days of my life as a stock operator．It was the day when my winnings exceeded one million dollars．It marked the successful ending of my first deliberately planned trading campaign．What I had foreseen had come to pass．But more than all these things was this：a wild dream of mine had been realised．I had been king for a day！

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I’ll explain，of course．After I had been in New York a couple of years I used to cudgel my brains trying to determine the exact reason why I couldn’t beat in a Stock Exchange house in New York the game that I had beaten as a kid of fifteen in a bucket shop in Boston．I knew that some day I would find out what was wrong and I would stop being wrong．I would then have not alone the will to be right but the knowledge to insure my being right．And that would mean power．

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Please do not misunderstand me．It was not a deliberate dream of grandeur or a futile desire born of overweening vanity．It was rather a sort of feeling that the same old stock market that so baffled me in Fullerton’s office and in Harding’s would one day eat out of my hand．I just felt that such a day would come．And it did—October 24，1907．

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The reason why I say it is this：That morning a broker who had done a lot of business for my brokers and knew that I had been plunging on the bear side rode down in the company of one of the partners of the foremost banking house in the Street．My friend told the banker how heavily I had been trading，for I certainly pushed my luck to the limit．What is the use of being right unless you get all the good possible out of it？

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Perhaps the broker exaggerated to make his story sound important．Perhaps I had more of a following than I knew．Perhaps the banker knew far better than I how critical the situation was．At all events，my friend said to me：“He listened with great interest to what I told him you said the market was going to do when the real selling began，after another push or two．When I got through he said he might have something for me to do later in the day．”

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When the commission houses found out there was not a cent to be had at any price I knew the time had come．I sent brokers into the various crowds．Why，at one time there wasn’t a single bid for Union Pacific．Not at any price！Think of it！And in other stocks the same thing．No money to hold stocks and nobody to buy them．

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I had enormous paper profits and the certainty that all that I had to do to smash prices still more was to send in orders to sell ten thousand shares each of Union Pacific and of a half dozen other good dividend-paying stocks and what would follow would be simply hell．It seemed to me that the panic that would be precipitated would be of such an intensity and character that the board of governors would deem it advisable to close the Exchange，as was done in August，1914，when the World War broke out．

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It would mean greatly increased profits on paper．It also mean an inability to convert those profits into actual cash．But there were other things to consider，and one was that a further break would retard the recovery that I was beginning to figure on，the compensating improvement after all that bloodletting．Such a panic would do much harm to the country generally．

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I made up my mind that since it was unwise and unpleasant to continue actively bearish it was illogical for me to stay short．So I turned and began to buy．

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It wasn’t long after my brokers began to buy in for me—and，by the way，I got bottom prices—that the banker sent for my friend．

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“I have sent for you，”he said，“because I want you to go instantly to your friend Livingston and say to him that we hope he will not sell any more stocks today．The market can’t stand much more pressure．As it is，it will be an immensely difficult task to avert a devastating panic．Appeal to your friend’s patriotism．This is a case where a man has to work for the benefit of all．Let me know at once what he says．”

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My friend came right over and told me．He was very tactful．I suppose he thought that having planned to smash the market I would consider his request as equivalent to throwing away the chance to make about ten million dollars．He knew I was sore on some of the big guns for the way they had acted trying to land the public with a lot of stock when they knew as well as I did what was coming．

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As a matter of fact，the big men were big sufferers and lots of the stocks I bought at the very bottom were in famous financial names．I didn’t know it at the time，but it did not matter．I had practically covered all my shorts and it seemed to me there was a chance to buy stocks cheap and help the needed recovery in prices at the same time—if nobody hammered the market．

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So I told my friend，“Go back and tell Mr．Blank that I agree with them and that I fully realised the gravity of the situation even before he sent for you．I not only will not sell any more stocks today，but I am going in and buy as much as I can carry．”And I kept my word．I bought one hundred thousand shares that day，for the long account．I did not sell another stock short for nine months．

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That is why I said to friends that my dream had come true and that I had been king for a moment．The stock market at one time that day certainly was at the mercy of anybody who wanted to hammer it．I do not suffer from delusions of grandeur；in fact you know how I feel about being accused of raiding the market and about the way my operations are exaggerated by the gossip of the Street．

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I came out of it in fine shape．The newspapers said that Larry Livingston，the Boy Plunger，had made several millions．Well，I was worth over one million after the close of business that day．But my biggest winnings were not in dollars but in the intangibles：I had learned what a man must do in order to make big money；I was permanently out of the gambler class；I had at last learned to trade intelligently in a big way．It was a day of days for me．

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序号 英文/音标 中文解释 更多操作

yacht

[jÉ’t]

n.快艇,游艇;

monetary

['mʌnɪtri]

adj.货币的;金融的

York

[jɔːk]

约克郡;〈板球〉使击球员出局

patriotic

[ˌpeɪtri'ɒtɪk]

adj.爱国的

Anaconda

[ˌænə'kɒndə]

n.水蟒

jiffy

['dʒɪfi]

n.瞬间;一会儿

sluggard

['slʌɡəd]

n.游手好闲的人;懒鬼

flyer

['flaɪə(r)]

n.飞行员;传单;投机.

precedent

['presɪdənt]

n.先例;惯例

roller

['rəʊlə(r)]

n.滚筒;滚轴;滚转机

telegraph

['telɪɡrɑːf]

n.电报

budge

[bʌdʒ]

v. 移动; 妥协

cocky

['kɒki]

adj.骄傲的;自大的;太过自信的

ticker

['tɪkə(r)]

n.滴答作响的东西;股票行情自动收录器; 表;心脏

tickle

['tɪkl]

vt.使发痒;逗乐;使快乐

bullish

['bʊlɪʃ]

adj.似牡牛的;看涨的;上扬的;乐观的

speculator

['spekjuleɪtə(r)]

n.投机者;投机商人;思索家

acquaintance

[ə'kweɪntəns]

n.熟人;相识;了解

boyhood

['bɔɪhʊd]

n.少年时代

Herald

['herəld]

n.使者;传令官;先驱;预兆

bearish

['beərɪʃ]

adj.如熊一样笨拙的;粗暴的;(股票)行情看跌的

paymaster

['peɪmɑːstə(r)]

n.发薪人员;工薪出纳员

ledger

['ledʒə(r)]

n.总帐;分类帐

clique

[kliːk]

n.派系;小集团

moderation

[ˌmɒdə'reɪʃn]

n.缓和;适度;节制;计分审核制

ordinarily

['ɔːdnrəli]

adv.通常;一般地

dismal

['dɪzməl]

adj.阴沉的;凄凉的;暗的

lender

['lendə(r)]

n.出借人;贷方

anaesthetic

[ˌænəs'θetɪk]

adj.麻醉的

scarce

[skeəs]

adj.缺乏的;不足的;稀少的;罕见的

haggard

['hæɡəd]

adj.憔悴的;野性的

bust

[bʌst]

n.半身像;胸部;搜查;失败

liquidate

['lɪkwɪdeɪt]

v.清算;清偿;消除

smash

[smæʃ]

vt. 打碎，粉碎;

cent

[sent]

n.分

reprieve

[rɪ'priːv]

v.暂缓处刑;暂时缓解

miscarry

[ˌmɪs'kæri]

v.流产;失败;(信件)误投

borrower

['bɒrəʊə(r)]

n.借用人;剽窃者

hilt

[hɪlt]

n.柄;刀把;剑柄

howl

[haʊl]

n.长嚎;高声叫喊;啸鸣

foresee

[fɔː'siː]

v.预见;预知

felted

['feltɪd]

v. 把 ... 制成毡(使 ... 粘结)

foremost

['fɔːməʊst]

adj.最重要的;最初的

Pacific

[pə'sɪfɪk]

adj.太平洋的

advisable

[əd'vaɪzəbl]

adj.明智的;可取的

bloodletting

['blʌdletɪŋ]

n.流血;杀戮;放血;消耗

illogical

[ɪ'lɒdʒɪkl]

adj.不合逻辑的;不合理的

patriotism

['peɪtriətɪzəm]

n.爱国主义;爱国心

hammer

['hæmə(r)]

n.锤子;榔头

gossip

['ɡɒsɪp]

n.流言蜚语;爱说长道短的人;闲话

gambler

['ɡæmblə(r)]

n.赌徒

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