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JESSE LIVERMORE ON THE HAZARDS OF SPECULATION: Among the hazards of speculation the happening of the unexpected, I might even say of the un-expectable, ranks high. There are certain chances that the most prudent man is justified in taking chances that he must take if he wishes to be more than a mercantile mollusk. Normal business hazards are no worse than the risk a man runs when he goes out of his house into the street or sets out on a railroad journey. When I lose money by reason of some development that nobody could foresee I think no more vindictively of it than I do of an inconveniently timed storm. Life itself from the cradle to the grave is a gamble and what happens to me because I do not possess the gift of second sight I can bear undisturbed. Reminiscences of a Stock Operator, by Edwin Lefevre Books of Wall Street, A Division of Fraser Management Associates 309 South Willard, Burlington, Vermont 05402 |
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