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ValueXVail 2012 - Jon Markman

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TRADERS ADVANTAGE & STRATEGIC ADVANTAGE jonmarkman.com / markmancapital.net The Story Behind the Story Behind the Story JON MARKMAN
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Page 1: ValueXVail 2012 - Jon Markman

TRADERS ADVANTAGE & STRATEGIC ADVANTAGEjonmarkman.com / markmancapital.net

The StoryBehindthe StoryBehind the Story

JON MARKMAN

Page 2: ValueXVail 2012 - Jon Markman

‘‘Reminiscences’’ was a collaboration not a monologue.

Page 3: ValueXVail 2012 - Jon Markman

Imagine 1923, world still healing from WWI.

Page 4: ValueXVail 2012 - Jon Markman

Imagine 1923, still reeling from 50M flu deaths.

Page 5: ValueXVail 2012 - Jon Markman

Imagine 1923, reeling from the 1920 depression.

Page 6: ValueXVail 2012 - Jon Markman

The Roaring ‘20s started with a tired yawn.

10 years of slop preceded the Roaring ‘20s

Page 7: ValueXVail 2012 - Jon Markman

U.S. cities began to teem with rural migrants

10 years of slop preceded the Roaring ‘20s

Page 8: ValueXVail 2012 - Jon Markman

Suddenly stocks caught a spark, and boom!

Out of nowhere came a 460% advance into ‘29.

Page 9: ValueXVail 2012 - Jon Markman

Newspapers covered stocks like crazy!

Page 10: ValueXVail 2012 - Jon Markman

Lefevre specialized in uncovering manipulation

Page 11: ValueXVail 2012 - Jon Markman

Lefevre had his pick of traders to profile.

Page 12: ValueXVail 2012 - Jon Markman

Lefevre choose cool, reticent Jesse Livermore.

Page 13: ValueXVail 2012 - Jon Markman

Lefevre choose cool, reticent Jesse Livermore.

Lefevre and Livermore remind us:

-- There is never anything new on Wall Street because speculation is as old as the hills.-- In a bull market you must trade w/ the bulls; in a bear market you must trade w/ the bears.-- Anticipation and fast reaction -- born from experience and planning -- are a trader’s key assets.-- Never argue with the tape.-- You don’t know until you bet.-- Only the game can teach you the game

Page 14: ValueXVail 2012 - Jon Markman

Lefevre choose cool, reticent Jesse Livermore.

Lefevre and Livermore remind us:

-- There is never anything new on Wall Street because speculation is as old as the hills.-- In a bull market you must trade w/ the bulls; in a bear market you must trade w/ the bears.-- Anticipation and fast reaction -- born from experience and planning -- are a trader’s key assets.-- Never argue with the tape.-- You don’t know until you bet.-- Only the game can teach you the game

Page 15: ValueXVail 2012 - Jon Markman

Jay Gould, master manipulator, tycoon, liar, thief.

Page 16: ValueXVail 2012 - Jon Markman

Jay Gould, master manipulator, tycoon, liar, thief.

Page 17: ValueXVail 2012 - Jon Markman

James Keene: Livermore’s hero & competitor.

Page 18: ValueXVail 2012 - Jon Markman

GM founder made millions in stock; died in poverty.

Page 19: ValueXVail 2012 - Jon Markman

Jacob Little: the first “Great Bear of Wall Street.”

Page 20: ValueXVail 2012 - Jon Markman

Saunders blew up cornering Piggly-Wiggly.

Page 21: ValueXVail 2012 - Jon Markman

Bernard Baruch: Legend in stocks, sugar, war.

Page 22: ValueXVail 2012 - Jon Markman

Twain saved Grant from destitution after a Ponzi scheme.

Page 23: ValueXVail 2012 - Jon Markman

The $500 & $1,000 were common til nixed by Nixon.

Page 24: ValueXVail 2012 - Jon Markman

Many new chart styles emerged in the ‘20s.

Page 25: ValueXVail 2012 - Jon Markman

Livermore’s sector system: He kept notes by hand.

Page 26: ValueXVail 2012 - Jon Markman

Gambling or speculation? Debate raged in 1902.

Page 27: ValueXVail 2012 - Jon Markman

Cheating was endemic. Few rules prevented it.

Lefevre has a million synonyms for ‘’swindle’’.

-- “Boodle” was primarily slang for bribes or illicit payments and counterfeit cash. ‘’Clergymen call the NYSE a boodlers battlefield.’’ -- “Thimblerig” was a shell game using three thimbles and a foam ball. Portrayed on the street as a gambling game, it was instead a con game. ‘They thimblerigged the market.’’-- “Coppering” came from faro, where placing a penny on a deck of cards reversed the polarity of the next drawn card. A winner became a loser. If you ‘copper’ a friend’s tip, you bet against it.

Page 28: ValueXVail 2012 - Jon Markman

Lefevre believed that all traders were suckers.

Page 29: ValueXVail 2012 - Jon Markman

L&L believed “sitting” not trading, made fortunes.

Page 30: ValueXVail 2012 - Jon Markman

L&L believed “sitting” not trading, made fortunes.

Page 31: ValueXVail 2012 - Jon Markman

L&L believed “sitting” not trading, made fortunes.

Page 32: ValueXVail 2012 - Jon Markman

L&L believed “sitting” not trading, made fortunes.

Page 33: ValueXVail 2012 - Jon Markman

L&L believed “sitting” not trading, made fortunes.

Page 34: ValueXVail 2012 - Jon Markman

L&L believed “sitting” not trading, made fortunes.

Page 35: ValueXVail 2012 - Jon Markman

L&L believed “sitting” not trading, made fortunes.

Page 36: ValueXVail 2012 - Jon Markman

L&L believed “sitting” not trading, made fortunes.

Page 37: ValueXVail 2012 - Jon Markman

L&L believed “sitting” not trading, made fortunes.

Page 38: ValueXVail 2012 - Jon Markman

L&L believed “sitting” not trading, made fortunes.

Page 39: ValueXVail 2012 - Jon Markman

Available at bookstores and Amazon.com

Visit me at:

TRADERS ADVANTAGEInvestorplace booth

Or …

-- Jonmarkman.com-- markmancapital.net-- markmanportfolios.com-- msnmoney.com


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