Reminiscences of a Stock Operator, Chapter 23 summary

What happens

1. Larry acknowledges stronger exchange rules but argues that speculation remains difficult because of human weakness, expanding markets, and deliberate misinformation.
2. He describes insiders quietly buying before good news becomes public, then encouraging public purchases through anonymous optimistic reports.
3. When business weakens, insiders quietly sell while reports blame bears, encouraging outsiders to hold stock that keeps falling.
4. New Haven illustrates how insider selling and misleading assurances accompany a collapse from a sum of money to a sum of money.
5. An Intervale Oil pool sells while blaming Larry for the decline, leaving outsiders waiting for a recovery.
6. Larry closes by warning against explanations that serve unnamed insiders rather than inform the public.

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