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Reminiscences of a Stock Operator, Chapter 12 summary

Chapter 12 of 24 · 22 min to read the chapter

In Chapter 12, Livingston rejects Percy Thomas’s partnership offer but accepts his bullish cotton arguments, abandons his trading rules, and loses most of his fortune. His memories of a persuasive book salesman and unsuccessful coat trades explain his weaknesses, while an urgent need for cash drives further speculation that exhausts his resources and leaves him in debt.

What happens

  1. Percy Thomas proposes a partnership, but Livingston refuses because he wants to trade independently and avoid influencing others.
  2. Livingston recalls a salesman who secures his signature for unwanted books, cancels the contract, and gains an introduction to Ed Harding.
  3. Thomas gradually undermines Livingston’s confidence in his bearish cotton judgment, leading him to cover his short position and buy.
  4. Livingston sells profitable wheat and increases his losing cotton position to 440,000 bales before selling and losing most of his fortune.
  5. Needing cash after illness, Livingston seeks quick market profits and recalls office traders losing money while trying to finance a coat.
  6. His urgent speculation consumes his remaining funds, and continued trading leaves him owing several brokerage firms.

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In this chapter

Larry LivingstonEd HardingPercy ThomasTheme: Independent judgment

Quick check

Which position does Livingston sell when he decides to reduce his commitments at Bayshore?

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