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Reminiscences of a Stock Operator, Chapter 14 summary

Chapter 14 of 24 · 25 min to read the chapter

In Chapter 14, Livingston seeks bankruptcy to escape the pressure of debt, rebuilds his capital through Bethlehem Steel, and profits by following changing market trends. Despite sudden losses, he earns enough to repay every creditor and protects part of his recovered wealth through annuities and family trusts.

What happens

  1. After four lean years, Livingston identifies debt anxiety as his chief obstacle and seeks bankruptcy despite his shame.
  2. Major creditors release him, and Dan Williamson offers backing for five hundred shares, which Livingston uses after six weeks of watching Bethlehem Steel.
  3. Bethlehem Steel restores his stake, and despite unexpected setbacks, he ends 1915 with about one hundred and forty thousand dollars.
  4. He follows the 1916 rise, gradually shorts weakening leaders, and covers during a sharp decline, making about three million dollars that year.
  5. In Palm Beach, unexpected war news brings large profits on his shorts but a heavy loss on cotton.
  6. Back in New York, he repays all debts, then secures money through annuities and trusts for his wife and son.

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In this chapter

Larry LivingstonTheme: Patience and timingTheme: Self-knowledge and obligation

Quick check

Why does Livingston initially stay away from Williamson & Brown’s for six weeks?

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