Yes, it is well known that he went broker many, many times. I don't believe he died broker however. Even if he did, he left a great deal of money to his heirs. His son (Jesse Jr., I believe) famously and repeatedly tried to dissolve the trust his father left him and get at the principle. He too killed himself.
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Jesse Livermore's unknown psychology
- Thread starter harrytrader
- Start date
"His petition filed in Federal court listed Liabilities of $2,259,212, and assets of only $184,900, including at its face value $150,000 insurance on his life."
He did so in 1934 and commited suicide in 1935 how did he manage to get out of the mess ? The very reason of his suicide was his bankruptcy. That he had taken some dispositions in favor of his children is great but as for the rest the fact lies above in the official press announcement.
Going broke several times perhaps but going broke from 100 millions $ - which is equivalent to billions today - to under zero is not something you can easily bear psychologically and financially since your style of life has of course changed when you get that rich.
He did so in 1934 and commited suicide in 1935 how did he manage to get out of the mess ? The very reason of his suicide was his bankruptcy. That he had taken some dispositions in favor of his children is great but as for the rest the fact lies above in the official press announcement.
Going broke several times perhaps but going broke from 100 millions $ - which is equivalent to billions today - to under zero is not something you can easily bear psychologically and financially since your style of life has of course changed when you get that rich.
Quote from Sardo_Numspa:
Yes, it is well known that he went broker many, many times. I don't believe he died broker however. Even if he did, he left a great deal of money to his heirs. His son (Jesse Jr., I believe) famously and repeatedly tried to dissolve the trust his father left him and get at the principle. He too killed himself.
Quote from harrytrader:
"
He did so in 1934 and commited suicide in 1935 how did he manage to get out of the mess ? The very reason of his suicide was his bankruptcy. That he had taken some dispositions in favor of his children is great but as for the rest the fact lies above in the official press announcement.
==============================================
Livermore was subject to deep black depressions all his adult life, during success or failure. This photo was taken on November 26, 1940, two days before "The Great Bear" of Wall Street took his own life
taken from your link????
"He did so in 1934 and commited suicide in 1935"
No, he died in 1940.
No, he died in 1940.
As I said the fact that he has secured his family doesn't interfere with the fact that he went bankrupt due to his SPECULATION. The important thing is that he undergone bankruptcy due to his SPECULATION as announced in THE OFFICIAL ASSOCIATED PRESS NEWS at that time. Would he have commited his suicide without that last big failure ?
Quote from Specul8r:
Livermore set-up trusts for his wife and children in the early 20's. Trusts that were so tight, that neither he, nor his wife/children, would ever be able to penetrate them.
PEACE and good-speculation...
You're right let's correct. But that doesn't change the result of bankruptcy and his suicide - I don't think he would have commited such act without that serious reason. In fact it seems that many of famous protagonists of 1929 have been somehow punished later harshly and some of them commited suicide.
In his memory let's remind "The legend of Icarus" http://www.flash.net/~dmcb/Icarus/myth.htm
"Daedalus fashioned wings of feathers and wax for his son, Icarus, and himself. He cautioned Icarus to fly neither too high, nor too low, for the sun would melt the wax or the waves drench the feathers. Icarus ignored his father's warnings and thrilled with the power of flight, flew too close to the sun and perished."
I think many people want to always go higher and higher WITHOUT being realistic about their capability at the moment and one day they meet the big wall. It is not only for a man, but for the whole society, the whole humanity. My philosophy is from Deming: always try to progress - through the PDCA wheel - but NEVER SURESTIMATE your capability. ALWAYS RE-ASSESS IT TRULY - that is to say use statistics or at least introspection - BEFORE REALISATION.
In his memory let's remind "The legend of Icarus" http://www.flash.net/~dmcb/Icarus/myth.htm
"Daedalus fashioned wings of feathers and wax for his son, Icarus, and himself. He cautioned Icarus to fly neither too high, nor too low, for the sun would melt the wax or the waves drench the feathers. Icarus ignored his father's warnings and thrilled with the power of flight, flew too close to the sun and perished."
I think many people want to always go higher and higher WITHOUT being realistic about their capability at the moment and one day they meet the big wall. It is not only for a man, but for the whole society, the whole humanity. My philosophy is from Deming: always try to progress - through the PDCA wheel - but NEVER SURESTIMATE your capability. ALWAYS RE-ASSESS IT TRULY - that is to say use statistics or at least introspection - BEFORE REALISATION.
Quote from Sardo_Numspa:
"He did so in 1934 and commited suicide in 1935"
No, he died in 1940.
Quote from harrytrader:
As I said the fact that he has secured his family doesn't interfere with the fact that he went bankrupt due to his SPECULATION. The important thing is that he undergone bankruptcy due to his SPECULATION as announced in THE OFFICIAL ASSOCIATED PRESS NEWS at that time. Would he have commited his suicide without that last big failure ?
Eventually he probably would have. That's clinical depression for you. You are confusing cause with catalyst.