Why do many trading brothers admire Livermore? If it can be summarized in just one word, I think it's because of 'passion'. Specifically: 1. Low starting point: Livermore came from a poor family and dropped out of school at the age of 14. When he started trading, he was just a chalkboard boy writing stock prices for an economic company. By comparison, J.P. Morgan was born into a wealthy family, Buffett holds a master's degree from Columbia University, Soros graduated from London School of Economics and Political Science, and Simmons, who specializes in quantification, is a mathematical genius. He obtained a Ph.D. in Mathematics from Berkeley at the age of 23 and has a mathematical theorem named after himself. Relatively speaking, Livermore's starting point was closer to or even lower than that of ordinary people, and his later achievements resonated more with most people and gave them a sense of "I can too" excitement. 2. Fast money making: He started trading at the age of 15, starting with $5, brought home $1000 (about 280000 RMB today) at the age of 16, owned $50000 (about 14 million RMB today) at the age of 24, and reached $3 million (about 840 million RMB today) in assets at the age of 30 in 1907. These profits are solely earned through one transaction after another, and their earning speed is comparable to that of a cool drama protagonist. And at the age of 29 in 1959, stock god Buffett finally reached $1 million in assets (which was actually quite strong). (Note: Based on rough estimates of wage levels, 1 US dollar in 1940 was approximately equal to 40 US dollars in 2013. If calculated as a percentage of GDP, it is 1 to 160. Here and later, a more conservative conversion of 1 to 40 and 1 to 7 US dollar to RMB will be used.) 3. Attitude Pulling: After World War I, Livermore monopolized the cotton market. When President Wilson summoned Livermore and asked why he wanted to monopolize the cotton market, Livermore replied, "To see if I could, Mr. President." His tone was humble and his attitude was arrogant. 4. Big heart: Livermore has gone through multiple bankruptcies (generally considered four), standing up from dire straits in the first few, and leaving behind considerable wealth in the last bankruptcy. At the most difficult time, he had already raised enough trading funds, but still managed to make a comeback with the help of a 500 share credit trading limit provided by a securities firm. This is a bit like McGrady's 35 seconds and 13 minutes, no matter what the reason for being cornered, the reversal scene always makes people's blood boil and leave a deep impression. 5. Whole process one-on-one battle: JP Morgan belongs to the consortium battle; Besides having Munger as his companion, Buffett also established a partnership company early on, and Hathaway later became more like a business empire; Soros also had several famous partners along the way, such as Jim Rogers, who remained optimistic about the Chinese market; Simmons recruited many mathematicians and physicists, essentially building a quantitative investment machine. Relatively speaking, Livermore has always relied on single player trading for profit, fighting against Wall Street with his own strength. With this image of riding alone to overcome challenges, his personal charm value will naturally be higher. 6. The operational techniques and mental methods are easy to understand, such as the trading principles of "being the leader in stocks - the one with the strongest trend", "letting go when stocks fall, don't speculate and become shareholders", and "having a thousand wrong opinions, the market will always be right". With the books he wrote and the circulation of his biography, these principles have deeply influenced later traders. 7. Life goes its own way: He has no moral burden in life (which is a bit like the "Wolf of Wall Street" Jordan Belfort), yachts, mansions, private clubs, in short, he is a paper to gold fan. But at the same time, he enjoys fishing in his leisure time, which can be considered both active and quiet. He did what most people want to do after becoming rich, and it's not too outrageous. 8. Big brother did not lose ": In 1934, he went bankrupt for the last time (losing all trading funds), but due to early preparation, he did not fall into poverty. The suicide in 1940 was more due to psychological reasons than a failed transaction. In the end, he still left behind assets of 5 million US dollars (approximately equivalent to the current 1.4 billion RMB). From a wealth perspective, he ultimately remains a successful trader. From the above points, it can be seen that Livermore's high praise not only reflects his tumultuous and legendary life, but also embodies the trading dreams of countless ordinary investors (or speculators). Although I also respect Buffett, Munger, and Simmons, without Livermore, the financial market would be a bit too boring.