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首页 $杰西 《杰西·利弗莫尔:投机之王》中英对照版.pdf

$杰西 《杰西·利弗莫尔:投机之王》中英对照版.pdf

$杰西 《杰西·利弗莫尔:投机之王》中英对照版.pdf

上传者: 幸运的宁石 2011-10-02 评分 0 0 0 0 0 0 暂无简介 简介 举报

简介:本文档为《$杰西 《杰西·利弗莫尔:投机之王》中英对照版pdf》,可适用于经济金融领域,主题内容包含JesseLivermore:SpeculatorKing《杰西利弗莫尔:投机之王》中英对照版ByPaulSarnoff作者:保罗沙诺夫张轶声明:本符等。

JesseLivermore:SpeculatorKing《杰西利弗莫尔:投机之王》中英对照版ByPaulSarnoff作者:保罗沙诺夫张轶声明:本翻译内容仅供个人学习之用不可用于任何商业目的否则张轶不为任何人承担任何法律责任。更新日期:年月日。我知道还有很多错误但我目前没有时间去统稿。个人能力有限对于翻译错误请有心人告知qqcom。INVESTORS’PRESS,INC年投资者出版公司Allrightsreservedincludingtherightofreproductioninwholeorinpartinanyform保留所有的权利包括任何形式的复制。CopyrightbyPaulSarnoff保罗沙诺夫年版权所有PublishedbyInvestors’Press,Inc投资者出版公司出版PalisadesPark,NewJersey邮政编码新泽西帕利沙迪斯公园LibraryofCongressCatalogCardNumber国会图书馆分类编号ManufacturedintheUnitedStatesofAmerica美国制造ByDuranePrintingCompany,Inc,NewYork,NewYork邮政编码纽约杜兰印刷公司ForMyBelovedParentsNathanandRoseSarnoff献给亲爱的父母内森沙诺夫和罗丝沙诺夫CONTENTS目录 PARTITHELIVERMORELUCK 第一部分利弗莫尔的运气 ChapterWALLSTREETWONDER 第章华尔街的犹豫 ChapterBOYPLUNGER 第章跳水男孩 ChapterBUCKETSHOPBAPTISM 第章非正规经纪公司的洗礼 ChapterTHEFIRSTKILLING 第章第一次赚大钱 ChapterCOTTONKING 第章棉花之王 ChapterTHEBIGLEAK 第章大错漏 PARTIITHELIVERMORELIFE 第二部分利弗莫尔的生活 ChapterEVERMORE 第章永远 ChapterCUTTEN 第章卡顿 Chapter“JL” 第章JL ChapterTHEJIGGLERS,THEJUGGLERS 第章骗子 ChapterTWILIGHTBATTLE 第章黄昏前的搏斗 PARTIIITHELIVERMORELEGACY 第三部分利弗莫尔的遗产 ChapterTHELIVERMOREKEY 第章利弗莫尔的钥匙 THEFOURFACESOFJESSELIVERMORE 杰西利弗莫尔的四张面孔 Acknowledgments 感谢词 INDEX 索引 PARTITHELIVERMORELUCK第一部分利弗莫尔的运气“Marketsareneverwrongopinionsare”JesseLLivermore“市场永远不会错观点会错。”……杰西利弗莫尔ChapterWALLSTREETWONDER第章华尔街的犹豫MidOctober,:TheworldthatisWallStreetteetersprecariouslyontheedgeofanabyssThesnowballplunge,deadaheadanddown,isboundtoresultinafinancialcrashwhosereverberationswillbefeltthroughouttherestoftheworld年月中旬:华尔街在深渊旁边摇摇欲坠。雪崩之处死伤无数这次崩盘一定会对全世界造成影响。Forweeks,themarkethasflashedminorwarningsbutthemoneyhungrypublicisinhighspeculativespiritsandpreferstoignorethesobering“Caution”signswhetherinprintorimpliedHereandthere,afewwiserheadsstopandlistento,evenquestiontheominousrumblingsButthesmallrippleoftheiranxiousvoicesiswashedasidebytheprevailingwaveofpublicoptimism几周以来市场给出了小警告但是饥渴的大众正在疯狂的投机之中他们忽视了冷静的“警告”信号不管是报纸上面的还是别人暗示的。少数聪明人很听话他们停止了交易。但是大众的乐观把少数担忧的声音淹没了。Saturday,Octoberth:TheWallStreetworldgoesovertheedgeandstartsthedevastatingdownwardslideItisthebeginningofoneoftheworststockmarketdisastersinallhistory月日周六华尔街走到了悬崖旁边开始雪崩。这是历史上最惨的股灾之一……Inthefrenziedtwohourtradingsessionthatfollowed,keystocksbrokesharplyandrollercoastedtoruinAnxiousbrokersgatheredontheflooroftheExchange,strickenwithfearatthesuddenabsenceofsupportfromthetrusts,thepoolsandthebigbuyerslikeMorgan,Belmont,Rockefeller,Weinbergandothers在之后两个小时的狂乱交易中主要股票都在狂跌注定要毁灭了。紧张的经纪人聚集在交易所的场内财团和像摩根、贝尔蒙特、洛克菲勒、温伯格这样的大买家也突然不再支持这些经纪人了这些经纪人感到很害怕。Thebrokeragefraternity,thenservicingamarginmadpublic,indeedhadplentytoworryaboutandthepressgropedaboutforanexplanationofthecomingcrash那些经纪人同行都给了疯狂的大众很大的保证金杠杆他们更担心出问题。媒体正在为崩跌找理由。InitscoverageofthatharrowingSaturdaysession,TheSundayeditionofTheNewYorkTimesranthisheadline:周六报纸上面的报道都是很悲惨的周日《纽约时代》的头条是:JesseLivermoreReportedToBeHeadingGroupHammeringHighPricedSecurities报道称杰西利弗莫尔是打压高价证券的领头人……Thepage,column,explanationwentontosaythatMrLivermore,“formerlyoneofthecountry’sbiggestspeculatorsistheleaderofthebearcliqueHisattackuponthedesperatelydrivenlongs(bulls)hascausedhisprofitstorunintomillions”报纸第一面的第一栏继续解释说利弗莫尔先生“曾经是全国最大的投机者之一也是空头的领军人物……在他攻击了绝望的多头以后他的利润已经有几百万了……”DubbingLivermore“TheWallStreetWonder,”theimaginativeTimeswriteralludedtothespeculatorasthe“BoyPlunger”who,whilestillinhisteens,hadbeenbarredfromtheBostonbucketshopsSingingapaeanofpraiseforMrLivermore’sstockmarketPoolswerethenlegalsyndicates,whosemoneyandstockweremanagedbyexperttradersorstockbrokersEachpoolsponsoredasingleissueandissuessupportedbywellfinancedpoolscouldnotbebrokenreadilybybearraiders财团是指当时合法的企业联合组织。专业的交易者或经纪人帮他们打理钱和股票。每个财团就会支持某只股票这样的股票因为有财力雄厚的财团支持一般不怕空头的袭击。Bucketshopswerepseudobrokerageoffices,whosemanagerssettledwiththecustomersstrictlyonthebasisofpricefluctuationsAsmallmargin(shoestringdeposit)wasputdownbythecustomersIfthesagacity,thereportereulogizedfurtherwith:“ThememoryofhisshrewdnessandskillinWallStreethasneverdiedMrLivermoreisthebestmanonthetapethespeculativeworldhaseverknown”想象力丰富的《纽约时代》作者说利弗莫尔是“华尔街的奇迹”同时又暗指利弗莫尔为“跳水男孩”说利弗莫尔在多岁的时候非正规经纪公司都拒绝让他开户。作者不但赞美利弗莫尔先生的市场睿智作者还这样称赞他:“他在华尔街的智慧和技术会永远被人们称赞……利弗莫尔先生是有史以来最优秀的投机者……”SuchadulationcouldhardlyescapethenoticeofLivermorehimself,thenoneofthemostloyalfansofTheNewYorkTimesForhim,readingthatpaperwaspracticallyadevotionalserviceatbreakfastandthatmorning,whenJesseLauristonLivermoresawhisnameandhisreputationpagematerialagain,hisslightlycockeyedblueeyesmoistedoverbehindthesilverrimmedspectacles利弗莫尔当时是《纽约时代》的忠实读者这样的奉承自然不会逃过他的注意。对他来说早餐时读报是很圣洁的那天早上当杰西劳瑞斯顿利弗莫尔看见自己的名字和名声又上了头条时银色眼镜后面有点斜的蓝眼睛湿润了。But,ofcourse,thisparticularnewsstorywasnottrueSotosettherecordstraight(andtokeephisnameintheTimes)MrLivermoredecidedtoholdapressconference但是当然了这个特别的新闻故事是假的。为了严正视听(让他的名字出现在《纽约时代》)利弗莫尔先生决定召开新闻发布会。Theoddthingaboutthisparticular“press”conferencewasthatLivermorepurposelyrestrictedhisinvitationtotheTimesPerhapshesensiblyrealizedthatothernewspaperswouldquicklyliftwhateverinformationhegavetotheTimesandspreaditalloverthecountryThisturnedouttobepreciselythecase有趣的是关于这次特别的新闻发布会利弗莫尔没有给《纽约时代》发邀请函。也许他觉得其它报社会大肆炒作他给《纽约时代》的任何信息事实证明确实如此。OnthemorningofOctober,,thereporterfromTheNewYorkTimesenteredthelobbyoftheHeckscherBuilding(FifthAvenue,NewYorkCity)andwalkedquicklytotheelevatormarked“Penthouse”年月日早上《纽约时代》的记者进入赫克歇尔大厦的大厅(纽约市第五大街号)然后快速进入一个叫“顶楼”的电梯。Asheascendedtowhatwasthen“themostluxuriousofficeinNewYork,”hefoundhimselfrecallingbitsandpiecesoftheLivermorelegend:当他进入到当时“纽约最奢侈的办公室”时他发现自己在回忆利弗莫尔传奇的点点滴滴:ItwasrumoredthatMrLivermore,twicemarriedandthefatheroftwosons,wasseekingadivorceItwaswellknownthatMrLivermorerodeonlyinRollsRoycesandownedatleastahalfdozenresidences(summerandwinterhomes)ItwasobservedandreportedthatthefabulousLivermore,whodranklikeafish,couldmakeandlosemillionsaseffortlesslyashedownedmartinisthathewasasuckerforanyprettygirlthathelovedtogambleinthemarketmorethanhelovedanythingelseintheworldHisownmarketwentagainstthem,theywerewipedoutWhenthecustomersmadeakilling,thebucketshops,likeBedouins,foldedtheiroperations(withoutpayingoff,ofcourse)andvanishedTobebarredfromdoingbusinessinabucketshopwastoachievetheheightofprofessionalstockmarketflattery非法经纪公司也叫假经纪公司他们直接和客户赌价格的波动。客户只要给很少的保证金就能开始交易。如果市场对客户不利客户就被洗出局了。如果客户超级赚钱像贝多因这样的非法经纪公司就圈起铺盖消失了(当然没有付钱给客户)。如果一个人被非常经纪公司拒绝了那说明他的成就很高。customer’smantestifiedthatwhen“MrLivermorewasgamblinghewasthinkingofscrewingwhenhewasscrewinghewasthinkingofgambling”JealouscolleaguesintheWallStreetjunglepoohpoohedLivermore’sassertionthathewasaplayer,happytomakehismillionsontheTheyassessedhimasanoverratedcharlatan,afailuresometimesrightwithotherpeople’smoney,butusuallywrongwithhisown……传闻说利弗莫尔结了两次婚有两个儿子又要离婚……众所周知利弗莫尔只坐劳斯莱斯他的住所至少有几十间房(分冬天的房和夏天的房)……有人看到并报道说利弗莫尔能喝酒他在喝马提尼的时候就可以轻松地赚或亏几百万美元他喜欢美女他最爱在市场中赌博。他的经纪人证实说:“利弗莫尔先生在赌博的时候想着做爱在做爱的时候想着赌博”……利弗莫尔号称自己的赢亏比是比他利用这的优势就赚到了几百万嫉妒他的同行都在嘲笑他。他们说他是名过其实的吹牛大王他是失败者他有时候用别人的钱能赚钱用自己的钱通常都是亏损的。Oddlyenough,therewasameasureoftruthtothesereportsJesseLivermoreindeedhadgonebankruptseveraltimesWhatmadehimsuchawonderonWallStreetwasthateverytimehewentbrokeitwasstockbrokerswhowerehiscreditorsandmorewondrousstill,thesesamehardheartedcreditorsalwaysreadilyabsolvedhimfromhisdebts!Presumably,theanswermightbefoundinLivermore’swidelypublicizedreputationforeventuallypayinghiscreditorseverycentheowedthembuttherumorthatthebrokerscouldn’taffordtohavehimoutofactioninviewoftheimmensecommissionshegeneratedwouldappeartobeafarmoreplausibleexplanation奇怪的是这些报道还有据可查。杰西利弗莫尔确实破产了几次。他成为华尔街奇迹的原因是每次当他破产时他的经纪公司都愿意借钱给他更吃惊的是这些硬心肠的债权人总是时刻准备着免除他的债务!答案可能是因为利弗莫尔每次都能一分不差地还债但是传闻说经纪公司坚持让他交易的原因是为了巨额的佣金收入这个解释比较合理。Infact,theTimesoncereportedtraderLivermorehadmadeamilliondollarsinonedaysellingthousandsofsharesofstockshort,whileeveninghimselfoutnicelyontheverysamedaybylosingacoolmillioninhislongpositiononCotton!Oh,yesitwashardtotellwholovedLivermoremorethenewspaperstowhomhewasalwaysgoodcopy,thebrokershefattened,orthearmyofspies,runners,andotherminionshekeptgreasingfordependableinsideinformationsupposedtosteerhimtoprofits实际上《纽约时代》曾经报道过利弗莫尔在一天内做空几千股股票赚了万美元同一天因为做多棉花亏了万美元而当天晚上还悠闲自得地独自出去散步!哦对了……很难说谁更爱利弗莫尔报纸把他当题材经纪公司是他养肥的他还要贿赂那些商业间谍、为他跑腿的人和其他人物这样他才能得到内幕消息。这些人对他的看法各自不同。NowondertheTimeswriterwassoexcitedattheprospectofcoveringthisflamboyantpersonageWhatsortofmanwouldhebe,this“MasterSpiritintheWorldofStockMarketSpeculation”Well,thereporterwouldsoonfindoutforLivermore’ssecretary,asilent,softfootedman,wasnowescortinghimintotheinnersanctumoftheGreatPresence难怪《纽约时代》的作者在全面报道这位名人时是如此激动。他是什么人?他是“股票市场的投机灵魂?”这位记者很快就会知道的因为利弗莫尔安静的秘书正陪着他往这个伟人的书房走去。Atfirst,theTimesmanfeltasthoughhestoodbeforetheDalaiLamaSphinxlike,imperturbableandrigidtheresatJesseLivermore,behindahugemahoganydesk,whosesurfaceshonescrupulouslybareThefamousspeculatorhardlyacknowledgedthenewsman’sentryInstead,hereachedforthetelephonerestingonaledgetohisleft,andcarefullycoveringthemouthpiecewithhisdelicatefingers,begantowhispermarketorderstoanunidentifiedally,somewheredeepinthefinancialdistrictWhileLivermorewasbusymurmuringinstructionsintothephone,thereporterhadachancetolookhimover首先《纽约时代》的记者觉得自己正站在达赖喇嘛面前……利弗莫尔就像是狮面人身沉着严肃利弗莫尔坐在大红木桌后面他神色凝重。这位著名的投机者并没有欢迎记者的到来。他伸手去拿左边的电话用纤细的手指捂着电话轻声地告诉某个人他要下的订单。当利弗莫尔通过电话下指令时这位记者正好有时间仔细打量他。Atfiftytwo,JesseLivermoreappearedtobeatleasttenyearsyoungerSlimandslightofbuild,hishandswerealmostwomanlyinslendernessandsmoothnessOnhisrightpinkyfinger,heworeahugesapphireinasettingdesignedforthemasculinehandThemorningsunreflectedinthestone,whichblazedlikeabalefuleyeHishair,shotthroughwithtelltalepatchesoffrost,wasstillpredominantlyblonditranstraightbackfromahighforehead,somewhatbaldatthesidesandformedaformidablecrestabovehisfaceHisgenerousnosesupportedpincenezglassesTheeyeswereblue,withanowlishstarelikethatofaprofessorabsorbedwithsomeknottyproblem当时杰西利弗莫尔岁但看起来最多岁。他身材细长手像女人一样纤细平滑。淡红色的右手指上戴着巨大的蓝色宝石。宝石在反射早上的阳光凶相毕露。他的头发结满了霜总体是金黄色的从前额梳到后面两边没有头发所以形成了可怕的发型。他的鼻子和眼镜很配。眼睛是蓝色的面孔严肃视乎正被难题困扰着。Allinall,JesseLivermorepresentedapictureofacultured,welldressedmanHisdoublebreastedsuitofbanker’sgreywascutfromfinestqualityclothandexpensivelytailoredHeworeaspotlesswhiteshirtwiththenewlaydowncollar,fromwhoseinnardsacostlyredfoulardsnakeddowntheprecisecenterofhisshirttodisappearundertheveeofhisvestAcrossLivermore’schesthungadelicategoldchainofsimplelinksItsendswerehiddeninhisvestpocketsThereportercouldn’thelpwonderingwhatmightbehangingfromeachendofthechainAsifreadingthenewsman’smind,LivermorecradledtheearpieceonhisshoulderandfishedoutaslimgoldpencilhangingfromoneendofthechainTheeverpresentsecretaryautomaticallyslidapadofpaperbeforehisbosswhoquicklycoveredthepadwithcodedmarkings总体来说杰西利弗莫尔穿着得体显得很有品位。他的双排扣外衣是用很好的布料做的做工也很昂贵。他穿着雪白的衬衫衣领整齐里面有一条红色的丝绸从衬衫一直到背心的V型底下面。利弗莫尔的胸口有一条精制的金链子金链子一直延伸到背心的口袋里面。这位记者在想到底金链子的两头连着什么。利弗莫尔似乎知道这位记者的想法他从链子一端拿出了一只细小的金笔。在旁边的秘书立刻递上了一张纸然后利弗莫尔在纸上写着什么。Suddenly,Livermoretuckedthepencilbackintohisvestpocket,cradledthereceiverbackontoitshook,andyankedoutalittlegoldknife,attachedtotheotherendofhischain“TheGreatBear”twistedtheknifenervouslybetweenhisfingersandnowforthefirsttimeturnedhisattentiontothewaitingreporter利弗莫尔突然把笔塞进了背心口袋挂上了电话又从金链子的另一端拿出了一只小金刀。“这位大空头”正在两指之间紧张地摆弄着小刀……此时才第一次把注意力放到了这位记者身上。ThechangewasalmostmagicalWithawarm,friendlysmilecrinklingupthecornersofhiseyes,Livermorewelcomedthenewsmanwithacordialwavetowardabarrelchairnearby“TheSpeculatorKing”didnotoffertoshakehandsHeneverdidwithanyoneheabhorredphysicalcontactwithanymale(althoughfemaleswereanotherstory)Carefullycontrollinghisagitation(Livermorewas“quick,nervousandexcitable”),hetriedtolookpatientasheawaitedtheinquisition利弗莫尔反应神奇眼角立刻出现了友好的笑容利弗莫尔兴奋地叫记者坐到旁边的桶形椅上。“投机之王”并没有表示要握手他从不和任何人握手他不喜欢和男性有身体上的接触(女性则是另外一回事了)。利弗莫尔抑制住自己的兴奋心情(利弗莫尔“紧张有激动”)当他在等待记者提问的时候他尽量显得很有耐心的样子。Thefactwas,JesseLivermorehadlittlepatienceorlikingforanythingbuttheexcitingwargameofwinningprofitsfrompricechangesHiswarfarethethrillofbeatinghisfellowmanwasconfinedsolelytothemarketplaceWhatmadethemarketplacesofascinatingtohimwashisunshakeableconvictionthattheresuccesscouldbeconsistentlywononabasisotherthansheerluckMoreover,fromthetimehewasaboy,MrLivermorehadlaboreddiligentlytowardtheperfectionofascientific“key”tostockmarketsuccessAsyet,hehadnotsucceededinfindingthiselusivekey实际上利弗莫尔对任何事都没有耐心他只对交易赚钱有耐心。他喜欢在市场中战胜对手。他坚信只要有一定的方法就能实现持续的成功所以他对市场非常着迷。而且利弗莫尔从孩童时期就开始努力研究股市成功的“关键所在”只是他还没有找到这个难以捉摸的“钥匙”。“Successridesonthehourofdecision,”hepreachedtohisfewconfidantsandbythethirdweekinOctober,,heindeedhadmadehisdecisionPricesofissues,comparedtotheirvalues,werefartoohighThiscouldleadtoonlyonenaturalendAndso,deliberately,MrLivermorewasthenheavilyshortofthemarket他告诉他的好朋友说:“成功就是及时做决定。”年月的第三周他再次做出了决定。股票的价格比价值高多了这只会导致一个结果。所以利弗莫尔先生就是市场中的大空头。Thespeculator’sfacewasenigmaticashesatwaitingforthereportertospeakObviously,therewouldbenoicebreakingnicetiesOnwiththequestionsthen:当利弗莫尔等待记者提问时他显得神秘莫测。很明显没有必要寒暄了第一个问题是:“Isittrue,MrLivermore,thatyouaretheleaderofthebearclique”“利弗莫尔先生你真的是空头领军人物吗?”ThemanalludedtoasDanielDrew’ssuccessoransweredbyreachingintoadeskdrawer,fishingoutasinglesheetofneatlytypedpaper,andpassingittothenewsmanwithoutaword利弗莫尔模仿丹尼尔德鲁过去的做法他从抽屉里面拿出一张早已打好字的纸并递给记者一句话都没说。Notknowingwhethertoshovethepaperintohispocketortoreadit,thepuzzledreporterventured,“Aren’tyougoingtoanswermyquestion”这位记者不知所措把这张纸收起来也不是读出来也不是他就试探着问道:“你不准备回答我的问题吗?”“Look,”Livermorerepliedinahushedvoicerippingtheairlikeastiletto,“yourpaperaccusedmeofraidingthemarketMywrittenreplyprovesmyinnocenceReaditThenI’llansweryourquestions”Andthereporterread:利弗莫尔的声音不大但却像打桩机一样震耳欲聋:“你们报纸责怪我袭击了市场。我写的东西能证明我的清白。你把它读出来然后我再回答你的问题。”这位记者读道:Inconnectionwiththevariousreportsindiscriminatelyspreadduringthepastfewdaysthroughthenewspapersandvariousbrokeragehousestotheeffectthatalargebearpoolhasbeenformedsupervisedbymyselfandfinancedbyvariouswellknowncapitalists,IwishtostatethatthereisnotruthwhateverinanysuchrumorsasfarasIamconcernedandIknowofnocombinationshavingbeenformedbyothers各种各样的报道不分青红皂白地说我和一些著名的资本家资助了这次空头战役导致媒体和经纪公司都在传播这些小道消息我想指出这些谣言都是假的我和任何人都没有关系……Here,thereporterpausedandlookeduptoask,“ButMrLivermore,whyarestocksgoingdown”Andtheobligingspeculator,asifspeakingforotherstockm

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