Reminiscences of a Stock Operator Test | Final Test - Hard

Edwin Lefèvre
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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. Under what condition does David Williamson offer Livingston a stake?

2. Of whom does Livingston make fun?

3. What does Livingston say when someone asks him for a tip?

4. What does any trade do to the price of a stock?

5. What does Livingston do after the Tropical Trading event?

Short Essay Questions

1. How does Livingston think James R. Keene would do in the market of Livingston's era.

2. What happens to Livingston after he follows Percy's advice?

3. What does Livingston do about all his debt?

4. Is Livingston asked for tips? What does he say?

5. What does Livingston begin to do for a living?

6. What does Livingston say about broker letters?

7. Why were the three main stock holders of Consolidated Stove angry at Livingston?

8. What does Livingston notice about the price of Tropical Trading and what does he do about it?

9. What happens when Livingston starts buying up what Imperial Steel stock is on the market.

10. Sum up what Livingston says about cornering the market.

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Livingston says the important thing is to have a general strategy, stick to it, and use good information.

1. Why do you think it is important to have a general strategy in trading stocks? Give an example from the book.

2. Do you think it is difficult to stick to a plan when the plan is failing? Why or why not?

3. How difficult is it to get good information today? Do you believe what you read on the Internet? Why or why not?

Essay Topic 2

Livingston gets a strong hunch and cannot shake the urge to sell Union Pacific stock.

1. Do you think it's unwise to sell stock based on a hunch? Why or why not?

2. Just because Livingston's hunch worked out this time do you think he should continue to use hunches? Why or why not?

3. Given the fact that more people have lost money on a hunch then made it, do you think Livingston should have written about hunches? Why or why not?

Essay Topic 3

Further, bankers beg Livingston not to sell any more stock, as it might increase the general panic, throwing the whole system into irrecoverable disarray. Livingston knows this would make it impossible for him to translate his profits into cash. Livingston sends in orders to buy a vast amount of stock, beginning a market recovery.

1. Given what you know of Livingston's character do you think buying stock in this situation was self motivated or was there an altruistic component? Why or why not?

2. Why do you think the bankers asked Livingston not to sell anymore stock? How would that relate to the creation of the 1930 depression? Use examples from the book to support your answer.

3. Do you think, given what happened in 1930, the market system could ever be thrown into irrecoverable disarray? Why or why not?

(see the answer keys)

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