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. Why was Consolidated Stove formed?

2. What did coffee brokers tell Congress about Livingston?

3. What happens after Livingston's initial action on behalf of Imperial Steel?

4. What does Livingston say is a good method to make a stock look good?

5. What is the stock Livingston buys to restart his career?

Short Essay Questions

1. How does Livingston feel about hunches?

2. What does Livingston say about selling stocks on a payment plan and stock splits?

3. What does Jim Barnes ask of Livingston? How was Consolidated Stove formed?

4. Why does Imperial Steel hire Livingston and why do they need him?

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

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

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

8. What is one of the primary tools to manipulate a stock?

9. What does Livingston do to keep from being broke again?

10. What does Livingston warn about various conditions that affect the market?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

As soon as he has most of the cotton, the price begins to rapidly rise and he makes a great deal of paper profit. The problem now is to convert that profit to cash, because when one has most of the market, as soon as one starts selling it the price begins to drop.

1. What do you think is meant by the term "paper profit" in the above sentence? Use examples from the book to support your answer.

2. Why do you think the price of a stock starts to drop when the stock is being sold? Use examples from the book to support your answer.

3. Would it be possible that someone could be very wealthy on paper but not have enough money to buy a television with cash? Why or why not?

Essay Topic 2

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?

Essay Topic 3

Livingston gives a number of his opinions on the stock market.

1. Discuss Livingston 's opinions of three topics. Do you agree or disagree with him? Why?

2. Compare and contrast Livingston's opinions from this book with what you might imagine he would think today in the 21st century. How do you think his opinions would change? Would remain the same? Explain fully.

3. Discuss how you think Livingston's view on several topics from this essay informs his life as a trader.

(see the answer keys)

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