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. How was the company Consolidated Stove formed?

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

3. How does Livingston drive up the price of Consolidated Stove?

4. What does Livingston warn about in the beginning of Chapter XV?

5. Who was a famous stock manipulator Livingston mentions?

Short Essay Questions

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

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

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

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

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

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

7. What does Livingston say about forces that can cause plans to go wrong?

8. What does Livingston do when insiders in Tropical Trading try to knock him out of the market?

9. How does Livingston feel about hunches?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Livingston is convinced his own knowledge, ideas, and hunches serve him better than any other other sources of information. He discusses the importance of being objective and neutral and not preferring a bear or bull market, but trading based on what conditions actually are.

1. How do you think Livingston being convinced about his ideas being better than other people's might help and harm him in trading? Use examples from the book to support your answer.

2. Why do you think a trader has to be objective? Use examples from the book to support your answer.

3. Discuss what you see as the conflict between playing hunches and being objective.

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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