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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. What does Livingston say is illegal now?

2. Why doesn't Livingston make any money no matter how hard he tries?

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

4. What has the market done about charlatans since Livingston has been trading?

5. What is one of the forces that can cause a stock spectator's plans to go awry?

Short Essay Questions

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

2. What does Livingston say about the press and insider trading?

3. What does Livingston do when he returns to New York?

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

5. How does Livingston feel about tips and to what does he attribute his success?

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

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

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

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

10. What does Livingston say when people say a stock drops because someone sells it?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Livingston warns there are some things no speculator can guard against. No trader can account for all the factors that affect a trade.

1. Given the uncertainty in the numerous factors involved in stock trading why do you think people do it?

2. What other careers have such uncertainty to them? Describe in detail why.

3. Do you think life is better uncertain or not? Why?

Essay Topic 2

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 3

The book, REMINISCENCES OF A STOCK OPERATOR, is considered a classic in business education and is required reading in most business colleges.

1. Why do you think the above statement is true?

2. After reading REMINISCENCES OF A STOCK OPERATOR do you think you understand more of the stock market and the economy than before you read it? Why or why not?

3. Do you think it is too outdated to be of any use to students today? Why or why not?

(see the answer keys)

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