Please read about this guys life story. A multi millionaire during the great depression times. He made 100 million during the Great depression in 1929 which may be equal to some billions now and at the end of his life he lost most of it and committed suicide.
Reminiscences of a Stock Operator is the book about his speculative techniques. I have not read any better stock analysis and mob psychology better than this book. Amazing book. This book has been an inspiration for many new generation investors.
Life is so weird. This guy had problems with personal life, with his marriages. That is one cause of his suicide. Even though one has money,there is no use of it if one does not how to spend it. All the time spent earning goes in vain. He has such great ability to analyse the market but he fell from his heights to emotional problems. He talks about human weaknesses and the how to guard oneself always from fallibility.
I believe money is like water. Either one can through it in the drain or use it to sustain life just like all life is sustained by water.
Just like water circulates in the environment, money also changes hands during transactions.
Let me mention another great investor George Soros who knew what to do in contrast to Livermore and used his great fortune for philanthropic purposes. I am greatly impressed by him. What a great vision these people have. It is just unbelievable. Most of us do not even know how these few influencial player change the direction of the world destiny. But they do.
Most of these people started from scratch. They believed in themselves and introspected on their mistakes and came out as winners.