Invest Like the Best with Patrick O'Shaughnessy

Jesse Livermore – The Search for the Truth with the Anonymous Master - [Invest Like the Best, EP.136]

Jun 25, 2019
Jesse Livermore, an anonymous thought leader on financial Twitter, dives deep into his unconventional investment strategies and unique research methodologies. He discusses the art of blending intuition with analytical thinking, highlighting the role of simplicity in decision-making. From his military background to navigating market complexities, Jesse emphasizes the importance of humility and the search for truth in investing. His insights into the dynamics of market valuation challenge traditional methods and advocate for cultivating constructive dissent in investment environments.
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ANECDOTE

Investing Origin Story

  • Jesse Livermore's interest in investing began during the tech bubble.
  • It intensified during grad school around 2007-2009.
INSIGHT

Intuition's Role

  • Intuition in investing is valuable due to its low cost and speed but isn't transparent.
  • It requires careful cultivation in high-validity environments.
INSIGHT

Intuition's Limits

  • Finance presents a messy system, making intuitive judgments unreliable.
  • Traders, however, often exhibit high cognitive reflection, improving intuition.
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