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Strategies & Market Trends : ajtj's Post-Lobotomy Market Charts and Thoughts
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To: ajtj99 who wrote (96237)10/25/2025 2:58:16 AM
From: Sun Tzu1 Recommendation

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ajtj99

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When reading diaries, which is what Marcus' book really is, it is important to find an annotated version by an expert. I don't know if that exist for this book. But without having someone point out how/why things were different in that era you are unlikely to get it.

Another book that is like that is The Reminiscences of a Stock Operator. If you read the regular version, you think you understand it. But believe me, you won't. Even though it was written only 100 years ago and not as far in the past as a Roman emperor, there is still so much nuance that will be lost on you without having a historian spell it out.

For example there was a part about France wanting some of its gold back to pay for war. This threatened to cause a banking crisis. There was no wire transfers, letters of credit, or options to soften the blow. There are also parts about how government could not print money and pay anyone until some new gold mines were to be discovered and more gold was to be extracted. You think the government shutdown is bad now, imagine if the government cannot pay anyone because all the gold has been extracted out of the mines.

When you read the book, these things are NOT spelled out because they were common knowledge to anyone who lived then and he assumes you know it. The same goes for all the companies he names. They were as well known then as Microsoft or nVidia are today. Nobody has to explain to us what it means if nVidia crashes. But I'd have no idea what business the companies he talks about were in and what those moves meant if I didn't have an annotated version of the book.
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