Page 72 - Morgan Housel - The Psychology of Money_ Timeless Lessons on Wealth, Greed, and Happiness-Harriman House Limited (2020)
P. 72
Jesse Livermore figured this out the hard way.
COBACOBA
He associated good times with the end of bad times. Getting wealthy made
him feel like staying wealthy was inevitable, and that he was invincible.
After losing nearly everything he reflected:
I sometimes think that no price is too high for a speculator to pay to learn
that which will keep him from getting the swelled head. A great many
smashes by brilliant men can be traced directly to the swelled head.
“It’s an expensive disease,” he said, “everywhere to everybody.”
Next, we’ll look at another way growth in the face of adversity can be so
hard to wrap your head around.
