Old Lessons From Jesse Livermore for Today’s Market

Published on June 29, 2026

Today's markets and those in which Livermore operated are vastly different. The technological transformations since Livermore’s trading days are immense. Regulation is much better today than it was then. Market news, rumors, and narratives spread instantly today, compared to days or weeks when Livermore traded.

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Friedman Was Right, Just Mostly Misquoted.

June 29, 2026
Friedman was reasoning from the equation of exchange, MV = PQ. Money times velocity equals prices times real output. It’s an identity, not a theory. Where it gets interesting is when you ask which variable does the work.

The Fed Needs to Follow the Rules. But Which One?

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The Federal Reserve’s new chairman, Kevin Warsh, plans to convene no fewer than five task forces to review the central bank’s methods and operations. They will ask how the Fed can improve its communications, balance-sheet policy, use of data, understanding of “productivity and jobs in an era of transformation,” and delivery of price stability.