《股票作手回忆录·第十二章·棉花惨败·被专家说服》第18节
I remember very clearly how every day I would buy cotton, more cotton. And why do you think I bought it? To keep the price from going down! If that isn’t a supersucker play, what is? I simply kept putting up more and more money--more money to lose eventually. My brokers and my intimate friends couldn’t understand it; and they don’t to this day. Of course if the deal had turned out differently I would have been a wonder. More than once I was warned against placing too much reliance on Percy Thomas’ brilliant analyses. To this I paid no heed, but kept on buying cotton to keep it from going down. I was even buying it in Liverpool. I accumulated four hundred and forty thousand bales before I realized what I was doing. And then it was too late. So I sold out my line. I lost nearly all that I had made out of all my other deals in stocks and commodities. I was not completely cleaned out, but I had left fewer hundreds of thousands than I had millions before I met my brilliant friend Percy Thomas. For me of all men to violate all the laws that experience had taught me to observe in order to prosper was more than asinine.
注释摘要
这一段是整场棉花灾难里最核心的自白，也是利弗莫尔用真金白银换来的、写在血肉里的教训。他在这里干的每一件事，都和自己过去信奉的投机法则彻底背道而驰。我们先还原一下他当时做的事情。他说他每一天都在买棉花，买更多棉花，而且买的原因不是因为他看涨，不是因为市场告诉他需求在上升，而是为了不让价格跌下去。这在1900年代的棉花市场上意味着什么？他在试图托市——用自己一…