《股票作手回忆录·第十四章·游戏永不变·人性永不变》第14节
I did much better during the following year. I was very lucky. I was rampantly bullish in a wild bull market. Things were certainly coming my way so that there wasn’t anything to do but to make money. It made me remember a saying of the late H. H. Rogers, of the Standard Oil Company, to the effect that there were times when a man could no more help making money than he could help getting wet if he went out in a rainstorm without an umbrella. It was the most clearly defined bull market we ever had. It was plain to everybody that the Allied purchases of all kinds of supplies here made the United States the most prosperous nation in the world. We had all the things that no one else had for sale, and we were fast getting all the cash in the world. I mean that the wide world’s gold was pouring into this country in torrents. Inflation was inevitable, and, of course, that meant rising prices for everything. All this was so evident from the first that little or no manipulation for the rise was needed. That was the reason why the preliminary work was so much less than in other bull markets. And not only was the war-bride boom more naturally developed than all others but it proved unprecedentedly profitable for the general public. That is, the stock-market winnings during 1915 were more widely distributed than in any other boom in the history of Wall Street. That the public did not turn all their paper profits into good hard cash or that they did not long keep what profits they actually took was merely history repeating itself. Nowhere does history indulge in repetitions so often or so uniformly as in Wall Street. When you read contemporary accounts of booms or panics the one thing that strikes you most forcibly is how little either stock speculation or stock speculators to-day differ from yesterday. The game does not change and neither does human nature.
注释摘要
这段文字发生在利弗莫尔还清旧债、通过伯利恒钢铁的交易重新获得本金之后，时间大约是1916年。他在这里回顾的，是第一次世界大战期间美国股市出现的一轮极其猛烈的牛市行情。要理解他所说的这一切，我们首先得还原当时的历史情境。 他说到的“协约国采购”，指的是英、法等协约国在美国大量购买战争物资——从钢铁、铜、炸药到粮食、棉花，几乎无所不包。这些订单规模极其庞大，让…