Edwin Lefevre took an unusual path. He was born in what is now Colon, Panama in 1871, studied mining engineering in the states, and became the Panamian ambassador to Spain and Italy later in life. In between, he was a financial journalist.
In 1915 he wrote a scathing article against speculation. The “Unbeatable Game,” he called. His point was clear. Speculators and gamblers in the market rarely died rich. It’s a loser’s game. It was easily the topic he revisited most and a theme in his classic Reminiscences of Stock Operator.
His talent was turning Wall Street stories and anecdotes he collected over the years into lessons on human nature. He pointed out the errors that plagued investors throughout the market cycle. He covered market history, uncertainty, probability, and he even dabbled in a little value investing.
It turns out, Lefevre had a way with words. Continue Reading…