Monday, June 25, 2012

Jesse Lauriston Livermore, the Great Bear of Wall Street

June 26th marks the 135th birthday of Jesse Lauriston Livermore, the “Great Bear of Wall Street.” Known as one of the greatest traders of all time, Livermore’s life and career were a dedication to the study and mastery of stock and commodity movement and prices.
For Jesse, life began in rural Massachusetts where he was the child of a poor farmer, seemingly doomed to repeat the same fate as his father. At 14, with his mother’s blessing and her $5, he ran away from home to escape the hardship of life on a farm.
His stock market success started that same year in “bucket shops,” gambling halls where Livermore made over $1000 (over $20,000 by 2012 standards) placing bets on stock prices before he ever actually bought or sold a single share. Once he began trading in legitimate markets, Livermore both earned and lost millions upon millions of dollars.
Jesse Livermore is quoted as saying that his losses were the result of not listening to his own advice. At the height of his fortune, his worth was in the billions by today’s standards. Although his death was over 70 years ago, Livermore’s book, “How to Trade in Stocks,” is still listed among the top books ever written on finance and Wall Street.

Monday, June 18, 2012

The Dinner Table Bargain

On June 20, 1790 in New York City, US forefather Thomas Jefferson held one of the most significant and pivotal dinner parties of the century. In attendance were James Madison, Alexander Hamilton and then president, George Washington.

The discussion at hand involved both Hamilton’s longing to standardize the nation’s accounts including a federal assumption of all state debts, estimated at about $80 million, and James Madison’s concern over the potential final location of the nation’s capital. As a Virginian, Madison feared his state would lose influence if the capital were to be placed in the North.

Madison had openly fought Hamilton’s plan, so Jefferson offered to bring the men together to talk over the situation. Known as the Dinner Table Bargain, this meeting of the minds led to the Compromise of 1790. By the end of the evening, the men reached an agreement: Hamilton would support the Potomac site for the new capital and Madison would no longer block assumption in Congress.

Years later, Jefferson would claim that he had been tricked into the evening’s agreement by Hamilton. A blow that was surely softened when in 1801, he took office as the first president in the new city on the Potomac River known as Washington.

Monday, June 11, 2012

Happy Birthday Donald Trump!

You know the man, you know the empire, you know the hair …  but did you know that it was his birthday? This week on June 14, Donald J. Trump will turn 66 years old and he certainly has a lot of reasons to celebrate.

Born in 1946, in Queens, “The Donald” became a public figure as the result of his hugely successful career as a real estate developer in New York City during the late 70’s and 80’s. His building projects include the Grand Hyatt hotel on 42nd Street at Grand Central Terminal and the apartment-retail complex he built on New York’s Fifth Avenue, the iconic Trump Tower. 

Trump enjoyed unfathomable, well-publicized success for many years until a financial blow at his casino, the Taj Mahal, and a plummet in the real estate market in 1990, caused his net worth to drop drastically.

Not one to be beaten easily, Trump worked his way back and by the late 90’s got his net worth up into the multiple-billions. These days he enjoys a thriving career not only in real estate and development, but also in entertainment ventures such as producing beauty pageants, managing Central Park’s ice skating rinks and acting as a reality star on his own television show, The Celebrity Apprentice.

Monday, June 4, 2012

Summer in New York City

Summer in New York is such an exciting time. The days are long, the nights are cool and the city is bursting at the seams with exciting, fun outdoor activities to suit every taste imaginable.

If you’re in the city and looking for a way to celebrate the warm weather – may we suggest a Wall Street Walks tour? Not only is it amazing to stroll around the bustling streets of New York, you can visit the celebrated landmarks where America was born. Learn how an 18th century bazaar became the greatest financial center of the world. Walk in the footsteps of America’s forefathers and stand in the shadow of the rebirth of Ground Zero.

Another one of our favorite NY summertime activities is the River To River Festival held in locations across Lower Manhattan. Kicking off on June 17, the 2012 River To River Festival will host hundreds of events including live music, theater, dance and other cultural happenings through July 15.

This summer, treat yourself to a real downtown New York experience. Explore the rich and exciting history of the Wall Street Area then enjoy one of the great River To River Festival shows. Make a day of it … you’ll be glad you did!