Advice from Livermore on Money

Photo by Nathan Dumlao on Unsplash

Sometimes when you read books about traders, or anyone really, you come across strange little factoids that stick with you. With that in mind, one thing I read in Richard Smitten’s book on Jesse Livermore (World’s Greatest Stock Trader) stuck with me and I think about it almost every time I put my wallet in my pocket so I figured I’d share it with you. And here it is:

One day he [Jesse Livermore] called his two sons into the library at Evermore. He sat behind the massive desk; the two boys sat down in front of him. He leaned forward and took a wad of cash out of his pocket. He peeled off 10 $1 bills. He did this twice, then folded the bills and handed each boy a pack of 10 ones.

The boys sat looking at him, each holding their money. "Boys, always carry your money folded and in your left pocket. Go ahead, do it. You can keep the money."

The boys did as they were told and put the folded money in their left pockets. "You see, pickpockets always go for a person's wallet, usually in their back pocket. Or they will come up behind you and go for your right front pocket, because most people are right-handed. You all right with this so far, boys?" he asked.

The boys nodded.

He continued, "All right, that's why you keep your paper money folded in your left pocket. See, if a pickpocket gets into your left pocket, and he gets that close to your balls, you're going to know about it."

The boys looked at each other.

Their father continued, "Don't ever lose your cash, boys. That's the moral of this story. Keep it close to your balls, and don't let anyone near it."

What’s the point of this post? There really isn’t one other than sharing J.L.’s thoughts on how to carry your money. If you’re like me, this little factoid may haunt you and have you forever pausing to consider the placement of your money/wallet. But maybe this advice will have you on the right side of would-be pickpockets. You’re welcome!