Chapter XV Summary and Analysis

Livingston warns there are some things no speculator can guard against. One can do his best to protect against the actions of other men, to accurately read and understand the market, and to avoid making mistakes—and if one is wrong due to any of these factors, one will lose money, but need not be upset. However, he hates losing money when he does everything right, but unforeseen events still cause him to lose.

He gives an example of trading in coffee during World War I. Coffee brokers appear before Congress and claim Livingston is trying to corner the coffee market. A board prevents profiteering in war necessities, and the coffee brokers convince the board the price of coffee should be kept low and existing contracts forced to be closed out. Livingston mocks the brokers for asserting coffee...