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Chet+vi+chung+khoan

Chet+vi+chung+khoan

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Published by: Phan Nguyen Trong Huy on Nov 23, 2010
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(au chuyen ve mot nha dau tu chun'g khoan vi ,d'alli nhat mol thot da

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W'lJN(iub 1'Hll\ 'tMY MUA,SAa:i'nliji[~ H! 'Ci~. ,d5~ !C1n.llliitu Y khii. mUll, siicih.A}.!ph.a~ ...

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H..a.y'6lB m!!!!a :lmiWC:C!it6:nsAeh, eiaAlp'bai. .~

RICHARD SMITTEN

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CHET VI CHUNG KHOAN

JESSE LIVERMORE

cau CHUY~N V~ NHA aAU'TU CHONGKHOAN vi £)81 NHIetT MOl THOI £181

Duy Due, Quynh Nga, Minh Thu dtch Alpha Books hi~u dinh

Mikey Nguyen

hung_cbv2009

NHA XUAT BAN LAO £lONG - xA HOI

-- - - - - -. .

{'uaiz .4drJl! j~;l ddJt~ ok bor'fllla lvt; L'oUM dmi&Jz. . ··~OI:9 aU ai:9j{{o12l1 t1d~ao ,OUtJ)2 3.dal/iul!l'

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Cuon. 5:a.c:h Chel vi chUng ,khodn: Jess Lfve',rmQ~e- Cau chuye.n v.e 11M ddutu cnurtg .khadn vi dqi nhat rna cac ban d,an,g~cam

t '.+,..", "-" ~""""" ,'. '1' - ,t' ,., h '." , 'Ii' .. .,". d'''·· ~ J'

rongU:ty nam uu,n,.g iO~; sacn nay. ~a ve {:UQC_,Ol CUaeSiH!

Livermore, m!Ql trong nhtmg nhaldnh doanh chtln_g khoan tbanh c)OinO'.,~'." nhat tb,e dtOl nbungehmh ono:,".' 'CUD'Ii.c., p,'-"hat don nhan

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motk.e't cue hetsoc hi tham: g~a (linn tan va~. tEd chmh pha san v,a tl!)' sat trong tuyet vong, Cudn sach se dem lalf,at nbt,eu bad hoe b6 len, nhung kinh nghi~:m chat lQC til thang, tr.a:m trong cUQ'c dOl. ongh.~n se '(;)0 ,gis, tr~va. b(ru~ch ,d6i yM ,d(Fcgi,8.va. C:81C nha ,da.u tu ,chung khoan cua V]'e:t Nam hOJ11J nay"

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• UQ'C tuye:n chon tu nb1ll1lg, bQ sach ve clau tu, till ehmb va

cbun~.·· khoan flc)l tienO'." nhat cua nhi,eu tac :ri. ,ia ten tuoi han.a ..... ·.

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,d:au the glO1~, hy VcQng eae eUOiD. sach nay se t:rb thanhmot mon qua ,gift '01· va, hU1.ll(:bcbotalca eac dj~QC: g~a quan tam ...

Xin tran tn~ngg100· thieu ten Q,Qcgi.a lo~t sach ve. dall tu va ,chtffi,g khoan nay ...

Thdng7 Hdrn 200'7 C'ONG TI SAC:HALPHA

Ham. 1932'. m9t nhOm cdc nhd dciu :tu'mi chmhgldu n.hdt the gIDi g,6!ffl bcly ',gu'm, gqp nhuu, !l(tl khdch SQJl .Edge;water d-

eh", "1"'" " ,," 'h'" _,'b,"'.'l 'h""""" .", .. :'i V,L 1.." ~I\n ... ' ,',IIiA

_'_tC,etgO.l at san 'coo ,'Qrodeu .i~onca .IUd] uQ.C t~Jd:1 nuoci~l'g va,

trang nhieu ,nam,qua~gf6i. buyenfhOng dua ttnue hQ nnu .nhung hm:h nUll! thanh cOng aren. hinh:

l0(;ig ru, ,ld ai? Charles Schwab ,~ chu.t~h tq.p dOOnth~p lon nhdt thi gtiJi, Arthur Cutten '" nM ddutu bia. mtlml nhcft ;£hm kY. R:fchcu:dVVhttney- Q,ftim doc Sa g~oo dtc.h chUng .khadn New Yarkj Albert RnU - thdnh v!ten MOl cdcjJesse Ltvermo.r;e ~ nhd.

, - - - - - - - ~

ddu ro gici, xuortg nd~ Ueng nhdt cua .Ph6WaltLeonF'raser - Chit" ttch Ngdn hang :fhanh ,toon Qu6c tl: va ivan Kmegger - ong ehU hang aQc (Juyen .Mn nhat thegt6t

,OOu gi d:Q .. xag· ra urn hQ? Ong Schwab va Cutten, chet trony' kh6n khtJ.; \~lhttney pOOi c) trong nJui tao S:Ulg Sing nltfeu nam Fall cuny ngoi til, thOi g~an ddl~ nhurtg sau dO. dllQCph6ngthich nen ong i;a ~ qua urn' tqi nM: nhtlng ngum con k;li nOO Uuerrnore.Fros'e ud..Kruegger deu-''J~ van..

~. Donald M.eCuUogb, Th.Uc dtj:y tu gtac me My

B;(ln kh6t;1o W, v~c han cd p ••.•. hi€u rlill n~.···· uot ban. cJu.cu OtUC su so

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huu chdn,g kilt gid (lO' ,xu hu6ng ,gtdm., Ngurn ban U(.l,y 00 phrln coo: ngum ,mQfg~ de giao eho fl9't.eOl rnua.. Satt d,rJ,. GO p.Mn-d:th?C rnua lT€n dtr truOnQ mom ,quay tr'!a t,€ vm. ngt.rOt miM g~61: ,M ket Ottle g:tao dic~ No:[ edch khdc. nguO'i ,ta bdnchUng ,khodn trntJ(:. nl ua S.(LU .001 lh~.,,~ ·OO7Vl mua duoc O'ta lt~,.4~ Lnon. Viet nOLl

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(Jidi nguoc ,tJCri g,fao djchtho~lBthUOng: mua lJ1.1OC~ ban sau.

- Louis Smitten. n~Hl dau CO' chtmg khoan

.un no:{ dciu 1:.3:

.LOt cam on 17

CHUONG 2. CHUOT~!G .3 ..

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CHU'ONG 7.. Hoan thien lythuy,el thi truemg CHUONG 8. Th1 truong co phieu va

eac vu xi-cang-dan

C- "H' " ··U·OTl\..IU· '(9"

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CHU()N!~. j .~ 0., VTiJ S~.]) san nan) ~. 929

en U(JN'~'~ '~ 1. Thoi r1:],;ul mua ban 06 phi,eu

l '2: 'II C,-- 'H" ':E:7 'V,,:~ c TH 'U~/N', ; 'G' :, K- H'~O:' ,'A: ~N,:

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,CH'UONG 12. Ti:en eua Livermore ... 'Q'uy ta:c -quan~y CHUON'G,_ 1,3. V,$,nmay cua Lteermore tan bien CHUQNG 14. Phat sung cua -Jesse Ltvermore J'r,. CHU'ONGI5. [)'oi mat VIM Than Ch'et

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Phu luc

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s« luan

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Khang cd gi khoi ,h;oo l)lt?C namg,fu ,c;6:phleu, khO<ng c6gK nguy hWm han ,v~ck~m, soat dulng\, lla kh6t1g co. g[ mong manh 'hon ,khi, moon, Q;(lt dUQ'Ctndn.h cony ,bang viet: d;t iten phang ,l(j.p r-a mQt tr~ til ,mm.

'K' .' hi toi 13 tuai. b6 thuOng, k~ eho tOl nghe ve chuyen gta '. ..'," ..•.... . ,cO phieulcm nhat Inc bay gJo' ~ ,ong -Jesse Live:mlon::.·

Tot nglU liang nghe b6 to'i k',e chuyen Livermore duaratieu ehuan moo trongktnh doanh chung khoan, Chua dllY 14 tuO,j'I' tOl" Q,r3L b~ cu6n hut va bit da.u doc vc! Livermore,

To:i kho!nghe bi,et rang 40 narn sau, Livermore va ted eta co. euoc g,an ,(j{j dlnh menh va b:H, dattm h,H~u ve CU{lC· chJi

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cua ,ong suot hem mot nam rong, 'Tal' khong n,goong 051

th~n,g d,en nOi co' qua nlneu ngu:oo btet ,o,en.

Li,ver]nore~ la m9t ngum nit kin dao, bian vatram tmh. ong cta,aau tranh d~: kil~m soat cam xuc eua mmh va vi. v~y. ,ang Vllqt qua duoc cam xue yetl 'clu~o:i rna ar cung co. Hon tal e8..ong:m.u6n thang cuoc choi, muon Urn nmg18JJ dap tot nhat \f'e tht truang cd phteu,

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Nhi,eu ban doc b,i"el den -Jesse Livermore bang ten Larry Livlng:s,ton qua nhlmg cuon sach ban chay nhatnhu cudn

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or LtC cun :mQt (.', '.~en,tJa,t CJ,LlIt C~tlDlg ,n..ltuan cua ···'·· .• · •• win

l' ..... -F:" ". ,'. '" t nhs b ~ .' -c',;: t "' .. h .. nh If A. '." ·""'·t b ~'. -A:;; . ··t-·,,,,

Lt:evre", mot nna nao ve tai C.]D:I.Ld.n xuat oan naunen

vao nam 1'928", euon saeh duoc viet thanh ti.eu thuyet theo tieu su cua Livermore. 'Cuon hoi kY nay hh~nnhien tn:r thanh m:Qt trong nhrmg cuon sach ve tat chmhhay

nb" ·a·~'t" tu tru '.' "hr. o"";;'[)" n··Q:Y·'·· The h A ca c nh a~' l .. In h doan h nha

: i', '_' . ...:." 1._" ~_:_,_,-',,_~IVi'~ '.:_"_:.~~',~_:,,~_ :,_'U,,:"l!!i ,I" Jl,--: '" '''i? \..,..::_ .... ~ ":, _!'J", ,.I:\J.' L' ,I, ,_1:"""::,,.,.,'_1., ~J. LIL ,I.:.:_-J_

d~,all tu va nhrmg ngtr01 thea doi thi .truong col cuon sach nhu cAm nanz ..... ' chien hroe cuamot nha kmh doanh cO

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phieu SUIng so, hieu tam ly s6 dong va biettmh toan thoi

A~i..·m;, m'" ·u· .•• ·a·· ba .. ~·n· tre .. n thi truong •.. ··

ule; ... ,,'. . ,..... , ..... ".. .;". . .•.. ~ u u: '. '._ ,.

Saukln doc cu,6nHdt Uccua mot thien t.itt c.hai..chUnt?'

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khodn. va cuon sach do chmh Livermorevtet > cu6:n Hoc

- - - _ • - - - - - _ - ito

cdchchoi cd phfeu, Uji phathten thuc te t.on tai nhteu van d,e h,Q'D so vQi, nQi dung sach eua Livermore .. , Theo h6 80' xuat ban; cutin h.6i. ky kbong mo tada.y du. veJess Livermore. TO,. lao vao cuoc hanh tnnh 2 nam va (~h~ng dU'6ng do, (Ii dua tai vao the ,gioo cua Livermore, vua rnang

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1'(: ": ',' '-', ",,';:~:'::: ,'i .. ::' 'V~:~·,--':"" '-,:: r : ~ -,,-":', c; ': :-~:~:' I" 1'1 '''i_:: ,_ s, ". ';;" ,,-, '~,7' ',"", ':'~:":~' T_;B :':·i ,'·"~,.·,~,·_,_'I,-':,,' ,: ':' -, :"::,:~

ttnh cong .. leC~ 'V'Ua mang tID· ca n. '.' an" _ 01 CO cO' hQl

phong van "Paul Livermore. n,g,u61. con tral COin s6ng eua

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. ess, ian oau tien aug na xe ve tieu 811 eua cna mmn. !t01

C"ll'~ n'ig"=" "·0-·'1' chuyen vot Patricta Livermor e .'t:'I'~ ,r.·u'll,gJ·. p¢",

._ '._" ' __ : __ -'" 1..1,.·", L·., . _.:~.", ,U.1 ".' _" ",.II: _ .j",:" ,,_, _" ' ' _.'_.!~ VV' L , ... ,Q, ._._,.~~~

Lfvermorecon v.a ban than cua Dorothy Ltvermore ~ VQ' hal cua Lfvermore va me: cua hal dua tre,

Cung,gtong nhu nha tal phlet nol ti.eng J'.P. Morgan, cuec am, Livermore phm. tr,m qua nhseu dot klnmg hoang, Tron,~ suet th61 ky .0:01 do khong nm duoc . },: phap nao oekha:c phuc 0011 hmh, o'n~ d,a tu kellieu cuoc dm mmh nam 1940.

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Lfvermore tram ttnh va km 0.3:01, nhung cuoc song cua lOng sang trong va ,g[ad dQng. Ong thuec tang lop co dta v~ xa hOl cao nhat, Ca nhan long bi buec tOi. ga.y ra vusap sannam.I·929 va nhan nhteulotde doabi gtet boac bat 'OQ·c"O'ng cuOicO, gcu nhay ngU'm Zlegfeld Follies xinh dep va la b6 ella hal dtra (jon trai, cauthu hal sau Ray b~ chtnh n."di.'um me cuan6 ban.

0, .,

Cuon saeh n,ay :', ·thi~u day ,dUVl~ th~u s,u cuaJesse

Livermore, u1:Qtng •.• ·· •. u.m d:,atIl [on:d,,& mot thuona g,]a dich

,.. .. -1 0 I. b ru.

thue, N,oke lat chi Uet cuoc cUri On d .. · va cuns cap nhleu noi

<m 'I! I~ ~ I~ I .,

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dung mot veky thuat glao dlch cd phteu thanh eo,ng.Vie

sau.vnhunc k ·Y~ tb uat nay th ·'JI·Y·· ..::1'01'.;: n 1]"1..-- --6, '~~'n' con ·t'··ilp

au,_.!.~!1 " i,_ ',,' ,'.I"':', i.E) - ::,'."~._'-.,, !,,-: ::I_',.~ __ · i;',}~, > i ,,_:-_: 1,'_'_.,' ! ~ i "U)',: U':'_-""~' .,,' u il~1JJ V.Q, van '.'~_' ':'_·,./U~--~~·~_'!·

tuc thav .•.. ·.· .. · ,do) cho too na.v .

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Cuon saeh go,m bon chu de co ban ..

Thu' nMt, ban chat con n~ khong bao giO' Q,oi thay .. \Tt v,~y, thi truOOl,g chung khoancangkhong bao ,gta they ,ad.] .. clit ,00 nhon.g khuon mat, tUlil tien, nhung u:guoo n.ghll~.n co phteu va cac nha van dong m,Di gjot cac CUlOC chien tranh, thten tai va ,cong ngh¢ lao thay ,doL. 'Thj trubng tu (han no khong buo gio tbay d,Oi. T~ sao 1~ vay?' Vi ban chat con nguOikhon.gdoi va con ngufJi di.eu kh,ien thl truOng .~ 'chu khong ph,ro la le phru. hay nen kinh te.. Chac chan, no, <Gun,g khong theo tmh IO,g~!c. Chinh earn xuccua eon ngurn ,q;.~u tiet thi truOn,g va han h,et van v,~t tren hanhtmh nay.

"T:ful hai. vtec dat duocmuc dich vat cb.a.t va tham vong

I ". ill, 'Ii '.' t., .• '_' - ~

ngJu~; nghi,ep k]lOng co ngbiala dam bao ·dugch~nh phue

trong <CU'9'C son.g ... KhO:ng co mOil Uen quan n,:3JO gl(l.a.thanlh eong va hanh phuc, [Giau COl v,e V'~t chat va thoa man ve

tinh t~1a.'.';11:'iIl!"11i\[1I1Ig:; tu ca n ··bia~: ng o' h au I

"11 J"lIi.~,,1 .. '--iJ....t_,_.-JUL, ,K.;,.l.UJi':-=-'j ,_' ~I!I'I \,.,." I,--~"~ ' , '_,j!_JLJJ' _ _:-',1 . J __ .[_., • _"_'~

Thu va, y cht gmp .chung ta dat ttll(,C muc lHch~ chtr kh,Ongphii tri tue, Tai nang va may man chua ,du. Chi c'o S:V; iquyet tam him vi'ee cham chi va nhan naimoi c,6 th:e thuc .•. rc hien duoc nhnng .. · .• ·, viec kh:on,.oT'.iT the", Khon.cs.' c6,coo

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,au,tmgbit; khon,g eo each DaD d,e dang, D,~c blet lakht 'ban

l,.,,"L,., am p .,·.·h· ·,6 th ,i *':ry ~I,,:r Ce"o:! p'-lt':'~$U'!_ ,OJLJla " I I, ,I, r. ,.JQ ... '.-!- Y IUV.l;f,O,'::.I~ ,~'Jl,[ll'~·' .. ,~

CiuOl cuny" chmh ca nhan, chukhong p,h,ai tap the dua fa cac phatminh cua nhan lo~l. C,acy tulmg 1611" SU' _ .U cO va nhcmgtlen bO' vugt bac Vi~ cong n,gb"t;';,t chinh tri v.a y hoc deu do. cac ca nhan tao nen, chir khong phial mot nhom nguOi.,

C,Q nhteu 'each, d'~ tham gia vao th~ tnrtmg ,chUng khoan nhu: sv ho trocnabang tram 19' thuyet, ky nang, he tb6n:0i ..•..• · va chien luocCuon sach nay·.· ... 1Lf1 ..... '.6i thieu v,o;cac ban

~, ,~, ,'_, I~'I,!I;., ~I

each Uep can etta ,L]v:elnlore. Lan dau tien nottet ]0, bimat

cua .Oog ve each dau eokiem th~n. c,o. nhteu C(Hlg trlnh nghien ctru Vie CU'O(~ am cua Livermore dua tren cac cuoc . phong vlan gla dinh ,o'.n,g" nhtmg bM 'vi.et ca nhan, cac bJ bao hay chinh nhung bat viet cua Livermore. M'Ot so b,(ii tho da to, ve bue tranh -Jesse Livermore them sinh d.Ong., hUe tranh ve con nguoo v.a thcd. ,0:$1 cuaong. Trong mot s,o phan cua cudn sach, to] ,d,a., too tao 1~ cac cuec ned chuyen ,giu,8l cac thanh 'vien trcng gta dtnh ,ong.

V,a b:ll n I, sau khl ,(1'9(' xong euon Bach nay ban se ,Q,ongydlng chua 00 bat ell nha dau eo nao tal ~~o~ nhu ,J,ess!e Livermore.

X in chan thanh cam. on.ong Paul. Llvermore (:ta.. hop tac

chat che trong vtee cung Leap! II cac thong'.' tin. .Oi .. ~. 01.- .• ·.·: 100. 'i no}

~ e' 'III! 8 ". _ _:_" ~;,.. 'I!

buon ·"'·t'o··n-,.a .. · .. -· qua khu C,,-~,~ ,on,'-' Ann ·n·,g' ... -11~ v-',t"iiI .. ·· d·i·.,-·-y ..... C"i.sn,·. d 0I'l-"U .• ·1 .. ·.' '~'"i'I:-r14 uUu.~_~,:_. U!·>··.,a, "-~~_'" ,'. :,~,,,.,Y!l; '.,._".!CLi.Jl.JI .. ,', '" ','I' ", '"-)J..;;I,'V',J,, ,''V ·,_,.U,":"t;,.-_~<" ,._-_'aI'~!:I! kUU,J,

depcua Paul,

Cam on ba Patricia Livermore, ngum aa k@ l~qu.ang tbm gian chung song v6i Jesse Lwermore Jr. va b.oi b.JIOng lqLfu nhung: bi kieh Via bulul dau X1eruO't trong Qua khu.

Con earn on b6 ,aakecho con cau c.h.uy":C"en v,e Livermore

. '- ' ~,

khi con con tre, earn on Do eta tich cuehe trn .ky thuetva

-bi:f;U t~pcuon sachnaycCam on con .gcn Y'f!'UC1Jl-Et b6, K:eHey Smitten, ,eta b,O Jr.Q b6 bien tap cuonsaeh ...

Toi .. xm cam on Ed Dobson-met nha ktnh doanh bao cht, 'cta eOI V11t to,i nhii¢t tlnh wong qua trmhchuan b] bien tap ban g:oc c:uon. saeh .. Ed ara ehta Sf! Vim 't(jii va eac Glong BY' thac S1l1 dam me ViO, tan Vie cuoc a,01. va thrn. laai cua Livermore.

- -,., - ~, - - • - - '!'! - - - - -- - - - -

Clam on Debt Murry~. can bQ' Vien n!ghh~n -CU'u Ucbs.ucu.a Palm Beach, idB hu'(m.g danto~. n,gh1.en cUu nhnng h{) suutap

18 I CHET vi CHUNG KHOAN

cO eua thmbay "gl:& va g~up t.Oikhalqu.a.t cuee s6n.gcu.a Palm. Beach the kY truoe.

,Cu!oi cling." xm cam on .Jesse Livermore ngum dei '00 gang mam nh(mgvi~c tufulg (:hCmg kh.ong the- than.g cac cuoc chot va lam chu thi twong 00 p,hie"u ..

* Cb

· •••• ······ .. · .. 'b uon g

1 *

Con .g ...•. · .. - ... ,au vi dai .. · .•• _,i cua Pha Wall

I ...

- Shakespeare, ,atheUa -

Sang som ng,d,Y O"ul Ba; 29 thdng .10, .han.g ng.hin ngum ,muon ;tim cdm gtdc mGlnh ad chen c.hu.c chQ.t nicn nhang ng6c ngdch ciu:t P'lw Wnll.H9 tat day de chUng kien m¢t canh tUQng Htdn sat" ad ,dUQL bdD t:ruOc. NhUng canh sdt tren ,lung ,~f}l;fCl! cfrng d¢i n.gt1 tnnh sutm(tc d~Q.ng ptiuc dd co gdng ngdn dam dong truOc lOt vCro Tnmg tum chUng khodn NewYorkt nh:ung VD ich. Mol Uin hQ rna ra d'tlQC' mQ,t lot di n,M, thi ngay l(ip ,rUe _dam dOing chen' . :~U;ti trdn uao vdbtt kin nhu cu.

a ben tronq. [ren sdngiao d:jJ::h, nguO'i :t,a co tM tht,lc Stl'cam thtiy ,khong kh..i cangthcing vall> so k,htkinl dOng' h6 nhfch d.antm ,(hOi ,d~~m 1 Ogib;, tieng chuo'ngma dtiu bu6t giao d.tch rung ,l:en. ,Chuaaay m(J:t rudn ,truOc, ViCU) n.gdy thu Ndm den ,rot.r 11 t truiYng chu11!g khoanaa trdtqua dt;d suy

gidm 'tdi ti~ nM't ,trong Itch, suo Vd canh SL.tt ,gtri tmmuc kinh rtgQ£ chtieu, " ;thuHai, sau, dodaldm, not hoan9 ,marty cany lan rpng,j,

'T~en k " ed nu(J'C'" cdc nhd, ddu tu ~o ,klnf) tat-,g nh0lg

ngltlm mOil g:i6t chtmgkhodn~ HO' ,dting hang ~ rD:( [te'n tl,!C

:n'h··· I~'~].·,f ,e'-1;n'" ",,:h,nn ~"""'ng:.' .. ' 1'UC~' .... 4~·mll. ' n·'h."~'ll·' roh:'a~·m"·' c·t..~m·'·· rlIh'···· 'U" t..:ifh·'o""['~

~~II_:,~±I:".>~.':_.~ 1~,'ilJ~r.!L,. tJIV~."_!_.~_; .. , '~I~_:._!_, __ = IU!~~'~~i' _ ._"~:;,_:_)Li.':_.- :~I'_, .~,~;."~_".'I_~, · .• "~~Jttt>,~I'~~, ~II;.,"L~,,_,~_'~, U~I ,l .. _,' _~_,~~",;~,

mten DaD .chtec Jlui,iY .;. boo ,g:fd cO plhi£u ~m ,yen ,~n9' bOtno' S!,e l4;nh blng dun ra- Zm p,hdn qU!J,et:song s,ot ,hay b~ s~p'

(~hd nang tD"[ te sau ,de' .xdy'ra han), ..

T ~:~~6:::C:/~~:~!:g~:~::~;~~6; :!~

hom ay, chmh xac Inc 7' gia 20 phllt"khOn,g:phiu 7 gi.Or 19i phut, cung kb,ang plhEd~l gi:C1'21 phuto!ngdangdung t~j 161 vao ehtnh da.n b.J1 phong s,6 29 cua ,[l,ng trong tea nha o Ki,n1ts Point, Long Island, -Jesse Livermore che xem ngua.t tada trang tri mut cho chiec xe Roll-Royce mau den cuamlnh nhu the nao .. NguOi tat ~e ,co' thot quen co m~tt~iday Inc 7g~Q! :20 pbut.Je:sse Livermore la met

,m"'n-, g;~ 'I'.ry.jln~7 t 'l~--n" . h

,", -. __ ~,UIV,~ iJJ~~ '.C' JL"Jl",',_,_,!!

Lan suong rnu nhe thoang qua eo biien U)n,g, Island khlen urn 1,81, mh hon, dau hteu cua Btl ehu,y~::~n mua, va cam

• - ~ ~,- ~I - -, - - - - JI

giae't1100 tiel se xau, ,d.].N:hu th'utmgle, ,dung 7:b20 phut chiiec xe xuat hien, Ian banh thee. con ,o:utrn_g v:Q:n,g v,a dU'ng, truoc mat Llvermore. ,0: . g,$t :dan yen ]*ng VOl nguM tad xe, '[nocua~e fldthii, n,guoo vao ,·eh:i·e,cgbJe sau, tay ca:m m:sy to bao d,a. d'uQ'c gap lal, :Nhu nhung: w.. van thU:OTI.g' lam m:ol, bu,6j~ sang, Ltvermore dat chung tren g)le""da. ,0 16:. ~(y N,ewY(Jrk 'Times", London TIme:s;Wall Street Journal Gng hrot qua nhomg hangtit lane mra, ve C'O' ban chungdeu nhu nhau: "Th] t'ruangc"hong khoan tren khap the gial dongI(J~t sut g~,am.,n

Kh:i ehiec oto QlXlUJng du(m,g,.Ltvern,lo:n~b~t chiec den o:I:;)C saeh va ken rem cua 0 to lat. Ong,m'u6n xem xet thongtin tren cac ttr bao trong SU,.i' tm ]an,(5,'kin dao, KhOna,'-·,·

bi - - - .,:" !I' ;~, '~I

co thon.g tin nao tren cac rnat bao khien Livermore bat n.O"o.Thuc raongda eho nhtmg dong .. o tit nay til g.til1 mot

0' ,. ,01 1_":, - - _-' - ._' - - - - ~

nam tnroe. Ongda len ke hoach can than cho ngay nay, va ki len nh .si''f'I ch j¥A:irM

,', ,', "-,,, -- - '" - ",U:.t,I, ,- ," ,v' UV.I"I'

K11i chiec xe ngang qua Manhattan. ngum tEd x.e khong keo eua so che gllla hal ngu6'i xuong rna noi qua micro: '~Ong' livermore, chung ta d:a ,01 vao d~a phan Manhattan. Ong bao tot khtnao den tht notvot ong."

Livermore keo tam rem day rnau den mb' ra ci'e anh sangmat trcfI tran vao khoang san xe, Ong nghl ve vtec baa ngum 'tat K,e cha xu6ng Phd WaH de ,ong co the nhm thaytc:a:m" nh~n duoc khongkln trong cac con hem 6 ,aD.

·N,·t.;.~·'jII·n···g·.·.··· -1·l··e~ U"'! ·dc···.o,", t~~ng.' each ni-~y.· .•.. ·· hay each khae anh

.""' !.i1.u"" ';', '_, U. ,',_ -, ,_I ." __ ' -," UQ~~~' _ _-':J ~ _-':_" .. "_._, _" __ Q:",, ,."~~,Q;'" __ ~a,.~.'_~,,._. _ .- __ .'_' _.\"..;0 ,~,,1<~"_,

huan.g too hanh d:,gng,!. tam. tr~ng va danh gta khach qua:n cua Llvermore. Li~uday daph.;;d la g1lmhGln S1)t gilclm thap nhat chua? Hay chi la mot buoc tam dung tren m~t doc at xu6ng? Lieu long tin vao th] tru6ng eo quay lat va chan dUQ1c ,da S1J!t gia,rri~1J' do Ila:y?Li';:u ong co nen che ,giau nheng quan diem truoc mat cuammhv Vanmay cua ,ong se phu thuoc vao can tra 101 cho nhung cau hoi nay. Va tnroc do rat lau, aog cti nhan ra rang hanh aQn,g thuc. su cua nb-ung ngu'6t tham gia thi truOng chungkhoan, chu khong phil, nhemg gi he) noise: d:~nh hU'Ong cho 'ke hoach hanh dOing Uep then (;U,2. ho,

MOt so nguOi 00 th:e '[Huon nhm thay canh hon loan" muon cam nhan SU' tuyet vQng eua tinh tr~ng roi loan tal ehmh xay ra khl nol. so hal va su t'ucgian. Ian at long tham tet muc rnu quang, nhung Livermore khOng nam

\ \

tr·ng so do. Ong,mu6n tranh xa nhtmg phan ung nay, Orlgc,o, th,e nhanh chong nhm ra duoc mot thu, ()ng Sf ngot. tal van phong eua minh, lang ngne n·hUngl,m phan quyet cam lang tren nhimg bang bao g~a 00 ph leu khi thi tnnYrlg' m.o cua gi,at:O dich .. ,

Ltvermore keo rem va lai bat dauli'<}C bao trong bong

t'O""l' 'O ....... ··'n·g: ... '. I1!O-.··.ii tr ·Q' •• ·n-,g.·.·· khi v a'n, c ·u1!1.! xu o·;"nig.!·.' n rh "-~g.··'i-.......-">n.-,g·~· b ao:

_, __ ._.,., '-',_,-,'_ """'11. '_1'_""':- I. <,. _QJ= ' __ '_, __ :._,.~ .. ~.~"_L __ :_,_"",ULJ"l,,- ua_,.·_ ,_,.,Q .... !I;

.,1 ._::_-', "_:";

"Harry, chOng ta di thang tOil van phong nhe. U

Truce khi he thOng: den gtao thong tl)' dQn,g duoc Uip d,@_t aNew York,IDQt canh sat giao thong QUQc b6 trt ngoii trong tram gac va dieu kh;h:;:n h~ thong,o·en.Kbi chiec xe sang trong cua Livermore too not, vten canh sat nay se aIeu khien rho den chuyen sangmau xanh de chuyen di ella Livermore khOng bi gian doan tren duOng. tu King's

Point too van phong cua ang 0 Manhattan, .

MOl tuan mot Ian, Harry, ng .. ·~·um. twxe lat Uip···· .. lai 16 trinh

~I ,~.III;.,J .'_,". it; ;1;" .' ,t;

- - . ?-

nay, dung buoe truoc mot tram den gi.ao thong, 0 do,. anh

dUB! tten chovien canh sat ·de anh ta baa darn rang, 'moi Ian xe cua Livermore trn. not den gjao thong se la mau xanh .. , Bo; Ltvermore lei ngum dOl hcd S1J ehmh xac,

Chiec xe dUng, lal a toa nha Heeksher, so 730~ oq_i lO- so 5,. Livermore ra kho,l xe, buoc vao thangmay ca nhan va .01 len tang 18.~ tang tren cung, Ong muon dlth.a,ng trn. phonglam viec cuammh va tran h khong not chuyen vOi batcu at.

Canh cua van phong cua Livermore khong co bien ·d,e; ten, Ong 11]0' cua rat buoc vao rnot phong cho nhe, nm Harry Edgar Dache ng6i trong suot glo lam. vtec, Khong

24 .~ CHt!;T vt CHUNG KHO.AN

Tuy nhten, htc nay van pbon.g khcrng cllj, at, Livermore IUioD 18. :ngu,(rl den a.au tien. Ong mb canh cue. thu hat bang mot chta khoa d;;ie bj,et~ duoc ,glu' trong ket an toano Chi co Livermore va Dache bie:t rna s6 khoa ket, Tham cht, Daehe con g1am sat nhrmg nguOi lam, Vt; smhkht ho don dep cac van phong cua Livermore. Ratnh:leu nguoo cot nhung van, pbo:ng aiy nhu nheng cung di~nnguynga nhat 6 thanh phd New York, vmnhungmAi vom du~e cham khac bang tay tinh xao, n_hunggta sach tuy CbQD va nhung .••. · •• · btre tU(m,g-' door; ap" g .. --.,Q .di.U va d:6 dac cham khac

_-,I ,___ ~ .."_ " ,~;! iI' ~, '"

ban,g -go, sot Lan dau tien. Livermore nhm tb,ay each op

van nay la trong thu vt~n 4ti nha cuamot chu trang tral

gi,,Q, 'n'g,1,,,,rn An h A'n·"gJ ·d-·<5: chi ·t'ljAn·: .:I.Pl·. nc,:·,g>'I~ ,Ie..,. AN' nh 1I~VI'1'g·.· .. ·.".r.;;'m:.

, -.l:Q , "',L'_:-'UYI., ,. ,",, __ "'.!I; U. ,._I,,_~-'_: ... ',CJ:: ,"_".' '.'_,"' _;f~>". u.~ .' ':':_.i!lJl.V',J;_ [La. LtV '_'L_.: J~ __ 'YI.l.JLJ.~:'=.:, La !,'.

6p n,ay ra va chuyenne ban,g;cltl6n,g bH~n too. New York" Tal d.ay; n,hung tam van 6p nay 'Quqc gh.ep lai trong cac van phong ·eua'o,ng ..

Ban than m.oi. van pb·on.g go.m eo phong cho, phong glao dieh duoe dOing nhung tam ba,ng mau xanh hi c,ay tren tat ea cae nl~t tuOng:~ doc theo duong oi bo, phong hQP va eu·oJ cung :181, van phong neng:k.h.6ng loeua. Livermore .. O' tat ca cac ~an phong, ngurn ta 'aeu eo, the nhm thay nhung tam bang.

Livermore thue mot dOingu 6." 7nguer.i phu traeh nhtmg t~lm bang cUing vo; Dache, Cong mec chmhcua .nhung nguOi lam thue eho flog la viet cac chi SiO ,chung,

CON G.A,U vt fJ,aI ellA PHO WALL I 25

kh{'!a.n len nbong tam ba,ng trEd khap chteu ,d,ah cua khu vue', vanp.bong.Dache gram sat tat eel cac hoat ,dOng trong van phong va lam batctr, ,Dieu gi Livermore yeu cau, Nhung ngu,Ol ght bang phat eamket gi'ubi. mat Vel duec tra cong han hrnh, Quy dmh cua van phong la khO:ng nolchuyen trong giaglao dieh chung khoan, Livermore khong muon co bat cu S'lJ sao nhang naokht th n t hn'g' dan 'g' m····O'? c ';9 ..... a 'N";'h'~,,;""""g" chi 'SR ph £.i. d·'· "'NC' 'V-' ""·t '~/l;,.·lruu· I" U.I·, ' ..•.. ' ·rUI .•.. ! .. IU.1.J .. _ '.' .... III ,iU ..... : 'uI ' ..•. ' try>.ltf!. lLL'n

bang ngay lap tue va that chinh xac, bang trteu ,do la dangduoc tung'ra,

MOl phong deu eo, Va] chtecmay in dh~n bao bang bang gi.ay. f)oi VOl Livermore.~ nhtmgdoan b.ang giay d~d ngoan ngoeo giong nhu mall chay trong huyet quan cua ong. flo chmh hi cuoc song cua Livermore. Ong khong ban gh1 de mot may baa gi.a Cia phleu nao vuot ra ngoai tam thea dOi eua mlnh.Trong tat lea nhtmg ngol nha cua Livermore (J Lake Placid, Long Island, Manhattan, nhung chtecmay ,dl~nba.o den c6m~t tal phong chlnh, t~d day phong a ·~ ... ~:6C·· h san Brea .kers tr ren bo b',~e.j··n: Palm th 'a~ rn c h ·t">·a'l ~ "t··r· An',

IUJi.a CJ;.l..JI .. - '...... '!,..., .. Q . L ,\,.I'. lL._,._ .. ,: .. ~. -', .1 11,.,..' u .' ,.

Ii . ".

chtec du thuyen dai 300 feet eua IDing eu.ng 00 ..

Lrvermoreda d:QC va hru lai rat nhteu bat bao tren to' New York Ti~mes, cac s6 duoc xuat ban gan ,day. Tat ca nhung baj baa d·e:u buoc tot ,Cling 18. n.guoo ,da gay 'fa tal: hoa sVP d6 nay" cham n,goi tinh trang sut gl8m - 'm:Qt qua trinh rot tu do theo chteu thang dUng dutrrlg nhukhong b Il';£t-·· dau la (I'ao"'u Tu 'Y"" n h 11·~··n· V",~i qu an cAl'i.,·rn··;· n'u~ a mmh

,I,~,,_, ·,:,·a,illi'~ ll~" U'_'-:.J';t; ,_~, .. ,_,-,_:':,: . __ ,"_~,~!.~._:.\...o_,L. ',U'~ '::~':'-_"'_"- U,:,L.: ,I, ~".:_,~,'~_ ~_I:"I.lL.".:._I,

Livermore ttn n3_n,g thi truOng chling khoan gi,6ng: nhu mot CUQf: chien. Trongchten tranh, ban se cbet neu ban mac sat ]a:m: trong th] trlfoogchang khoan, neu sal him I' ban

0') a 'I .C··-·'H6T-·Vi canxo 'K' u·.O ••• ·'A··~""!I!.'~

&I U . ' .... I,'· f.t .' "l - ,',~ , . ]'~I.~: ~', ~,n,',~"_. ,,"-~1'-

;

I (

i

. 'l,j cia! the pha san rat nhanh, M:Qt nguol, co th.e chet bQ!ll

nhung con, xnc iQ.'Qn,g dtJ.nguyen nhan tal ehmh.

Ltvermcre la mQt n,g)llOl n,ghb~m tuc, v,a ngay trong ng,:ay homdo On:g, len ke hoach thuc hien mot so VlJ [am an .. NITU tbrnmg 1!~~ Ong an v~n kbong th.'l~: che vao clan Qugc. v,Qi mot bo eomplet dUQc lam 'bang tay tal Saville Row rf;J' Londonv Nhtmg cnle,c ,8.,0 so' mt auqc may theo maumot

~ t

nhat;. I ,.'Ig: vat cotton t.ot Maletta ,AI CQp. BO trang phue

P--hl-'11"~1 hco -vM 'd"-·'-'a~'n"'g- n,cg'111M"'i>'i1i' ,'~-~ m '';I'r'ilh'' kh :1, anh (">U~-'''-liO''''if"i''oT -mAt each

_ :,', i, i~. . I,; ,iy'"lr': ',,;.,:' v'-~, ',i! 1;-',: I • : : .... :~,:. I' i i.',:--:~'. UV,l U.~~,,_:~,J1~_,J, ~ __ ,~'~~~i,_!~lb~,' LJ.l. !~~-,.I_:J Q, I.,: _' '!L~'~,b ,J_ -,~ I"V ~:Q,i~, __ ,~!,

hoanhao.Dhtec ea v,~tlk:.e soc bang lua ket hop tinh te vOl bQ trang ph1lJi.c.Mal toe v.an,g, hoe GUQc. c chuot, re :ngO'i, ve ben trat, Ltvermore dungmot c;~p kinh ,klbongg9ng gan . tren mat. D'ng: khoac chiec aogi [12 V01 mot dayehuyen vangnolcac bien tul..MOt d au s,Qi day ehuyen treo m,Qt 'chtec but cht manh b~.ng van.g"daukiaIa mQ:t con data nhtp nho, cllng, I vang, Tron,gkh':i fid'i chuyen, Livermore thutmg cam vao chiec buthoaceon dao va, x!oay tron chung,

Livermore la "con .u·~~ n,o,m ueng nhat cua P'b,oWan~ :m.('1t nhaktnh doanh ookba~ l1an.g bannhimg cd phieu chua nam trong taya,e mua ]~ n,gayc.hlnh. nbcm.g thn do VOO, gia thap hon, ,Ong, khong may lo lang vihiet r.ang gia trt co phieu len KU,Q, ral thueng xuyen nhimg khi chung, S,1J,t, gm3.m, tOe ,dO sut g)am se nhanh gap oOi. so vOl kht tang len. Va. a,6 hl, nhung ,gl id,ang xi.y ra ngay hom nay.

Ltvermoreda co tbioing: ttn ton,g quat v,e hen m.¢t tri~u ,cd phleu trong hten tat, cung nhu sar hnu hon 100 trieu ,a,O! la, Ai ,do aa sap ,d~tvi~rC So,u' dung chung each ct.ay nhieu thang, tu. tu, btmat va lant1i.·.·· •. · •• le, Q<,lua trmh do ,duul(: thue

o it; '.' ,fl' ,_. , '!!' ,~,.

hien thong qua bon lOO ngu6imua ban c6 phieu nen khong at bietLrvermoredang lam gLOng eo the oj truce th; truOng~ ban c6phieu ra :roi saudo laimua Vim gtEl thap han fat nhieu. Livermore xling oan,g la H,Con -:u v[dQJj~

eua Pho Wall.

Hom nay, Ltverrnore gi,On.g nhu mot "eon 86i don d¢,c~" dang, oro v'e: rao buoc tren vung Bac C1JC tro trot va bang

~. l~l2i,Con s6:i :ayd,ang tlmmoj va can trong ote phcng nhtmg dong V,aE an thit khac, nhung ke ,{)O' th,e gietchet no, Rat nhi~u nguOi tham gia chnng khoan rna Livermore btet eo (h'e lam rhroc d!~e:u nay: k,et Ueu euoc song v,e mat ud chtnh cua ,o,n,g. - .. ' bang··~.-' mot don chtrnana .. ·."., .

_~', ""',' 'Ii I. ,01

Livermore .chu y tm mot trong .so eae boo bao ella New York Times rna on,g ,gtir lai iu ngay :20/10. BEd bao co' tieu

- - - I

oe: ~'CQ, phteu gut gIam 'bOi Ian song ban ra .. ~~ S:\l can trong

klnenong kh!Q,n.g co' ve he be voo cat tlt D!ay. Kbong'ai bi'et ro hon Livermore rangmQ] thu 00 th!~: thay ,Qih nhanh nhu th,e n:8:0 trenthl truong .•. ·· chang khoan. Ong .. ·.: .. •· doc ti,ep"c:

~ ,,' . ' .'- , .- "1.Ii I

.- _ - _' '. ~. "".

"Trong hat gi61 ,aong h6~ v]~c mua ban tren tht tru)Ong r:han.g khoan New York 01. han che vt da. tr.ai q· •.•. iua '[hm kh'.c aut .. (;'.:'.1 'am

.' "! ,-, ,~ ,~

dO dQi nhat trong ltch su .. Ban cong, bo: (~U(u eu:ng. cho thay thuc fun trong khoang tir 5 tOi 20 (tie~m va ton.g gi,a tn sut g~,am trong thM g~an giBn d~cb ID,er cuaooc tmh khoang ·mQt ty do la, tham chi con bon. the,

T;o,ng doanh $16 ,bl 3 .. 488 .. 100 ·c6, pbi:eut ,day ma muc sut gLam "

nand .. · .. ·· ne thu hai trong ri:end.' .. ·mg. av .. , •. · th·'~bac ~ ke t'ktd thi truena ,

. "",---b _ e. . _. 11 ... _._..- •. , - "-.:0 n, __ ,. '.... ., U .y e...U ~- .. -. ., .. .. :!5

,chUng khoan Qug(~ thanh lap, Thong rnra g:.iCY -:0 dich (J,au tien , dat con sokhoang han 8,500.000. cd, ph1,eu, tuong duong

28 I CHEf V[ CtH1NG KHOAN

vOimtJic cuami(d. ngayd,ay ,au. s, glCf gtao dieh. 'Con_g ,clong tham gia chtm~ khoan ,da khong hay bi~t ve mtlc g~acuOl, cung cho too. sau kbi.g~ao dich d .. 6ng eua Ilia :23'p,hnt .(bl'l? la. 1 @a 23, phut sau thaidU~m ] 2 .gia).. Nhfmg tbOng, ttn quam} tt1:cbiecmay (U~n baa ,da 'lrb nenqua muon,' .

ig.·C'·.·. vao nln

- .' .'

:& . h j' .:£. eh . ., . h ;et· Cu'p' ) .• ·iCU>U. C !)u'; r

M,ot. trong nhung cau chuyen ,cl"uq,ephO! bien r,@ng ra1 a tat ,ca. nhnng nUl may ,cU,t;:n bao gl,a :c·o phleu duoc sue dung ng:ay hem qua hi v,e Jesse L. Livermore tung: lamot

. trong nhung. nhadau co oopbieu len nhat 'nucc My~ tUng ,dung (tau 'm'gt nhom dan OfJ~, ,o.a gi,ang, nhungdon nan~, ne vao thi truaog tron.g nhieu tuan .. , Cau chuyen d6 ke rang", nhnng heat d'Qng etta Livermore ,atlkh:Ien cho su 'y'eu kern d~:c bi~et Ian r'Qng trong nhungeol phieu chu clh6t va c6 .gia. (';.8.,0",

Arthur W" Cutten, ,den tu Chtcago, duccthua nhanla ngumdung dall tron.g hoat d, dau co gia. len, theo do,j chl~ec m,al.· ... ·.-f ,dlen bao g.)1acd 'p'l,hifu tit khach san tal thanh

~,t; < _.' 1:;" ~, ~

. 'ph,d" Atlantic ng,~y hem qua ,d,2I! D(}i. v,m. nhung nguDl ba-n

than rang kh gi, co; th~~_Am, th,ay .01011 quan ,ajem cua 'Q:ng: ve th! tn~O'r1g':: nhCng ,cJO, phieu In:teuol cung se ban duoc vmfii;:i eao hem.

,~ ~

Nhmlg b~li bao zungquanh cuoc ichie'n glUa Livermore

'.C.' .e·' "' .. ttte Co.. ..·".1 .... ·.···.:::·.t e: . .... '. tr'·- 2i.-". th-·_· f·~..,~·.· ·h'e." C.- 'lip'" .-" ... '

va v.uuen @\anll qu.yenol cao tren tmn YV,II,ig c ~~ ung, ~Joan

.::1- -. . ban lua .. · , .. ~ .... {$ Co •• ~,. (1-. -P·'·'hd 'W' .. :· .... ll·t·- . ,- .... '1.1"..- 'b-'"'!' ..... '., ..i; ,-c-

u.UQ1C: Ian .U9iD n~n6 rat 01 1.'0 ',aJ, l]"on-i iua~,on ngay gan

,day da tfb nen kho .Qoan.N,gu,m ta ·c:horang,. Livennore 001. the manh trong cac bO'SLt a'Qng: ktnh doanh co pJ:deu ngan

han va n,b.cmg ,cd, phteu 'hang dau, trong kht the manh eua Cutten, l,~j, tl,am ,0' nh(mg, :ho~tdQn,g, da:~. han VOl nhomed phieu nay,.Uy the cua Ltvermorelao eho ,O,n,g tung gill: '\7l, tri demg ,tau nuec ,Mytrong heat ,Q'Oingch'CHl(g kho,an, xet tren khtacenh daHCO co phteu, Sau vru, nam m}a nhat, h;i~n day la hoat ,dQngphiat trien hap d.an nhat t[tt~:nthitnnmg.

Phan lonmot ngum ehta s,e quan dU~:rn fang elnnh sach mua banngan ban 1a yeu to chtnh y nen tmh tr~ng sut gUim. hi~n nay, cnng nhu tmh trang ttep tQC ban thaoed phieu,;, Hau 'qua Cu6i cungauqc phan anh trong met th~ tnIem,g duQC dan chu bo!ad6ivoo nhlrtl,g loat co phteu nhat dinh~ Ro rang" th~ truong aa, kbo,:nghe nhanduec 'bat :(~U su hi) trc co to chuc nao, Cac c6· 'p,hi:eu. nhanduoc su un:d .•. ,

~, !!' ,- 1 'I! 'I! !II' Ie!

homanh ro.e ttt Dian aa,u ,duoc: cho phep •• ·, tuchu .. y.enaOfu.

'!! II!' .a. ~_.., '" .

Tmhtrang nhung, eo phteu co' gla. tn.: thuoc top~lau, (,0, xu huon,gglam gbl trong vong vatthang tn)' l~i day,f,(j rang la dleui n thuan lqi cho Livermore. Can ehuyen m,t PhOWaU v'e Livermore n,guD1 ali 'th.i<tj!u m.ot ]uQng Ian cac co' phU~'u nhu eua United States Steel~Mon'tg,omery' W.ard .. ~ Simmons Co., Gen.e:r.alEI,ectric., American and Forein Power va nua. 'm. eac ~oaico pl!~hi,eu thenchdt khae.

~ ,: ;

Do, (10, L:iv,emtoreda. kbm XIIOn.g nh'Crng, saeh 1 uqe ,don

danh quen thuoc nham khl@n cho thl truOn,a.~-., mat thang

~~' ~.;t:t e

bing",. saudo 1(\ r,oi loan,

C ·U,- t ten .... g,:i tlIo dmh F-I· sher D ura n t v .,'0 nhnn 0; nauookhac

" __ '., ,' __ '._~,!.'_~,-I,"t '.=;-'"IiU, '- __ ,_-,~_~l_',~,,~ ,:__ ~_lQ..'_I; __ ,.~:_,_,~, ,,_ ".' "'.',""."-' _''''':'.' ,0" 11'_, L ,iILI,I"IIO ·_-"--,;01"" :'" "'- - -,- ... ".'

thuee nhom ~~MI1M ·On.g len" la nhCttl.gr .. uoo nAm gift m,ot ]U'(n'lgIOn cac Lo@l ,cd, 'phieu(t~c biel nay, PhllW.a.U da (~hUng, kien. nhtln:gke hoaeh v:a. hoat .(I,Qng gopvoln ,cllahQ'

3,0 CHET vt CH~JNO KHOAN

Comot lUlolng dtr luan da hrnh thanh va [an truyen tat Ph;o Wall cho r:anJCIi: Livermore da nhan Idu(Jc SU' uno; hOI

0, 'II I~ '" b r.

cho clnen luoc cuammh 'tu' phta Walter P. Chrysler. Ngum

ta ban tan r.ang Chryslerratgian du _ ong n,g,hi ngCi tap doan Ctncago "'Detro~'t ,da tbt~t hat cho Chrysler motor tren th~ truong, Kh,ie:n ,co phieu cua Chryslermotor

11k.' '" . ", ",' ," 'g. I d .' ·5··.·'.IS-,.,:!·,,2. '.. ,_ ' ......•.... '. 1 .. 3-·,.·5--d·:··.~,· .-;..

m sramxuom '.' Jl'~01 ," mem SHJI' V01, muc eGO ,->'.1 aem cua

. "" ..

no nam nay.

Co vi! nhu ngum ·dlm.gdau nl~,j! b~t trong ltnh vuekinh doanh chung khoan phal la Livermore, n,guij!m dla g!anh Iai duoc mot, khoanlot nhuan ,khdng:_ hj b,ang,.' chtnh sach

"'!' II1II '" ,.,. ". ,I ',:.!

mua ban cue ky' kheo leo, It nhat tam thot oog au;,Q"c

thua nhan langum ,o:a. ~~!du:ng"'tre'n, tbt truong nay. Cuttenvkhet dau tu mot ngulm ktnh doanh ng~ coc, oA ttch luy duoc It nhat 100 trieu U'SD tren th~trubng: chung khoan trong suot be. nam tro l~i,(1'.a.y vtJd vH~e deu co gl.a. len. Cutten eung 181. ngu'ol Gung dau trong phe dau CO" g.·!iaU~n vait nhat tam thei btcol la ng .. ··.Uo,i, da "sal" tren

1 .. -'.' .' '!!' ',' .. .'

tbi tru()lno.~ •.. ;, ..

~ ~

Cutten b New York va thea dot th~ tru100g til van phong trung tam cua Sic] giao dtch clnmg khoan, Ongela lba.y to quan cuem cua minh v!()) nhung ngulOiban ning vie,e ban ra mot bJ'oo![ Ion 00 phteu la d".en ro, ,ra rang •. -.,ong) .• · .• ttn

of' 'I' 'I; _ ii' ". ~

n.hung ·c!o!phj~u tOt Sir ,glU ,agia ceo bon, Cutten khong th "a'y- ·]i.a·";·p··.·· ~ ']-~' ron r ,(5' tr --Ui "'Nt"> 1.§.IY,· .c·-'·U"'I,<3, m mh v····.·~c··,h·····l·n,h- sach ·d.,n'~

.1'1; ... ', 11._ it!,!,! I 't" .. ~ .. v",- Uy," _>d ... 1. li.~._'._I . ..:I!!..;, ... ',1.,.1 03 ... ' ',.<g,~

han.,\g cung khong dua ra bat cu tuyen b6 (~Qng khat nao Vie th~ tnrong .. Hien nhten lei ho 'ktulng()cj, gJ ,de n.Om Vie

·V1th.e eua ho tren till trllOOg t(i,li thooamem do,; cLIng nhu Vie nlnmg gm ho ,da lam trong nherng :ngay ganaay.

TuTimescun,g, cap' them thOngtln:

~!'Boi val nh Qngn,gum tham gia chtmg kholan"neu nhtmg 'bin baa cao tuPhii WaU I,a, S\l that tht ,Jess,eL.Livermore~ .. mot nhan v,~t aa. tung, bt Iu me san v~d nam, eho tm'then di'~m. nay. da tro l~ da.y chan d.f):n,g,. Su tnJI~i cu,ai~Mr. Liverm:ore~ vOl. tu each la mottrong nhnug nha ktnh doanh clnrng khoan xuat sac. nhat cung la,mQit dIe'll. ngac nhten khac VOl dan chot Pb6 Walt ,Rbi con lam(Jt c:(lu be, livermore lam nghe ghichep thanh toan eho eac gia. dmh a Boston. Taj aay, Livermore da phat tlienkj' nang dQcbing gtay", bat chap vtec bl ngan can uep xue v'oo 'tatca eac doanh nghtep khong d'aug kY' ,cJ' Boston. va New York, tm mire n,guoo, tada d~t cho chill, bi~t danh hi '~C~u be dau co", Bi!et danh n,ay da .n ben vol, Livermore suot nhtmg nam $'au nay.

T61New York va tham gia lam, an. tren cac tht trueng, vm tat ca Icy nang va kmh i~m eua mtnh sau hanglo.@,t nhung: gial ,do~thing tram, cu6i cung Livermore de gay o'lJg,e ,in tUQIlg rQ:ng rid va Uch Iuy dUO{: nhi:f;utneu USD',. Cae ,n,gu6n thong tin eho nln,g, trongchtnh sach chill eo gia len Liv,ermore ,dang, thl)c hlen, gtaco pbieu da. tra nen qua. eao va 'bj du doankhong chmh xac.H,Q eho bnet nherng 00, phi.elll lien tue bj ra 00 lID the nhu CU,3 General Motors, Steel, 'General Electric va cue eac ba.Qg khae segj.u,p' Livermore kJlo,i phuc Iat mot phanlon tID sa,n cua mtnh, Livermore thteu tat. ca nhfi'ng,lo~ie6 pbi.eu nay va het Ian n.iytM tan khae tim each 'ki~:m soatchang, Du luan Ph6 Wan con eho rang Livermore d.a catgi,anl SloUen ph.ai. d,Ong, glop hang nam

32 I CHE! V~ CHONG KHOAN

cua chmh ,ong va gta ,dtoll t.rong thOi 'Ky' lam. an phatdat nbU'ng Ham truoe do.

Arthur Cutten, dot thucua Ltvermoreeo th~ b~ nha,m. v61 mO,llhu kho nha nuoc, Ong kheng bed~ tam. too nhung quy uactrong g1ao Uep nhu: dien mao ben ngoru hay nhung

P· h' .' nn'l O! tu : c····· .~.'1 to;"> lao VM ve" '·n·, r-~(1I '~' 'n" b g,t Ian "1 ,0' 1. ;;'.tr':', 11 ;''r-;I~'m'"

I v.' JI 0 ',".' ,'.'·~I ~~~ =~~~'_' UI '_" IJtl,Y,~ ,I", U,· .'!' ""'. '. .0 I!,",,' y'l~ ,~.\JLIL,Il."",,,. I,

nhueng, Cutten thuang .gulu kIn than phan, thumlnh trong mOt goc phong hut thuoc cua met tOB xe hra b~g .: sang. lang nghe hanh khaeh han tan vI! nhtmg thanh cong tren tht tnrong chung khoan ella ·ong. Khi khong tham gia. kmh doanh, Cutten 18. ITI:Q:t quy ang nong dan t~i trang trai ella minhgan Chicago ..

N guoc lat, Livermore noi Heng, la mot nnan v~_t ky t~nh; sanh 5.01 trong an mae eua thanh phd. Vm dang ngum rnanh khanh.jnat toe yang hoe! Livermore hop val nhnng bQ trang phuctdi mau, di tren nhtmg ehiec Rolls-Royce, luc nan cung co vai '[.]" d\> 1I'.f ..... 1 'p' hu ta ·~·.l· cung AiD' g .. ' n~ 'tM ·Il·. ··u~· -:. ta .e· ·~·.C··· d in ". hth ·u· .

!Ij,..,., ... , I '.L b!:~~V~i ,',:_ .. J' -a __ ... '" U"", .. ,,i,_'J._"'_.'_::~: V J ,:._-! 1;.,;..'V ,.VL~' ., I ,'~, " .,' - .(;l., ""'~' L "::1<=" W .. "",_J

va nhimg van phon__g co .le vao !or;d sang tr~n.g nhat t~:i New York, toa lac trentang cao nhat cuatoa nha Heeksher.

DOl m~l val nhtmg dten bien thay ,dOi, hat nguoo hoan toan khac nhau, Cutten t6 radtem tmh, noi nang cham nil va kheng he co vem,~nh me. Trong khi Livermore la nguoo lanh lot, bay 10 lang va d,e bi ktch dQng., du hoime ttn nlumg san sa,ng; danh cUO'C dena6ng. xu cu6i eung neu ong eho nlngmi:nh Ictung. Livermore ,a.a trai qua thot kykho khan, tha.~. bed khor;,g chimet lan.Ng~c lat Cutten it nhat trong nhung namgan day luon la nhan vat lieu bi~u tren tht lruiwrru.g dall cagi~ len ..

Cac thi troong. trongthang too cung nhu nhtmg thang tiep thea c.o~e se th~ hien stJ roi loan day nao giQng bOi

- .. -. .-_ ~ , Lr-I _ ~, ..;

CON GAU VI f)Al CUAPHOW'ALL

~, - - 0 _ . __ . • __ 0 __ • 0 _

"l 3·.c.,

IU' .

nhungl\lC teo - d'~y trV'C tiepg~'(ra.cac yeut6 sire manh cuamet nenkirih b!' rQng 16n'1' da d,~ng" Cho t61, bay gi.a ,()O the ,chac: chan m(l;t <heu thu vi rang, neucd pbleu ting " Cutten s,e s,an sang tlepthe'm dOng .Iuc cho '~Jbeu d,6. Va, 'cha,e

kht co' phteu gila.:m gia" Livermore sf: Uep tuc aatin ()ong vao thl truong cua minh, Tuy nhten khong he ,c6 mot tran ,cbie:n ,g;ua, hal eanhan con ngu61, nay",

Sau kht docxong bat bao vao~t no, tren ban, Livermore thot len: '~HUm, chua ban ,g,ia' ,d61avan de ea nhanl," Ke bl' nhleu nam qua" ongvaCutten luon la nhon.g doj thuktnh doanh eua nhau, tham chi ttr kht he con bi nhnng doanh nhan tre buon ban, ngll coe tc;ti cae kho hang 0 Chicago ..

Chuong iQi~n thoai reo, Livermore ra hieu cho tro ly Dachemetden rangong se nghe dien thoai,

"Xmchao."

U .C:'" I .··h' :~.'J. 11-. . . .... .• ·L"· 'i'.' . , ,A'_' khc CIl'?<"

.. 0 p .' ,al ' ... ' esse . Ivermnre. uay '. ,anSi

"TO,i ,dang nghe day."

.wM······ . QU' l:a'~' d·"··'Oi~ ch 'e'"\··t' 'Itii ,e": 'it· Ltverm ,. ,. aore .'. 'M·· ..... ··a·.~ .y...... se 'p,h-&" tr i 'a'W'" 'g' ,"11.6: '''n

,'_ .. ~~. 1,_·' ,- __ ',_-. ,·_,1, ,._.'_- ,'-J"!!'_'_,, . ,'_0"_--'· """." ,'_-_-"', '."_'-'::.i: '~o._ ... ~ __ ~ .. _, ... < UJ. ,_.~ .. -. ,_:~,_; a, V'l.,

nbOng, viec maydang lam va ip lam. Vi may rna tao pha san.,I\hOng, ccn bon ,ea pha san. Tao, .. nQ' nbtm.g nguM mOJ! h.ang ng:h.indo la tie'n lai. Nhung tao van con Im,BU sung~rorao Sf den thAng day va ban vfJ oc may ra. Lan sau neu m.ay ramo' cira thl n.guM chl'n,g .a' elm Sie la tao vA dieutiep thee la may Sf phii. buocqua canh ,elIa id:~a ngl,lc" aay lanot ){,Ung dang, danh cho may ..... ''.

Livermore dap di~ntho~i xuong .. Tat ca Iii do nhong bM baa nay, ehung d~ ,ad 1.01. cho 6ng: gay ra vu sy.tglam n,ay.

Nhung ong kh,oing phad hi thu pham. Ong kh,O:ng co' SUG manh too mnc ao,kh.Q,n,g: mot at co th,~ lam duoe dmeu oo~

k.f!, ....•.. , .~. . •..•. "h1i't-nlg' tha m 'h" 'VI' len .c·-,u?, a 'V' ."';'e"'n·; M,/ 'o'rO'an···. I"· ·N···.·· h iUTI': I g"'" .A'~e'~ 'U' .dc-o'·,

.. ,e ca n,·· !WI.1 I, ,. . .' ... '::"_: .. . _."~' _ '. .•.. ,'.J:. •. II' e e' '.'. • ,~,..' .•. '.. • •• ~ __ • '._ '.__ ._:_ LlLi: .'. .... . ... , "

khong th~ ngan can nhung suy nght eua GOng chung cho rang o;ng la ke cham ngo,i, chc ttnh trang r6:i loan va SlJP do nay, cung nhu ho nght rang On,g,d.a lam cho no t6t te han bang viec ell han, ban va ban ra. Ltvermore d,a gQl too

.. 'n' ·.h··.· ••. · ••• ·h- •••. '. h" .•••... th nrc hl · •.• "'t·· ••. ' •....... ~ •. , ...• ··.h-' '. 0.1

ta' runes va ci o pr ep ." .Q,I_IJJC menmot cuoe pnong van ne

giai thich ve vtecongkhong dang bi d:o 10,1, nhung vo tch,

d· ..... d' h ... ,.,. d~' '1' _,

Du th,e nao i nua, ng:um ta ,;lu6ng n .. ll van muon do .0]

eho olng. Co le chi boiho can tim ra mot at ,ao ,de gQI dH~n va de doa, Livermore doc lai tteu de batbao dan.gtaj cuec phong van cua ong ra ngay 2:2/10/1929 tren to' Times:

uL···· .. ' -- khr oh ?" 'I"" tnn ,,,-,'" .'~ '.-' d'~' ,~ O~:· .

~_lvennorei.i.ong pr ai a I rung tam cua 51.( .'. 'au, cu. ·.·.ng

dQC tU!p:

"~Ngay hom. qua, ,J'esse L. Livermore, n.gutd da hi nit nhieu baocht t~i PhD 'WaH dO, lol eo' da dinh Uu Sail see tot viec gay rattnh trang tbi te hi'~n nay eta len Ueng phu nhan bat ell ·s\f llen quan nao too tinh tr~ng nay",

Dum. day La nhun,g phat bi~u cuaong Livermore tal. van phong cua mmh, ,(j so 730 ,d~ilQ so 5:

"Thee nhteu bat bao khac nhau duoe lan truyen trong nhung :n.gay g,an day tren eac ttl bao va cac sa mot gim thl hau qua cua ttnh trang hien nay ehu yeu ia do tal gay ra vm S\l glnp do v,e tat ehinh cua nhi.eu ni1:;rtu ban nO] ueng. Tol 'muon khang ,atnh rang, ,d6i. vo; to:i,bat cu tin d6,n nao cung deu khon.g don,g SlJ that, Va t61 biet rang~ 'khong he eo mot SlJ: kethop nao nhu v~y dugc hinh thanh vQ1 S\l' tham gta

"'·u": '<:i n· . h tm-i"; '.6".,. n' ".0'11'" .'" 'rffl ~.;" kh "..s"c··

'!!;,..r.' __ u I ',' """ -'._, __ ._1.").0 - I.OI'~~.iI; _-: - ',,- :U;'_'"

eON O.AU vl Eh~~ CO.A. PHD W.ALL 36

.N'hll'ng.v\l lam an nbo rna. tot :LhQc hi'~n b·,ecth:l trutmg ,ehU'ng,kboan ,cbi mang tmh ca nhan va se~Ue:p true ,auqc th~c: hientren ,CaSH] nhu V$y.

That nga :ngall!kb~. nghi. r~ng mot ca nhan bay mQ't, nn.o:m cae 'Cat nhan ke"t hQ'p' vOl nhauco th,e: ·co ttn III gay :ra mOtcuQ<c suy thoai tren th~ truang cbU'n,g khoan a mOt

, '.

quecgta rQ,ng Ian va thtnh VUQIl.g nh U nuQ.(~:My. NUU'ng: gi

Ida xa:y ra trong m;a.ytuan ga~n day maK:el qu.a khong, the tr,anhkhed cuam(ll[ thai ky dad, nhi'eu c6phicu Hen tt;lC v~n ,ch)ng va ,auQfc ~ep h.~ng khten eho g~:a tr;. euachung tang len '~h'lile~1",I!.5'~i""'0 'Vl~i ,a'~:6 '~'r- tthire __ duoc V9',C': ·I.A.n dua 'It'1I"IAn' ~M

.,' I."",,, "" ~,-. ,y, jJ~.1,li ~v . V'OW, ,01,", t, __ t '<,',' ':iL~ ''! U _ ,~'''Lo ,.g, <. "~;r __ '~' ., ,.,~ '~ ;., lV,',

nhuan thuc thu 'Ye.

NhCrngnguOi <ch~u. traeh nhtem 'a,e: Kay ra Unll tr~ng gl,a ao nay' cil.ng chmh ~;~t nh(m.g ngum. phai tr~c U~P' ehtu trach nh~:em cho nhung ,gi 'oJ(1U:l,g xlily den v'oo thl trubn~ chU'n.,g

11 .. ",", n .... i 'n, 'r'!ICfa" lye hom ··n'o;!i'til' P,ri::i, ~ .. ~,M~~'~· ..... Jil ,m,.·'ldi 'n' gi I· ':rm 'tfl ec ~.~ nb

I\J,lI,va,,~,.~. ll"~,5r-'_:_,""( JLI"'''_'''''J_ "_' ',~Q:)' l~, lLl'! .. r!'~J v v'''' lL"al. "'-"U,~I".' 'J' 'JYJ!. ,' .. : .'. __ ,_'~,U.I,;,~ '¥' 1,;.". _ _ '1!.:,I,Jl.J,! it l

tr.~ng, ·b]i.~tJ~ nay Ian :f.¢ng Ia ll1:Ql cHeu khOng: may ,Th~t khong may kh~ nhl1ng;: COl phieu ,uau tu lh~c: Sg"' CQ!giatn pbr?ijch~u Ch.UL]];g so phan v{ij, 'V'i,ecdi,eu chinh l@.:i g~a b1 eua nhiln_g: co phteu y'euk:f;,m nhat,

~Neu gil Or ...... p.·.·.~,I~I~4u, ;,~d.· ,~,~UI,.t:r,OOi r •. ··,~'c'-- ''I(':o''';i .~.~. phan ·tj,cchll v~ ,[i .. ,:'.~ig

_' . _ _ _ ~ "_"~'U , . JUIJ~, uJ', .. JV'.l,I'e, U,~" -Y V'I, Cll.." ,I, ',. -\~ u~ L" ,~Llb;~ J J ~ •• J.". - ~ 5ti~1

ban ra ,ena ,cae lo~d ,od phU.~ukrnaicn:hau~ ,eban.g han nh u cO, phi.,eu c:ua U:nited States Sl,ee] :{,oJan,g ban ra v:mgb:i. cao gap 8, ~ } 0 [anlgi nbu~n Ul~)1 th:i co' the th~y :ract :nhieuc6 ph~eu khac cu.ngpbai. ,alJc,Je xem xet v.a danh ,gia trong m¢'E thm,

g;an daikbi ehang C'Lln_g diuqc ban ra vot nhung muc gja, cao

,

nuc .c-".·~ tic ,~,J;,'jl,'II;,.. t,_ [~;V~. I~

"'Nhang~mcanh bao eua C~(; dvtnl b,en bang va :nhtmg phat bi:eu cua cac qru.an.chtw." cap eao trong rtg:anh ng:a.n. h.ang C]lng kh!ong th,e; ,ch~n ~~r~ nhon,g, icbe:n bh~l\ cu.a th:~,

'.

36 ~I CH]!~T VI CHUNGKHOAN

trutm",Qi;,'. VI the" ro range' that la 16 bich neu mot ngu ,rnaauo,c

.0 -. '. . ., o~

bmh thutmg lal cho r~lng ca nhan nao do co the tao ra Dl'Q't,

taco(Jng thuc sv:~en gla eo, pbjleu.H

C,O leong lamot phan trong mot bO 'm~y" coche, nhung t10 chi la mot trang that con p,h,o',j that.Tmh trang,'; aa,u co

,.; "Ii,' ,__ ;Ii .

", - -

b'C"';'-" b .• ,',.:"";' 'I' 1"1 kh ""~'~I, I thi 'trc:,,',~ C"" ' ,.1h- ,'iI. kh l i<tl " r ' 'b' '11 -L', '},' .,.. --,,' I" ',-

ua"aJ, ~_uon .. " lien. '.,' ,,1 '.' ,UOD.g, ]JJl!I!al """u,a.,,'p "t;tc .. ,]veI1l[ore

,oakinh doanh trong 85, nam, til khi 14 truSt O!ng Ida tiIng kiemdtrgcnit nni,eu'i :nhung'c'CUlg: demathan,g trieu GO lao 'Nam 192'9!Qng aa d;~t tm, GLob cao cua SQ: thanh cong, V,B, oog hi:e't day la U1Qt thet khac huy hoang,

. .

Livermore ,da can nhae mot each ,can thanve hoan canh Inc nay.Nhung cUQ(~ ,dt~ntho~de doa dl1.tae dOing, b:Ji o'ng;. Livermore t\f y tlnrc san :rimg.matmattai. chtnh 00, thle gayra. nhung vet thuong tamly tram. tn:}n_g totmuc nao, Chinn O:n,g da. obieu bill tralqua aieu nay trong su nghi.ep eua mmh. Livermore se p,hm nhanh :ch,ong «lll'a, ra mQt phat bieu khac boo. gi.a, ,!li1on_g co tb,~ gap nguy ,hlem. Tru!t)C 0,0:" 11'Q' ,da nhan duoc nhfin_g 101 de doa,

Livertll0re l~ng Ie theo dOl va ch.ao,C)lchiecm,ay (u.~n b,aoglao6 phieu .o'g6c tren ban lam vi~c. NbiIDg: do vat tren chtee ban bang"., g.· .• · •. ',QicOa duoc don saeh tru chtec

I. _:! ; .. _, _ ii, ,~, , ,

. -

maryeUen bao co 'G'e' ba.ng dong,~ mot tap gblY vu~t but chi,

mot, c'hi,ec but chi vamOit cap blat chtec hOp b1ao,g g,o g~.

Hlen tai, van phcnlgtt:a dong' aumQi ngum. - Sau ngUOi ghi, ajjem ,d,Et dthlg, ben nhung chiec bang., He; :m~,cao

CON GAU VlfJAI C·U"·A··· PHcc,'6"':·, 'W·:"-A~·· L" L· I ·3c'.'7-

• ~ .• , _ • . _ I " I '.~ " "'_':' '- ("'"' " I _'" '."' ': ',":" '. .':

kh .... ·1'" 'g .'S kh .... g bi 1hel- b '1' .• 'hi .. , 'h-'~ M·"6. . ",', hi . oactong nen knong j '~. nannor mn prtan. I:IO~ ng:llOJ. gl

,dH~m. tren b,ting: ,oe'u iC:UQ'C: trang bi tarnghe VB, ong not, H'Q'

d .... k ~I'i"'" ,.!",. tru ',' ti'···<ff'··· ~., .• :.' ...• '. g .. , ..... di h .. ·h·'··'~ .... g' khoar N't

uqc:,rct: no~ truc nep 11i,(1Jl ·san .. :]ao!,~,c:II'I, Ci tnl..'r . cnoan I ,lew

'York. MOl ng,:.'lliri chtu trach nhtem theo dOit mot sO loat ,cd

. -,;t; • ".

phieu hay hang hoa nhat ·djnh. Chiec may dh;~n bao bat

a'au hoat d'orng"'.·,,, tUng'.~'· rnanh d,'·.'i.ay·:' g .. 'iong:c nhu mot con ran

!' iti -',.' ,e, -', ",.' :".1 !!!

trang dan dan ,dAi. ra ",. nhung ky hteu ve eo phi,e"u cua h,8;U

bet cae cong 'ty' or My'... Nhtlng ky hieu the' hten SUi£: manh kin h 'te''''' c u?- a q" ,·.,c···· aiia' . -" 'y

> .', , .•. :""', uoc 61'i nat ..

D'oi v6i Livermore. vtec doc bang giay gi6ng nhu doc bao, Ong o'a thuoc long tat ea cackyhteu va co mot bl) DC phi thueng ·de' g.hl nho tat ca :nhung thong tin ,gi~l, Cat cung:

gi.6ng= .. nhu mot ng'um ehot bai Bndg ··.·.f eo the nho mol q .• · •• ruan

, r - .,. " I'._-' '" ..

batmmh d,a, bmg, chat Chac chan :rang, Livermore theo

dot nhtmg tam bang cua mlnh cung g:i,ci'ng, nhu Dache gjam sat nhtmg nhan vien ghi d]~;m tren bang trong kht

h .o p 'b'" u?'Aafv n ,hOt I ,'un""; g"" chtec b:"a"" 'D'lg: b .\'n· g': then I I 'g. , tin m nua ... b a n

O",~ ',(,'~-._ U"-~.3.J. "," ',' .. !_=-'_'. "'-",', -.~' .. ; ,.-:' ,I.,,~_:, '.:_IQ.:,, __ ,~_'~-:'" ·:""'_··"_'_"'",':i.-' ..:~_,-~.:~. ' __ '_~''-'':_''._",.. ,.". ,"-." '·iI'

Homnay, Uve:.rmore d,{lc btet chu y too nhtrng eli phi'eu rnmh dang nam gill. C)ng nhtn len bang va hen t\1C tinh toan no; v6n d4u tu cua on,g d:o vao, Van, phong yen l~g" chi co' Uen.g 'may d:i(!n baa va ti,eng~ phan tren .. bang, Luen COl mQ,ts\f ye·n l.~Ulg nhu ·v,~y t\il phong ~ao dich efta Livermore trong th,Oi gian rna cUa gtao: dleh. Tat ea mQi :ng,uOi 'bi,et rang khOng ICO ehb cho nhung eUIQC' tangau khi

'. dlch \, 'l'. "

giao tncn loa cua,

.H,Om. nay, tong ]91 nhuan th,:ng du trung bmh cua Livermore duoc bmge", U'H~m 100 trteu dO' lao I)i~u ·oa.y;:.'"

." ' : ,~ .

kh.Qln;g khien IO·ng bQcl¢ thai ,dlQ ~i. khac, Chuong rd'i~n

thoat tai phong chmh t.~Jj r-eo. Livermore ra hieucho Daehe

38 I CHET V~ CHUNG KHOAN

khong tra Imdien thoat .. Ong khong muon bt quay ray boo mot cuoc dten thoai de doa trong thai d thi trUOOlg aang ..• · .. ' rna cua, Nhrmg .. ·.,.: cuoc d~,en thoai pha vfj Btl ta..·· ... p·-.' trung,

__ '. ' _', 'r. I~ .'; _ ,p. ,~. ......: :,' , '_

Lfvermore khong co' ghde not vol bat eli ai va cungkbOng mudn :nghe (heu g[ tfi batcu nguoo nao.i'Irong khi . ,0

di .. ,.-.1;.... m- .. ~ c"'1!?~o-'n" ,d d'l'o""n"'1 g ... ·.i .. 'n- ihu - m, . ot c·()·· 11'11 S-'O'ii .it~i san ·m·'··· A1·:c;:·····hi. ~ CA .•

,,~'lIl,..f,l ,_:, I}U' '_,UiU; !-_",,~,':,~, 5r/-·'-"':":~-' ,1,,'._-', .~:.!y!. ',_.<i., .. Ill..l :·~._i .. _I,!E" U,.l ~~''':';-'''' ',IV! :" !".:-)._,,~~l '~I'V

th~ tap trung vao nhfi'ng .~. no dang lam, MOmmQt phan tram len, xuong ,tl6ng n,ghma VOl vi¢c ,aa,u tu cuaong 100 hay h5 :m(l,t trieu ido .la.

Su mat ~:p trung, du 181. nhe nhat cun_g oo!tbe cuop Oi hang trteu d'D' La. 1)0' chmh La each Livermore bi cuon hut vOi kmh doanh _, cam nhan dUQCDlQi te bao tren ,cathie: 'on,g d:eu. dang ho~t,g,.. .Khong, Cia! g1tt6n tal ca, tru nhung dw bang· .. 2.' g,-.,biyc-.?Vmmotncr.,.'uul co,du su nbay·· .. ·.~ ben vaihoncr.·· •. mmh,

- '._''- ,-_,_, 'I'! C ;;;! "'L'. ~

cU'Qinba:ng giay'oo, Ul~ nOli cho ann ta bU~tmQ'i ,aten,. tim ra

nhungmanh mo,i va m 'hy chung, Ltvermoredang chien nan VOl had xuc camma 011 me tren tlntnmng'chung· •. · khoan; noi

, • "" .- __ "_' ,:_.- I

- -

sa hat va ttnh tham Iam Ona ,da choi mo .• t eanhbac len ..

'III! ,0, I.

To] hom ·d,6~ Ltvermoreve nha tal Kmg's Point va th.ay vg mmh, Dorothy, cung hat eon tral Paul, .Jesse ,Jr. khong co b nha .. NhQn,g buc tranh de. b~ do' xuong, may tam tham BaTu cling khOn,g, thay, cit may d~o! dung bang bac rung, bien mat Livermore chaylen bing hat." (:ten ,ctU)' :c!hie!c ket an. toan, noi Dorothy .(;,at donQ trang - mot hQ sun t~p tuyet voo hau het ]21 tu Harry 'Wins,ton~V;an Cleef va Arpe~s.Tatc.a, ,d,abi,en mat.

Livermore chay xu6n.g bep, ban n,guoo lam bep va hat quan gta vandang,chu.an b~ btra b5l -.

'Ong, hot:'~B,a Livermore V,a, bon tre dau rol?~~

N"g"u" Mq'- uan ,""LID" h '_~IIM "Hovao ph 'o··'·'n···(f eua 'm"-6:v

(~'_:I· __ ~lOi,J; .. -~, ":.i~,-,,U;~'_)_', '~,IJ1,1,-,, __ , __ ~1 I~Jr·", lV'1 ~ ~!yi '¥d.;~~I,1 ,_:~/'~LI~'._~'i'~~~i ": __ "'_~-~_:Jd, I ~ ~1~gL,j"

ngum tat XJe roi"thu,a ng;9:L HQ Ida biel ~l eel. v,e vu supdd khung khtep, chung tol ratnee, thua ongLtverm(lre"u

Livermore nhin ho cham cham trol1\g 'Vii gjay,~ than tho" rot ,ch,~y t,M m;ay ,glan p,b!on,g ben tren may cad nha d~~.e,. C,o hat :ngum bit K,e!, 'm,i(lt U1l1x.e cua Dorothy [hayMcusie ~

O"""n"g·.-.·',' thtch •.. ' g,·,',"o·'.,,~ "'.'N mm h D! Ih: 111" ·v,,·,'.'o.y,' ,,"l, 'V'~& 'n-,;g,·(-~"~i con Iat ]·i~"'';:;'!~i .,... .. ~.

,--,' - ',. 1,.,' -" :. , .... ," ¥v .l ,L,cI ,- , I,', - u, r ·a".J .:Q" ",llA}U·.I, ,- -,,11.; .. .1 I CI., ~ .4C:

- '; _. --.', '.. It 'I' ,-_., . ," . ;' - - .~

C>:Ia' n.·nd lh Q,Y' J' L o"ndt'h-l··c'h· ngli'IIM ta g'o'm"l"n- hnh ':1'11' 'V·05,y'~

;U,'-,-·~I '01,1"'-:5 i~, .'g:',.'-,,:' ,:.:,~ __ -,~ ~ 1.;- .• ,:i,J,~ 1- ... ".,';.<-':. L ~i, .. ~,I_"_'_~_~I!UIV;·:lJ .. ~'.--.,_:I. ": __ -"_.'J',,/,~l :"-, ,,"1,'1,:' ::'-J ',' _: .. :~.·!yJ·-<-':~~".;:'·,JI.t.

.May em nha a,e XJe tbon,g Vim ngol biet thu len b,ang ,eta. Ltvermore 'Oi vao phoi khaeh, buoc tren nhon.,g, tam tham cuon, bao quanh la nhnng ... ··ta.e P, .. i ••• b,am n:.d _. he thuat va

'III' " , , I' .. 1 '~ !~ I~' ,,,,,,

d,oc~! VO' _ I.:. Dorothy n.g,o] tren c.11iee ·,e dat ,cung: haidua

tre, Hodeu a:an,g .dien nhnng bQI a,o dep nh!at

"Mousle, cbuy~'n ,gi the nay?' Em" dang lamgl vay?'u. Dorothy tra llioo:uEm va cac eon ,di nghe bet em. rat tiec, J .. L,"'~

"Em dang •. · .... ' n ·0"]'1 v-~ t'!-6~ gll .....•.•. ,jl;L"'lti}'" ~ .. ~,~I.U u,~",!~' ,~~,,~_~,~. _~ ,'~ ~~(.U. ~ _'_I:~ 11U,,1~:,~ ~

, ,

- ,

"Em, duoe 'bi,et rang'. tmot Ilguoi",:I',/', d:a bl 'p ... ha san 'bM vu sut

!' ," ; :t; ; - ; :Ii ,. • I~' '!lJ

~ - .. -

g1am.Elm. phat thanh s:u6t no,] v'e " By- N'gtrOt ta

nh ···.·;'Y" ,-cOl " ·c··· ";~~ '8'0·:1. ban ':I'~'" '0.·· I ha '~I! .i-~,~ ··v ..... o5,YII nhon id vii b1.e--:n

n,c.::.lL rg . ..YQ, , 'I, i.a ." aQ"iI..l! U u;u .. a.l.1. 1"'" , , .'. '15," ~. Q,)!" .. '~

"m!,a;'f ··V<~&:';i n .g·.l~iibnn c ·.·ul~la·.' e m .d,'.5, ,d',n(.:Ii'"e-·n,'I. E.··.··.m.!·r··a~·ti f~I,ec,"J" L,"

JIl"glt,'i .,taJ, li_~>:IL&UJ,I.,~1 ,., .. ,', '", " ,a,';EJ;~l,ul,!I"""'!'!' ,·,',t.' ., .... I~ __ .I~ •• i!i_~

Livern,lore nhm Vf1' mtnh, Nb]i~ 'U ,giay troii qua. Dorothy

:n,goi dO'tXinh dep, hal C$,11 be ,d,~p trai . . hai ben" d6

. sue . tron.d ..• chiec hom dadatben ca. nh co.

I~I - - - - Iii - -.~

Dorothy ,diol lap v'm Llvermore: nblet huyet, tran ire SUi(: song"vul nh@io va d:ay mr tmh, MQt con ngum thuc SI1

40 I CHET vt CH'ONO KHOAN

thuoc vexa h,[),:i.1 ,(Jtang,.···.· l:J th01 dm'~m. ruc re nhat, ],a truns ..• ·

_ ., 'I ",' I~_.·.' ., I~l

tam thu hut S'~ chu y cua aam a,ong. Dorothy not ra bat cir ,f1'I':e·~·.u·· ,(jil! "m':I;~n:J" suy n ·.gil'-If mot .. diii'~n:I' 'th,e'""rlj h'ia"'j';; co tat n'>,an""'!g,:

.,ll)"" U,. , .... J [~I.iJ "_~ ~L II ~J •• ,", '_,_'. ."" i. ,~_JLi~IJ'~ ,'L I.Y,' '" ,~~ "I -rr I·, ",IIj;,~ ~ __ "_ ~ .JJ, ",",,_. '_'lOt "~"~'--~-~"-':' '~;"i

bam sinh, va ,(lieu thu Vi nhat la khong baog;cr choe cum mQt each coU_nh. Tren thue te~, nl'(j'i ngu()j van thuUog .culM vi, hieu nhamy cua Dorothy.

Livermore nhm XlUJng chiec hom da dt;mgdo trang sue.

Ong d,a, v,m Ian nho den 0.,0 trong nhtmg thm di~'m b.1] t~ nhat, nhOn,a.;tha.t bat nang ..•. ·'... n:e nhat cu.aon.g. ..•.•. wen thi

" ~ ,.. p., ,'_, L',', "'"

. -

truOn.g. Oin.g' ,dla hon mot Ian mang chiee hom {I'en ch:o

Harry Wmstonkhi bi lam. vao eanh tung quan v,a can mQt khoan th,e chap. Nhun.g 'thud,5 trang suenay tIi. gia gan bon. tri~u ,ao la va luonduoc Harry dmh gia tuang ,dumlg ~m mqt tneu do Ia tie:n mat, khoanthe chap ou d,e bat dau lam lat. 'Livermore: sequay lai chuoc saukht on,O':. co

,~ '~ :~_. it; ,",' ,~

the tu d;" vung, tren ,d,OlcnJ:iI1 c:u,a mmh .. Ong luon earn,

on Hairy han,g mot luqng, mOD tlen mat.

~'Mousi!e.~em va con 've nha chinh .an toi a:i.Mangtheo (!acru hom trang S·\1(;: mra" .

. -o .. !'" J. -.1 Lil .. _ '''.:'ii.' , .'Il.: h ~q'l" can .. ~·e·&<"n":' no :oE:i,?1'

":""'!i '_.' il!ll~"i :a~.~.:..___~'.,,_, .w.~, ". ,ct I. u,_ "J." ._ va,,,, ,'"

UKIlo!ng, hom nay la ~ y tuotdep nhat cua anh tren th~fruOn,g. Anh Qa gia! quyet xongmot mra sO eo phieu eua anh, Chung ta sf lin. thoi.Anh chac ChaD se khong can tM nhOng thu .ali tr xng sue nay nua. G](J thl, emva eac con ta die nao",

Livermore quay buoc va mim cum. That 1a mot :n,gay tum ,a,~p. Dorothy lu,Onhim.ong ngerc nhten va. khien cho

.. '. . . . .. '. • H' . . iii'" - . ..... . c"t. '.' '.' .-!' .' .... i;. . ._-"".' 'l-.::' 'lil'~ c .11".·~~ " .• . ?

ong cum .. ,._.Q u:lng eo mot S'Il) rae rot, pnan ion ia Jlo.l cua

CON GAU V[ EJ'Al eVA PH(} WAL:L 14.1

Livermore" lien quan tm nhtmg phu nO khac, Tuy nhien, ang, hy vong ho (;0 the gtid quyet ehuyen nay. Dng bb~t rang n'eu ho Iy dl" long, se fat nho Dorothy. Mat ongmo di khi nghive tlnh yen cua ho. Livermore ]ac ,da,u de thoat ra khoi nhung suy n,gh[ nay..Ong se vui vay ben VQ conkhi ho van con ,0 ben ong. At ma biet dUQiC nrong Lad se f;8L sao?

Nhtmg cuec d,ien thoat de doa van deo bam Livermore, ca:n,g, ngay ea,ng nhteu .. , On,g, canph.~d kel thuc nhl11l,g, 1,00 de doa nay~!. Livermore Jat g .. ··· .. o.,i cho to' New' Yor.kTImes,. to'

•• :.... oj; '.:' L. '"

bao luon san sang C:Ong b6 nhnng theng tm ve Jesse

Livermore day bt m~t.V a da;y lei tteu de met bati bao sO ra ngay 13/1.1: "Livermore gib ira thanh mot nha dau co gja len: Tuyen b6 cophieu Sl)t~a qua tb,ap vi:t nhfl'Ilg, giao keo mua ban, n Livermore doc tiep}:

. ,

"Nhieutuan tTUUc., Jessie L. Li.verm;ore: duoc Uc;:t ke 'Jato trong danh saeh nbimg ngum dau C(JJ' h~gla. Ngum ta da du doan rang, hen bat ctrat, ~Ug. 1,3. ngum se ban ra n~~n han nhteu

~. h'''' hoa .. ~ .. ." - .. thi t- A t" ..... dJ . ·k·'];.",,-· .. h h

co p.'1eu.00l nUB! tren r __ ~'ruong, u.a:ng rut ooc xnong pnann,

Nlnmg tOil qua, nhan v~t nay aa tuyen be;: ,char: njell vm to New,York 1iffU:?S rang nhfmg c~6 pbi.eu dan d,au hl day g,b3i xuo:ng qua 'tbap .. M~c: dil kbon,g, co phat b~eu ,g,l uen. quan lUi quan djern. cua mtnh nhung nht:tng 1M. :oot eua Livermore eho [hay ·lthi nang oi.ng S,t! kiem scat llJ9Tlg ,()O phieu. eua rnmh va quay lai vOi, tu eachben mua cua thi tru:an.g.

Livermore tUylen '00: "'Nhtmg (~6 phieu hang ,chiu VID lQ1. nhuan tdt va mot tUOO1.g, I.ai chac chan dang duoc d:~t tro:ng qua trmh m,ijc ea mua ban. Rat. nhi'eu trong S:O ehung (la b~ d~,y ~.a xuoog, qua thap'., MIQi ngum, tren cit :nuoc tiO nen rat hoang loan v',a aa ban thao m;Qt hlQl1g I!on ,co, phieu cua ho

ma kheng eannha~ctm gjatr! c:ua chOng .. Thee quan dl~em (~ua toi ttnh tr~ll!g flay khon.gnen U.ep di,en nua.KhOng, hieu Iy do g1. khten nhcmg 00 phieu hang dau b:~ ·quang vao th~ trutm.g mot each nhan tam. nhu tmh trang chung tada

,

cb(Ingkh~Il! trong nhung. ngay giao d~ch gtiH day.

VEri ngaygan ,day cbOng ta thay mot Im;mgI6n loai co. phteu nay bt chP suh-en. ban ra chi vi ho s!Ql hat ~!

Dn Ida, co phat bi~u nhu v~y, nhtmg cuec ,cUe:n thoat van U'ep tuc am a.nh Livermore: "Livermore. may la ke no:i dO] ban. 'thiu, Tao blet may xao quyet nhu th:e n,ao..May noi la phia ttch ClJ1C eua thi trolling: trong khimay laidanh tutg~,a. Tao sf o'en Urn may. Tao muon m.ay sekhong con mot bu[6i tOt nao d"trQC ng6 ngon naa, thilng eon hoang ,dang thuong. M

C.Q.n mra: "Tao Sf ·den tnn ··may.. Tao congt d,e mat mra oau? Tao damat moi thu veto thi tru,tmg vi, may va 10 ban ' [on nan cua may. M.ay nght may co the bop chet dUQc mot con nguoi be nh[o, huy hoat tao vagia dtnh tao b~ngnhung hanh dong phi phap cuamay a? May 1& mot ke da chet, chi ,(>0, ctieu. may khongbtet lamay da chet, Gia dinh tao da phai ehlu d!~,g.~ glcr sap d~en luot gia tli:nhmay!~H'

Hay: "HOm nay tao [oamat nha fO;} ,d.B;y; Livermore a; may' .11 the 11.9:0 v,e ,die"u do?' t)·f co, :ngO] nha, tao daphat mat 23 nam de, ITa no, )H,Om. n.ay··.··.·.·· ho o'a_ uud[i tao. ra khot

'" ,-" if'

nha, 'Tao. lang thang tren <iUOng nhU:IDOt ke an bam cang

Vim Vf} va "bon dua ,[:00 tao. May la.a lam nhu v.~y va may se phai tragta".

Nh.ung hJi de: doa tm tap qua dten thoat, qua thu va tham chi qua. c,a nhung buc ,d~en bao ghao tay'.

It)e:n ngay :2l' thang 1 :2 'Dam 1 '9,2;9', kht .Jesse Ltvermore aa ,day dim. Ong thue nguai ban truoc d,ay cua mlnh la Frank 'Gorman .. mot nhan vien canh sat eO, fJ' Nassau 'County - ,de phO,ng: xa, 'Gorman va Liverul.or'f! la nhung nguai ban cu cho dl~n nam ]929~ Livermore ,d"a, dung rOng: ta vat Ian truoc kta kht mot thutr,Q! nen h!on loan. Lan cn,lH ,cO.ng~ Gorman eta bao v¢olng thoat khot "Boston Billy" If]' Monaghan, mot ten tr'Q'm kh,et ti.,engt k.e a.a cuop ngol bi.,(:t thu ella Livermore, han da, bl bat va th .2:. e'i!, ·,t,··-~, th 'U--

.,I,e ,~;\;; I rd. ",: Ii '.

Gorman ngay l$p tOe c:huye~n den ng,cU b~~t thv- Kin.g"s

P,oJ"nL H ng,ay~ ,ong ta theo nh'uog (IlIa tre den trnUng

vatra thanh chle'c bong cua Dorothy ...

Livermore van duy tnccng vtec nhu thuemg l~, hang' ngay vanden vanpbon,g va quan sat CcU hang gi,ay roi. hanh dQil1ig .. MiQtbuOi ehi,eu. Lhlenn.ore al d:efn. beneua sO va rno buc rem .. Quang eanh hien ra truoc mAt (lIng la thanh ph.,o New York hO,l. ha trong nhung, ngay dau nam 1'930. Kilt chle!c ban.g, gb1:Y diren tin truotdeu idieu qua cac Ilg,6ntay ,ong.t mang theo nlllm.,g t'bo!ng baogi,a co' phieu bat tan ~ tal ca d:eu la am ban. gi6ng nhu cac danh sach thong, (huang rC'UB chien trucng,

Li:venno~J!ie tu hed bang cachnao rna cuoc d:01. oo,g ,a,a d~, t1:en v, trl ,d.~tc b:~'et nay. V,a,on,g: tU' hOi vi. sao eng kho,ng' hanh phue hon, Cu6~, eung, day chinhIa nhtmg ng,ay ,ghi dau nhung thanh cong ve laj chinh lon nhateuaong ..

*

Ca ..... u chu ,~.··.···"'·',,,···e,·'-;'n'··:' q"·'.'U,·I·'··a:71 khtr

._.'> ':.,' '.-" .,' ' ........•. ,; ·· .•.• 1·· ..... '." " .... ' ":.,.'

." .... '.'

46 I CHET' VI CHUNG .KHOAN

J

ESSE LlVE·roAO'REs]nhngay 26, thang 7 nam 1877 tal Shrewsbury, bang Massachusetts. Chame c~u la

Laura va Hiram Livermore, Cha Cling lam·Qt DO,ng dan ngheo, ng)Lr,m luon c:o .ngk!,em sOng bang vi~'c canhtac tren vung dat: New Englandkhn cart Htram Livermore ,da mat khu trang traidau tlen khi .Jesse con nit nho va ea

-.-.. '0'-'" 1\-". . ih (P.. . h .....2 'd";('" -p .... , .. ,..+... b . . .... 'M" .. ." .' .'he .... d" .2

gla I In.U.p. I, ,al Ci.1 ,uyen ,i .. en i ,ClL.AilOn, nang _~·.iaSSac~ __ usetts ".:e

slon.g vm, ,Ong eua Jesse. Cu6i cung~.H·ira:m eun:g: danh dum

d' ·t·, ;'t... .A,Q ' .. '"'t·if.· ' ." i-_ .• 1' .. ' .;;. -N"- .' .. ' . A'" ct

u nenne mua mot trang trar fJ rmen .'\am __ cton,

~ ~ ~

·L.' ' .••. -- .' ' .• ' •. ' .....•. .'. h h . .h • .' h • .!l_ -.:iii .. - ••. , ...• '.-' ,., " ..•.... . ··-hl.~' - ..

. _lvelmore nnann cnong ... ueu uuqc: wee caul I tac tren

nhung canh t16ng 'Q,ay aa: i. cua N,ewE:ngland la nhu the

,.·':.c',CC'''i'i "C7'''· . ..."A~A, t'·\~, .. ·· ". ,'-i"", .,~-"". '111_" ····1..-,...f, .... "'·,A. 'i •. fl" to

nao.o. viec UaU nen euacau rannat racac vien na to

sau kbi cayd,at. Trong lli,01. bu,61 ,chtly~n~aotb,e 'kY nuoc My" ki:em .s,ting. trenmotmanh ,dat nh.o l:J Massachusetts

ra""··t· '., v··ti·t' "r\l~. d u 11 a'" 'm' 'Ine- e'" day· ,06. 11 'vr':lg" .. h . -0- b -- -.' - - ar h 1._ ,01 ar va iva, uu uunvee sa_ I!i_ct jf!I".lJ:!('-' rn __ iun..~, oan cung cnang

'1,>,,<: "'c' ;l·.· •. i'" b ..... " inh .,. "',' .,.

l'\J.em ouoc oao n ! teu,

Khi con lamot cau be, Livermore manh khanh.. y va hay ,am. 'Di~u nay ,dand·en vtec can oQc sach n!lt nhieu, oac bi,et la 111Q't s6: bao va tap cln cau (:0, trong tay, Cau doc n_s,aung:hien batctr quyen sach nao mtnh e,g, va trrin v.a:€) th,e gm,crj tu duy tu,emg tu!t;m,g mauhung cuon sachmo ra cho cau.

Livermore hay tui,ng b.tQn.g va rat th,ong mmh, ()QI 'khi nang, df~ng tu duyd'E dtra r,aL GaC k,et luanlogic. !C,~U khong

mat nhi~eu thm glen ae rut ra ket luan r.ang gUicma vesu . thanh eong va nhung cuoc phteu hm cua tUicii tho se khon,gth~e th\le hten dw,c neu khong thoat khot cuoc 'C'!'o""'n'c .cr.· .'. tran . g'.-.'. tr ~. '1" lY NI' 'e:-n:F' Ei ';n- 'g' .. '. lan 'd' i

01._ .. ,:',' ',8 ' . :.i', __ I i _ _::~-' ,_.~.Ii ~'J IV" ':".',"r~1t .ii·'::JlII.!~.,.'.Ill-_I,i .. _:I,~

Cha Livermore Ia oguOi de d.~t va km dao, o,n,gkhong ide th,f hten ra 18. mmh dang bi tac dong lb01,dl,eu gl.On.g

... 'II'" • ,A" 'h' th >ot' kh ,",. g ki" ·~t .

quan ~y gla umn t neo mor i~l:iuon mau, __ ien quyet va

th~ing tb,antrong cuoc so.n,g. M,~ cau thl ngulqct~t - au

Y· -emvBt, nhe nhang . Btl danh nhieu thm g· .. r •• ·.lan cham soc

,~, !, ': 'c' I ': .. !

-- --

dna con co' ning khh~u cuamtnh,

0"', ,"' . 'L······ .'. . -ni'.-'",.1' •. '_. ,_. Th' ·~·c 'I L.,,_ "' .. C'~ t"h···2

i :--, I ~ 'j .' (' . 'I ' ".' ~_ I -, - .!"'" ,-'.', I ' •• _,-, 1- . i 1 - i . I -. " I' . '-_. '-_J " 1 I ' i .• "'. : . ! : I I' '. ': i I :

truong, .~,Jvermore rat glOI toan., .. en top cau co me

g'''','''-I1r-.2''",h,·'·''",-,·· 'g. ' .. r trtnh vs dua , ..•..•. 0'-· .. '· •.. :0 h ",""ce.,'. ··t"·h"c,.".:J .A,· .. ··.qj

laI nnam p,.UOTI,< mnn va uua rat aap so, .. toac co ... ne UU'a.

ra nhien caeh .( khac nhau cho mot bal toan. Co lan cau con thach dO tbay g'iao tht xem all gta:imQ,tbai toan phec fap nhanh hon ... ICftU a.a thang .. Ltvermore nhanh chong tben b,o' trong mon toan va u'u!QC thea hoc nhteu khoa b'Qc cao e:apde thoa man su khao khat duQ'C hoc them C"'U'') ,a, m un h

!_I_' :,,!,-,I;: ,:,1 '.: ,I ;'(]Id" , .', :,1_,_1 ,! .~";,_,~

Toan hoc nhu met ngu,Oj ban va no aen ViM cau rat de dan.g.C~u chi can mot nam ,de hoan thanh cacbat toan 0 truOng rna bmh thutmgphili gi.m, trong ba nam, Cau co tb~nh() trongoau. r,at nhteu con SO'V:B. eong thtrc. Cac con s6 luon phai d<i.u hang truce motbe nao nhu may tmh

KIll. Livermore 13 tuOi." cha cau ,gtcl:i thieh ran.g g~,ao ,dlJJJ(~ la kbioin.g· can thb~t 'li:O[ \'00 cuoc siongcua ngumlam trang trai don thuan ... B,en nam 14tu6i.~,cha Livermore bat cau thai hoc va d·uBi. cbo cau nhrmg chiec ao 1.910 d·ong ... Cha gtai.

48 ~ CH:ET vi CHONG KHOAN

thteh r.ang~ C~us,a_pcbinbth13rc trb thanh chu trangtrai Via bat buoc phal ,d:6ng g;op cho chitteu cua gia dmh ..

'Nbung Livermore: aa tiuJ'ng mmh hon, cau lam ra '\re~ chteu theo uecmong ,eua n,gum cha, nlnmg thuc te c,au trdn 01 vOi S1J 'ung hO cua me.Trong V()ing vai tuan, vm nam ao la duec me cho trongtui, cau trOnkhcd trangtrai va bat mo .•.• t clnec xe ng .. ,.ua totBoston. Cau hb~u, rang ... ·. UIJ111

!II, :_" " ,. ;

nhu v~y la ,dling. Cau can phai bat da'u khampha th:e

va tlnr van maycua mmh.Trong kht chua co ke hoach g;l ,d~;c biet, cau van bi,et hi mtnh dang dl dang huong,

Khi,denBoston~Livennorem6i chi 14 tuotTuy v~y, ~ trong c~Uth,e glOi cua ngilloo lCm.ay"c~u ,da ]$:P g,an chuong trlnh eho euoc song cua mlnh va khac sau D:O vao trong nao, C0il,U nhan ra g'-.ia ttl. cua con~d. vtec nang.·._·.,-. nhoc, Cau co'

'" '" '.'.-' OIl 10 I. '!!' '.. if, _

. ..

Cal sue manh cua su ]a'm li, it ned va (~,al 'quyet tamcua

ngtrioo dan New En.gJand - nhtmg ngu,mchi quenlam vtec vOi manbdat khe ,c,m"v6i thot 'Uet khac n,ghiet va voo. nhung n5i loan v,e bid chtnh,

. Htnh ann ngU'Oi dan ong trong Livermore dua vao khUO'D mau cua n,gu61 cha: lam U, ehiu kho, ctin,g oOi" xa each, khengnnh cam, ,quy,et aoan~.U giaotiepJ va 1a. o,gtrm do,e tEd trong gia dmh, Hmh anbn,g'u·tti phu ncr trong cau ehtnh 19i hmh anh cua me cau VEt cac cO gaieau g@.P ,& tru1Cmg:: hien diu"thOngmlnh~ dam clang" ttnh cam va gU1U tmh thucmg. Cau cfing blet nlngphv ncr co ve ye:u men va luon dot xu 'tot ViM eau,

,0 tUG] 14,~ cau da nhan ra nm,g thanh oo!ng~ thinh VU'Q11g va danhtteng chi c6llied',en true tiep qua lac ,dong ttl ·OC

C .,~. iU" C H-~- '1lJ!' Y E-,U l1, 'U A. 'I/" ·H····· IU-"'-' I' A. n

'fl, " '.'-. " I, <~-" J; ,~,~,-~ ~ ',_ ',' Ln, 1:\. L~ :... _' '~~

duoc, dH~unay,.".,· thi Lfvermore hoc duoc tir cha minh,

> '. -- ',.,' '_ '~J ',._" --' ,_-_ .• _ , "" •.•• - = ,:.' '-_. __ .. _. ~ L _'." - -- =. '. '- -L '_ - ., • ',p.-' '_ - . J ' -,+;,- .. _'. __ , . ". - "" - _- ""

e

Nhtmg chinh me Livermore dla ehocausd tie!n it Oii ,can thi,et a'e ,d], d:en Boston eho euoc siong m,01. u se tra 1,1 cho ba ngay khl c:Oth,~'. Tra, ncr ,da an sau vao cau va dola ,ai~eu cau beda lam, trong suot CU.Q'c: dot, cho du :phal mat bao nhieuthot rr"A_,

Livermoreden 'Boston nam hon 14 tudt~ 'CU'QC song chi m ··lrVi!b,a~.·t' Id,' ,-a:~u- .• - nh ~'mlg; cau khong 'b:,O;'O·.··.di:~ quen n :h,·j1Frn,g.i bat

Viol, . ,". '.' ... _', ._". =. J ,1~JJ,t,.~ __ .. , '_".," ... _J '. J .V,ll;JI .. _~_" _ . a. .. " ~v ',," .-.J~ •• , J ~ J_._,U,I,I .. ~." ... __

hoc khi corrnhd. Tuy nhten, lu,c nay eau can tap trung vao tuong lat cua mtnh-Cau c,at gfufi hmh anb ve me va chammh 'fJ mot n,g,at,D trong Um va khoa ,chat :n,ga~n ,do lai. Neu mudn thanh e,ong thi Ltvermore lmo,:ng, th,e sao nhang cong,Viec.Hha nang 'don nen tmh camc chta tmh earn thanh n,gan cau co ,clUQICm.Qt each. tunhien. Livermoreco th,eIam vtec ma kh.Ong,' , phu thuoc vaotmh cam, trong C:UOC

,'" '. _:_ _~, '.' ;Ii I. _._ . J ;Ii

song. Cau da chien dau leadm de tach bie't hoan toan _gIoa

(~o,:n,(f.· •.. · viec ktnh doanh euammh vOi ,CUO'C sIOng·c., d.eng.'._i ... tu.Va

I~ I' I"' ,,'-,' '.":,

cau h,BU nhu a,a thanh ,eo,ng.

,0 tU,Qli l4. Livermore ,e,o, mai toe yang hoe" mat xanh, gay manh va th!O,:ng mtnh VOi,DV Cl.ft)1 duyen va ham rang, trang d,eu ... Cauco ]o:n,g tu tin rat ·wn,g. chac,

Livermore xu6ng xe ngl,t,a· a Boston va Id~g n,gocli van phong Paine Webber 'mot l.a1t~ quan sat k,e ra n,gu!m vao, fed buec v a 0;' ben trons .. :J.:,. C6.:.:,u,' ql .. ·u-,o,::.·n·· sat nh1ln'd.~· .. .khach hans .. ·•· .. ·· (le'n

I,.~·.:_,-:t'v,·.-_,. ., I' " .,_.-_. -_'\.:., ,. '_' Y,- "'0"'- ' ~, _ _: --1"-, '~~-.:"" o_"_.:..:_" '--'--'->--- ~'-' -,.~" - J. -- _'." . - ·b'

va ,oj, N'hungthiet b~ nhan dl~n bao gia C!Q phan luon keu tach each va x!o ra :nhung vat bang .g~,aymau tran.,g dw Via

rC· •. ·.· H .. ~ .. PT·,' V·········~· r» 'H';: 'U:i·(~1 G-KH~:I o« N····.I

._~. ',Jj, ~ Ll. l"'ll, .. J1~~~" .. '(1..J

tan, Nhtrng chn be dan bang tln chay len" chay ruong doc theo t(:ai b;an,g xanh co chien, dat bang ea can phong nhu nhung vu rOo.n.g tren san khau, 'HQ danh g)a (~Q' phan nhanh khone kem ng •• ·.uoo. g.-·oi cd phieu ,,," thuons ... ·~.'. la mot

I~' .'_ ,,-_,.~ • J o·~

khaeh h,:3:n.g ngcdaph,o,ng datdangquan sat c,ai bang glay

~keu niem y,et gia llLien tat cho he.

Cac Vi. khach ngoi tren nbang chlec gbe ,d6i dien bue tubng, , hau han quan Bat ,chie'cban,g dai, thinh thoang dUngd.~y,den ben nhung nguoo m'Di gloi, cua ho nhu th,e ho dang ,d~t ,CU'Q'C trong cuoc dua ngua v,y. Livermore quan slat th::jtky tung hanh !dl,)n,g~ tlengrkJe'u laeh each cua nhim,g thie't b!, nhan ,dl~~ bao thong tin ph:ieU"tleng lach each cua phan 'Viet len b,eing V:El, tu~ng:mQt!·.· _01 nor chuyen to, hao hUng. Tat ea nh:fitlg hoat aQ:ngaokhien cau :rat hU'n,g cht, Nb,Qng ng,on no khten cau co rCamgiae n,gap ngUn.,g, cham VEto qua c~,u thu;y tlnh eua thi:et bi,

n han ,,.;It'D'D' ·b~I,6,O-'. '~'~"y" 'CAU~ rvua nrA,n'g" vualanh ·NI'o ... ·. 'g'1.f\n11r01' '·0 h 1"1'

____ :__:._'~_' .. _~ U.:__'r" ,- - I_.,a" '" 'L~:"_," ·,·9·, '; lIr 'lr.l_,_, ~J_'v.,~_~,_) _ _:_~, I~ "iU,i~ _ .,~"JL~ __ -.~I ~ '_,~_.' 1,, __ ::_,.L'UI"'r~ " __ J' l .< .'U·

mot i(!1ua. bOn.g\ tronasudt, dOr dio ng.· .. " .. oai truban co th:e doc

,~~ ,-.~,.,!O ,:-.,1 ,.!'!J ,~

duoc vanmay ·cua no, thi ban se ,O:lau. nhu Croesus, ng'.,;trm.

'!! "'" ",: II!"~ - ",

gi.au nhat theg~oo..Llvermon~·qllan sat.M'Qi ngum dang

giau len tung gjay dua vEto :nhung g): cal btm_g glay v,o cam. kia b .• l.· A11'!i h ·]·ie~.·ni Cau kh ... on db· ,e~·· ·'0' 'g"h:' 1]" ,f"~n> th ·a· e tbat,

.n.!, .. , ._-·",lI[;u .. "-'_~," '"~'~I ":____~~_:"'_'_' ,,,,,",-",:_"-'''''''"'V':..___<--o ':.J'_" __ 'J.t.~_~,r-,,- . .il U'C: I I ·~J'l'_- .·~ U,_-~_JL,.

Can thtch :mui cua can pbt,ong nay, O1~c ,quianhvioo mui thorn cua go,~ phan, gflay vam'uc"ca su phan khichday sinh hrc cua con n,guOO .. , ngum ta pha caphe va an. ngay tren ban .. Cau thteh ,cai tmh tuy nay n,gay tugiayphut buoc chanvaovan phong cua Pame Webber a·Bos·ton..

Livermore ,oa ell qua xa trang trat,

csu CHUYSN 'QU.A K.HO ill .5,1

Cau bao nhu them~;c bO quan ao r'Qn~ thung thtnh. M'e' (~aU de cau con !()o llie mac duoc khi Ion len, Cau thay ngu·Q1 quan Iy,~ ·on~ ta hit mQt.nm that sau va V'OI vao val eau. Ngu:oo (Jiuan [9 nay la mQ,t n,gutri dan ding: trac ngo~i tu tuan, On,g ta nhm Iavermore va nhan ra mQ·t chu be que mila, mQtq'ua hi n,g,o!v'UIn,g :no!ng: then ..

~~C'.··.' .•.. ·· ••• hau muon •. g .... 1 :~ar!y'- cau .. c be?" '~n-,!,g~'~~: nh ,c···lln.··c cau 'h,o~'t

I ,a" J • Jl JL ,Y,U J_"_ .' __ ~J u_ ,';: ,,_ '~" _, __ .\:.J '" v, I >:-'_, IldiJ I I I " ,:1 I , '_'l1li ,'_. _ I j,t.

_.. --

~'·'C':,~,~i<!'· ·,',-u el, ,!t

- - I'

'i~C'O'·. 'O,::![li

"',-,",', '~I <iiI

~iA, ehung ta ,d:ang thie'u 'mot eau 'be v1et bang:. Mo,t ng'lllm, ,d.w,c ta tr'ong'.··. d;oo nlnmg chua xuat hlen" .. Qn,g .. : ... ,. ta,

, • - , '"", '. ,'. '~I '. -, ".' 'II.

- ---

tham do Lfvermore .. "Chau S,c! la dua be ail' chu? Chau se

kho:ng, lam ta that vQng chn?"

'!~Kh!o'ng thua oln,g. Chau se ehn ong thay .. ~'

Ongta mim ,cuM:. '~·fJuqc. Ta ae' tra. ,cOn,g, chc chau, chu be ,~... Chmh ta da bat ,daUl bang each ,ay d.aY1' tuc 'Ia lam motcau be 'viet bang,"

~~V,ang, thuacng." LiveEWJJretra.lQi ..

"~V'ah,ay nhm ta nay, sau 25, nam~bay .giu ta ela laong chunoi day . ElCmgbaogia quen r.ang: ,day la nuoc My!,chu, be a, bat .kY ai eung C!OI the lam bat ell: ·dj.eug~ neu ho qUyletmm.B;ay gi,o~ tat khong th,e dUng day ned ba hoa vial

'~B'U1Q(~.Hay ern c~d ao khoac eua anh traica chau ra chu be, va hay buec leu hanh lang nay."

"Chau kJhon,g ,eonguQt anhnao ca."

"Ta Idrong ban tam chau co h,aykh,ong.Ta chi gh~:tl chau chat thot, nhoc ~,Vi, cai, ao cua chau long, qua, H:ay b'lJ'UICU=D day di, Chumay chua bi gi,'eu b,aogio' a?"

Ngum,quan lyqu.an. sat khi c:~ube Livermore ]¢tchie,c ::10 khoac ra va [eo. thang len hanh lang,.,C,au ngay ]~tp tuc nhatmot vtenphan canhmot trong nhung Call bekhac,

('S-c,'OtlT n 'b,O','C' '.' h 'Q,y' ,.n~a·~ m ·~afy" cat n :a'~ iY", ,!~, ··M,.,··.·'· o ... tth - ,~jI"'II (J~,~ ,~1 ra eho

_' U:J'" '" ILJL, ."<_ ,I _."~~~.-,:, ~<,_:~ __ ,~ ,,I >,-~::< I~ '<'_; .. _.' I; '_'''''_;" '_' ._~_:,,_Ji~iU,~!~ U~· U,U,I._- _- ~I__;<_}~J

caumot ehi1ec ao van phong lam b,ang long len anphaca,

"Nhoc ha:?Anh g~)i tot 1a nhoc? Anh cung chi La mot th ··~··n··Oi nh C' ,A,C' m 'a' th :'O"j,}i u Livermore n IO···~;~

,~_ ,Jed J,e, ", I ,.U, ','. I .. I, ." ,'. ·,,_.',-,cJ, .. "C,!, .w.J!:.~_, •. 'O.;:; __ ,~,.,

"Tao khong phai ~!a nhoc. Tao da. lam cOng vi~c: nay b'on nam r6i.'~' Thangkiamim ,cum.

~~N':ay chu be." n_gutti quan ]y gQl Livermore,

~'GI a?" Livermore tralot, e so rang on,g ta d:a thay 0:0'1, y dmh v'e·;'·.· c on dv·.·ie~\c:,

, ~, i ,JL~, '-'" '. -, >'-'-'.0 .. ,Ai:. c"

"Chanchua he h.oi tat v,e tiie:n cong.~~·

"Vay eon,g se la bao nhleu <J?'~ Livermore tra 1m,.

"Sau ,do, lamot tuan," ng:um, quan ],y tra 1m". "Va chn be, khong 'QU'~C lam nhu the DUEl? phat luon blel tbJ!l':ong

lU'Q1l"g:., E>img lay Mung ,emma ten kia clua cho chan. Co! th1e: ta SH!~ tang len bay ,do, la, 'y ta la, tada cho chau mot ,d,au m,oL 'La ,a',a no] voo chau nutg tadang (~an :m1t),t ,c,~,u be. Chause duoe nhanduoe nhteu hen ehauco the ~amvjec

~i '.. '.. - ?

a the ,gim n,ay.Hay bi:et thurmg IUQ11g.~

~'Vang thua ong."

Nguoo, quan 1y nhaymit v6i cau va tria lai lam v1t;'c"

Livermore 0 Boston C"hUR ,QUOC mra '.al, ·.iib. CAu ,a:aLc'o malt

" ,e,~ '!" ,~

cOlngviec vamQt bal hoc mien ph! v,e thllorJ!g luqn,g" v:a cau d,a, Iq .•• ·~luy,.,·ietalnb ttrmua cho mmh mot, eai ao vua vin.

" ~ -> !I! "!' . ... "I;

" "kho,ng m,UIOn hi che gteu vec8,cb an m~c cuamlnh.

Livermore ,eta tnttm chommh 'mot can, p hO,ng •. · •.. ··', • co b,an'.O'.· ••• '·t

• it; ~, - . ':, ~!

gan eac van ph.o,ng: Paine Webbier", H,ang ngay e~u thnc d~y rci,t BOm, va luon Ia ngum ,dtt\u tlen 'J van pho,ng" thin 'pbil ch,fl :ng,u01 qUianny t.01, (I'e rna (!ua van pho,n,g~ Cau yell thich tat ,ea mQi thir trnD,g cong . euammh. Lam "e cau bevtet bang eung gi:Ong,nbll' ,ail hQC ,d~ihQ'c ve· . trutm,g chfulgkhoan. Livermore kham pha Vie bimat cua van phong, Bandan thi chu mil qt nhun,g.m,ol n,ga.y qua dl~chube lal lebam pha them (]uoe (lieu moo la va

•• '" . I~ .,

h:tt~u ra rang neumotngay nao ,do cO th~ pha d'UQc mat

ma vi. phat trien mot. he' thongmua ban thlcau se tra nen glau .(;0'.

Livermore a,a tiep.· can vm mot thu: cuoc n,oi chuy-/,en ella

I it; iii l!! "" iii

nhrmg ngum m.o:i gjQi" eua khach hang v'oo nb'Leu thu thuat va to khach hang ch01. v01 nh.itng phteuch,ao hiring: ,duqc dan, IDen bang th,ong tin vao mo,i bud'i sang,,, Cauhoc duqc nhcmg ly thuyet sang tao vegtao dich mua ban V80

54 I CH.8T VID en UNO .~.HOAN

thmgian nhan rOI:t trong glo nghi va vao bna trua, Van phong duoc dung vao mot vtec, GO la kj,em tien tu hoat ,d'Q,ng cua till trulOng chung khoan. Mct ngrnJi b day la mQ,t ngUm chol. Livermore vanhung ,aua tre khac la mot. phan ella. cuec chot ay.Chungdl len (1] xu'ong doe theo hanh lang, vH~t nhung gia() dtch thuc len bang ..

Lam vtec vm barl~ s,e tIu thanh mot trong nhung .. ,., .•. · chia

'I! 0 "!' ',-,j :',j

- ..

khoa cho St,l' thanh ,c6ng etta Livermore sau nay. Cau

nhanh chong nhan ra n3.ng :nhOn,g gl,ma nhung n,gutd. mot giro, nhfm.g khach hanghay bao chi not la khOn.g dang tin

, c~y,~ full duy nhat quan trong la nhnng .g1 viet tren ba~g giay. Cau eungquan sat th,ay nhfing gm vh!t tren bang y nat: hiem khidunz .. '.:.'·.' vm aieu du doancua nhung .. ··· ng.·"·.· ulJimo'l

~I 'II - ---,;',' ',,-",'

. . .

gi61 bay cua khach hang. 'Cal bang. gHly co cuoc ,gOngdeng

cua ne, va ,elo, la ICU[O'C son,g quan trllng nhat, Phan quyet cua no :m:01, hi cuoi cung,

Livermore thich nhtmg hoat dong that su chi mang tmh chat chan tay tile 18. Vliet eac yet gta len bang vi cau co mot trl nho hlnh anh khi no, chuyen thanh s!o..Tri nho ve cac con s,6 eua cau 1a hoan hao - Ueng he cac yet gia. tn tht,el lbi nhan ,ai~n bao bikhO,ng dil nhanhd,6i vOi Livermore. Cau chua bao g •.. '.itt tut lat sau trong vie,e vit~l

,. ",-,'.' '. ,,'_>, .,

nhfin.g yetgia cho du chung [den nhanh nhu the nao

chang DUa,. Chung vut nen trong nao cau giong: nhu .cUI. 'h' . .... t th ~ . tJt .it, A' . . .

c aat tnann uong,

c··· .. ",.:, "":"c' thl Live: " hat 1J;..,,:,~-. ·····'l·-"e-·--·, ,"'''' hinh

' . U():L cung t .,m ' l'ennore p '. a.il JUlIen ra nmmg mo r '1:0,.'

laplai the: hien TO ,fy' nhung [con s,6. f)'en oem,! khl eon mot, mtnh trongphong, cau viet ra nhtmg con s6 rna eaucon

h·'.. d········· "C" . n. .' '~'. ..... b ;ii;t' d··il;···· . 'he, '1'" ". htrm '. .... . .. .,.' ... ,

n • fJ :"IUQ,C,."qLU cung bat oau g, !~1 _i~J n., lung con. so vao

CAlI CHUYF;N gUAKHO' I 55

nhat .ky' va ca nhtmg mo hmh con sO l~.p bJI chacchan cbl ph at smh Cau con n c han th ·a·~·y···· ra····~·ng" cac con so c·'··h·u-·-·y·'·-·e,i!'D'

,; .... "L"_.'", _I:, o,_,~, '; 1,- 1;_"_"" , ... _'.~l ',~'!_ •• , ',:,;V~_,-" - ~_·>:_IJi"I!.:,.'<:,,___,~ 1.> __ ~ :_ ~".:: _~ '_';_~_:::..___ ___:I~.·I~ ~l~::.:..._· ,~_, __ I,,: ,'__ IOyl _'_:, JI .'_: __ ,I="~,:' I., ., _' __

dong vOl. ,quy tacson,g, nhat quan, thu?,~ ]8. ,c!o xu hU'Cmg 1.~p Iai nhlp nhang Kht ,g~,a cilia mot ,cO, phan brat oau tang 'len hoac .. ~. m,xuon,g.,.thi xu huon.g ay se van ton tat eho

oenkb::i ICO! met ap luc nao ,aO lam. cho n6 bH~~n do] Li .UO. JC

I"~ i ~ ,.

lai, Ba.u m.ni cua hoat ,d(ln,g nay tbuffilg la batng:u'on tu nhimg mo hmh so ..

Cau n.g;hl: '~cii phan ho,~t QQD.g, phil hop vrn. nhtmg quy Iu:a.t vat 1:9. Mot vat th!e hoat d'Q luon co xu hutlng hoat ,d:Qngay cho denkht CiD mQt ID~c bo~c mot tro ngai nao ,do him no, dung Iaihay bi tbay o,of;. Cau giu nhflng

g·hc·l'i chep v·-'·e·~ c·'o··:t p h an- c····~:·n·· th i!)n v····'~ cau 1c.1I p ··h· ··Q,t' h nen ra "r:··~n···~ g .. ' ..

. , - !~lJL,i, __ ~/ .. ; .,',.',_,-' ,_, __ ';.i~,_ .!:~'.i,~_,, __ ,U, , '.,~-~L~,I', i~,._!~~'~,;1 ".-·:a ~!~_~_~, .i~_1 .'_: .. ,:___~"._"_ L~l_-,,,,",~~~J ~," ~«~~:~~-'.'~

,Co nhim,g: mo htnh trong rno hmh, tham cht xuat hiien

h-··· ~·htlhl~·h

fl __ 1111g m.o ~~In_'i: !'Oll..ml ..

Livermore btmat g1u euon nhatky vi.k1hOn.g ban luan vm ai v,e [l'brmg quan sat cua mlnh, C~.u 00 ban nnh ktn

.dao ... Cau rat tl,f tln ve'kha n.a:ng: loan hoc eua mmh, tham chi m'oo U tu,Oi 14 .. Ben canhdorcau qua bl~n[iO,n tmng vtec vie't nhnng con so va. quan sat hoat dQ!ng cua th~! truiCmg tren b!ang ,d~ chu y vao b[·~u dO. trong suot tb:m. gianmua ban.

B,mYI Livermore lamvlee v,m bang ~. Uing nghe nhnng yet gia idUQlc dua ra, nhung g]fi bl xoa di.1vID·et nhung con siomm. hang tram ·Ien. mQtng,a,y,. hang nghm bIn t tuan .~ nen cau hoe dUQ'C each chi quan tam den su thay aO']'ile: gl.a, ca chu khong quan tam. (j'en nguyen nhan eua 8'11 thay d6~. d .. ay;. 'C.$ukbOng· ]an,g phi phut nan ,de 00 g,ang hop ly hea hoat ,a'Ong cna ,eO phan.C;6· hang tri~uMy do vt sao g~.a

sa I CH'ET vi CHUN'G KHOAN

lai thay ,d,otNhrmg'; ]Y,- do se xuat hten sau do, sau sir that,

'fJ ,.' ,", ,'., " ,.. ;t;

Nhungden kht ngum ta hi'~u ra D"h1lngiy do nay thl St;r

thay aO] se tnJ thanh mot str kien eua quakhu valuc ay <la, la 'qua, muon Id,e kiem ':0,.

'Q'uyen, 56 :nh.o eua Livermore dUQcviet, can than va cue ky chinh xac, ,0 tuoi 15" eau bat dtiu ttmkiem nhungmo htnh lap lat, kham pha mot he thon,g" 06 ng tim ra nhong quyluat hoat dong cua toan hoc t~ nluentrongtht tluOng.,.

Livermore cung thay rangda so :ngU'Oi choi trong van phong ,d,eu thua 10 .. , Nhung ng:um nay co vi! nhu dang, hanh deng lrn,ong co m1J:C dtch, Ho khong 00 'ke hoach, kho,ng co' each tiep C$;D thi tru6ngmOt each nhat quan va hop 1y., HQ chi dangdanh bac, gion,g nhu ,eli tren :mQt cion du,ang man, chi choi bang hnh cam .. Co ng ho choi theo sa thich, ngay hom sau choi then BUY doan vien vO,ng hoac dung cac leri mach mroc: hoac ho se mua mot phieu chao hang va chot thea ggl yeua ngtroomach mroc - mot hanh (tong choichung khoan tuyti:en.,

Nhang ngay nay la nhung ngaygay ra nhieu ktch thteh VOl LtvermorevCau yeu thich tltng~,ay phutcua mmh tr ' ' .", ...... ' .. th' trmm ", .' .. ~."" ... • •..•• ki-"' . d.' ......•• tl;: ..' d' _:, . .< trongeacu l:'·."c:,-g,. va eau P xiem cuoc uen Vl oieu ay.

Sau sau thang lien tuc lam vtee nhu vay', <cuDi cung •. ·.··.

~ .' , ... 'I! !ti -,.' • ',' '.

'Livermore da ght lai hang loat nhung ea C11qlC trong cudn

so. nho cua cau va cau Iuon theo dOl ehung, cau van thieu mot phan rat quan trong cua phuong trmh V3CaU biet dieu sy.. Cauda rnua co phan dAu. tien. Cau hU~u rang neu ca. u khOng .....• thuc su mua mot cd phan thi se khong· ..•. -.-.

" ~ 1 " : - " ! ~. ~,- " - - - - - - -, . ",

bao gi~~]et each diieu khien duqc ban than mtnh nhu the

CAu ,C··.····H·immVp."~l 'Q:·r-U! ~!A· K·:H···;·U{ :~ 5··,7,'

_ . '-_ ".' __ ' __ IU' I ~ W'''t .. -.' . J I • '" ',.' ~ '" I

~ . _- _' --

nao, G:i.o:ng nhu m,Q:t con bac rna chua baogi.O (l~t euoctht s,e chi, co' ned suong va BUY doan cho ,{$e'nkh'l anh ta chiu qua.ng t~en .ra. 'Ca"U, kieu khtmot nguood,Btu 'co da d~t ,eu(jC tbl moi thu ,S,e thay ,oot. Chi khlde ngtrm di,ciu C'O! moo buoe vao motm,o tmh cam nong bong. Livermore bfu'et rang cau seluon kie~m Boat ,oUQC trt tue etta mmh va 0'0, la mo,t. tn tue ],on. fJi.eu cau kh,onO.·.)i bh~l chtnh ttl ueu cau co

.."" iF. ~ .' '.

kj:em soatduoc tmh cam, cuammh hay khong.

Webber va , ~. bil~'£ chfnh 'linn earn ,eua cau se etru hay b'uy d:1~t eau - ,dI~:c 'b,u;t hi, vut m.fing v,a 1:0 SQ', hat cam giac rna q_ uy·.~···· eua thi tnrona, Hoa, c la, ban kiem soat ehunghoae

,',1'- ;t 0' , iii ,'_,. .•

lase b~ chung kjem BOat.

Ela. 'o,en luc Ltvermore mua met cd phan, nhung cau

iii: ,.::~,,-,_ ,:':' ,-,:,~,,,_,, .. ",.'_,~., __ -I_.~:_,'''' _,_-, ',' ,,'.~' --.',-I.,,~ ,: ," ',_' ',_~"~' __ .',-'_,_'. __ ,,.,, __ ,2_.,,-,_,,:~:,,, "_-:.""~

co rat l't tien, V$Y thl, cau eo themua mot co phan ,gUt

r'e 'Uaall?

Livermore sau nay lay vo va ()02 ngum con trai [.a Jessie Jr va Paul, On,g da 'ke ~j cho chnng nhteulan ve noi rna

-=- •

'9:0:g CIa ttm duoc n'hfnlg CO phfueu, re.:: cac van phong ca

cuqc nb:o dua vao gta ICO phanhien thot,

;tlng vua .k~m Ue'n da .glliG am. :Qua ,f]6ng Ujt~an c~dn I[f-o~g tri ndo, o!n:g' ,co· the nghe mp!£ g~9n(j ,me·f .moll ,uent:", ,nhdc l4i cdu ho~t: ~'Ai ad ~am vitc dOl" ,()ng R'o,ths(eln?'~' gtQng no,l, nay bOli mp,t each ,~,addng va may' moc;"'A,foo :ban ong?".Nhtmg Rothst:etn. .kM'ng: tfa lm, .. Phdn URg' d'u,~ nhdl eua. ,0119 ,lao ,t:;u ,[,i):

5B I C.HtT VI CHONG K.HlOAN

quay mgJ vaotudng vd.ldm bdm: HNeu tQit" s,ongt tOl se nham

tlll'li .. ~.", n,n.·. """ " S·· ·."ft. -" 'I.' '. '.f· d· .~n ... '.'.·. 'no '. ~. 'C' .. ;; ~.-.' mi'. '.' m -, 'n.':" :1 .. ' 'v'a~.·' n. ',",':". '.1' ',n '.'.' A. '. ,~.c, .. ", '~"., ~t

jUI~, l~i~V. ~---""U ,~'~~i _. i~·[t"~"": ,~~;~l I~"<'.~ '~:""' [tllO'kL~

.. William KliU.g.,.;.,aman

- __ - .. , , , ". ',' " . ' .. ,.... ~'

1~ 9i,29,~' ,Num Bat ,P'hd, S'un ~,

-- - - - -- - - - i'!" • • - -

Arnord Rcthstem.xluoc the g~m n,g'Am biet ae:n nhu lift mot ~~bO' n,aoukiem tientlnen tatBandau, ong ta la mot cion. bac, nhung sau hang ]oa't nhung thanh cong Ion o::ng ta tra thanh D,ng vua cua th:egi6i ngam .. O'ng ta hi bUQc rat nhieu to],. trong so d.ll co vi~,c danxep mQ,t loat 'V\l cua the gioo '!~Tat Den" nam 1919'. Gia san. cna ,(j!ng ta r,at len, Nhimg voibach tuoe tai chmh ella Olng ta vurm aen t~ tung ng'o ngach cua nuoc .My truy lac,

Hau bel nhung van phon,g ca C'm}C: trong cac thanh plh6 IOn eua nuoc My la mot phan trong s'o rat nhleu co phan cua Rothstein. Van phongdo tre _. giong nhu van p,h'{)n~ euamot ngu,Oj mot gim. No, comot phong trung baY' cho khach h,an_g, mot b,a>_ phan ,d~gbi 19-i nhung yet gl8t,CO phan, vamot thiel b~ nhan ,cU.f:nbao 'th:Oingtin ,cO'phan.

lu .• I~;ni· hoatdong 'vA ra nhtm .g' '071,:90-' dteh han I:g,~c·n".g·.i,·a~iy'-; dua ·'-V,tl),.QC"

,1",_.-U,,,- ,,-,-,~t)l uy IIJ:,'_: ;/.\;"V "." ',"" ,II ':'_, I~Q,-,_· ·<--'f,,",,.,,1 , __ , __ ~_,,_"_,,_, __ ,; J !'~_':_':_'.' ' .. _ YJD, ,,"",~,

d'Ct U1eu hh;~n thotvNhung no giang' m.Qt van phong chuyen ca euoc dua ngua hon la met van. phon.g cua nglJ:O'] m:(J:i gIro thuc suo 'a van phong ca cuoe, ngu100 giao dich ()Qi the thao tung:.·.· thi truQn,d.· Vim, lOoXQbi,en 10'1. NO'I mot each khae, ..

~ - -., - --,~, ~I '.. .~

nguoo giiao dich chi can (~:O 10°10. giaeua. ciO'phan rna ho

muon mua, Cac quy tac that don g_ilan: Yet g~a 10%i va danb cuoc 'bang;c.ach mua motcd ~an .. mot cad lli.e vOi .s6

'" :-:',' .... I • .,

muLl. Sf :duQ'c tn rae ngay l~,ptu,c va dua cho ngum. mua,

Cat th'e n,ay se chi ra th,m g:ian~. ,gma mua ,eophan cung vm

56 luqn,g, cd phan duocmua, N,gummu,a se quan sal cae yet g~,a,. Va ngay khi o6phan n.ay xu'on,g, gi,alOq(ogia tri tht cua hang segler co phan nay va nhanh chong full! l~ so tien,. NguQc l~t neugia ,clo, phan tang, len va nguoooau co th.a,ng thi ho se d:en ,eho, nhan vien thtr ky'~, ngulO1 danh dau gl.a eua gi.9JO dich hincu6:icung: tren ·t_hiet b~ ,clU:n bao nhan thong tm eo phanban,g but chi vao the. Sau do ngt1:61 dau caai ,o'enberru cu,a so buong (hang :may de' thu lien" flo, la cuoc chot cua g,akbc), kb/a, nang co,ng ty tbang la '95°Xo chomid Ian giao dieh,

EUeu quan trong nhat cho vanphong na.y boat ,dong la .

t·, ,,;: ;:t, ,;]' :! h ~ kh ~ b . "'~ At,· ~ ,.,

len ne mua co pnanknong . aosio uuocsur tor san ,d.'i •• tao

I ,~~,~ [ ,~

d~,ch chung khoan, !E)o, chi don gtan la V,M phong ,dg:t

truOC;, van phong se to chec ca .cUOIC g.·.··;.i~on:cr nhu mot ng.·.· ..... lf!Oi.

. .-~" 'I' ;' '.' ,e! ... 1,-1

lam cong nhan tien cuee trong cac vudua ngua.N6 heat

dong nhanh vamanh me.N,gu01 giao dich co th.emua it nhat nam co phan hoac nhieu nha>l so co'phanma van phong co the eung cap! ... tt1 ghi.hang nghm do 1(1,.

Bel vt Livermore kh,o,o,g co von, khot clo ti.e,o d~t cuoc nen tat yeu la cau se buee vao nhrm.g van phong ca CU~QC nay ·~mo .• ·tthe g.·.im do cac o:ng· .•• r trum to.l pham m soat,

; _ .. . ':_ ~- . ',': _ 1 '" "'~ '"

.Bay gbJ chi con Ii van de kht 0.80 v,a, nhu the' nao.

Va,o nam 18.9'2, khi Livermore Jf tuoi~ mot n,gum ban eua anh la Billy _, motcau be khac trong :d,0'1 viet bang ...,

:_ , l~;t; ; _ -', ,~. " _

U'ep can can: "Jesse, cau co! tien khong?".

·vcr ,dang an trua",

Ul)img ban tamve bua trua, Cau eo 'U'f;n khong7'u. "'Vi sao?".

_ ,_.-'_ " - r.,,~ __ -:--_, r,--,:- "-:,,, '-i'~,-" , __ ' ",' I ,~, ,~..;, I

eo I CH.~T VI CH UNO KH.OA.N

'fIT" >'" mot 'li ' •. " • h :A. ~ .. ty. Sec ·t· I T' '" }!;

-_0 00 mo .-J[01.maC!. mroe vie: OOi.ng I~ •.. ·•·.·· :leeL.u can

ngu!M ol cung,"

"Cau s-·""' choi nhu th '.~ ·-n···.Q.FiJ b6, ·B---=~ny ..... n'!~ Livermore 1I4.A~

, .... au :~Ie ..•. liI'Ii.;d iLI__I_L1;,;; .~ .QUI' i;i:;;:l_ -1!L11, (_l,~\_, in, .'.:_0"][" ...... u!ulL.

- 'I' .

'70 Ican Dam do, la, Tamu!on. mua nam ()o phan cua leolng ty U.,S, Steel, Ngu6i ta dang ban no, Vim g~a mum. ,010 lao ~~

"Cho mot lat" ... Livermore tho tay VaG trong tnt va lay ra t~.:p,~y viet.

EUUy hot: "Tap viet do ,d~Iam. gI?" ..

'TO' d.a:n,g,a la 56 tiro vi cua mmh cho ng;ay hom nay" Livermore tra lei. C;(3.U idem tra U . ch su nhtms SHJ:Ueu. ".m .. _.'.:i'BO

;t; I~' '~~ b.&

-- .

diet); cua OOlfl,Oi H.l U.S S,tee] trong tap •.. ··.· . Vi.,et cuammh,

Iii ~, ~J ":." '~I, I

NhOng eon sia bien oQ1ng, e:ung: mgt mo, hmh nhu chnng

thueng bien !d'(Jn,g truoe kht 00, phanlen gbi .. !C·tJu hat I,Oln,g fang dola m'ot: co' h!Qlm tot: "Duoc roj".

Call glao tten choban, Hal 'n"g.ay sau IUOI caumimcuot sung sutmg ·kh.i hOi tui phan tha:ng eua mtnh ~ hon ba do, 1,2l UU rong. Ltvenroreda tham gllEl vao euoc (~ho1.Cu6i cung th] eaudatrothanh 11gU:OO. eho1 thuc su.

Ltvermore bAt dau 'tlJ (~,encac van phongca 'CUIQ'C va luon 1 uon dung: tap g:i,t:1.y gh.i. cua mmh de 'kiern tra.gia chmh xac eac yet gia, eua. c6phanma cau then ,(judi va trm ra cacmo hinh. Cau da phat trjen mot hie th,Ol1g: va barn chatvao no, Cau chot '!Gil, bam mat cua thl truong,

cAu CHUY€N gUA RHO 6 ~

mua ,eo,phan neu cac eon. so cua cau mach bao cau nhu v:ay.!. hoac la ban kh6ng, ,e,o, phan neu eae eon. .s,o cua cau chi ve phra thap hOD,., Elt,e:u ay ch~ngeoi gl xa Ia g:i v,ooca"u.

Chang bao Iau Livermore da.kb:!m ,ou9'C nhleu tH!n tu eac van phiQ'O.g ca cuoe hon l.a tu ,con,g vtec c~u ,dang lam .. Vi v~y,.c~u bo vi~c va ehmh thec tham tb~ truong trong cac van phong ca euqc tat Boston.Krn chua den ),6 tu6tc~u ,da C·Q horn. l.,OOOoo la ti:t~nmJ~t. Cau quay 1;;,11

th •. " ,~m';i' nha "".e·' cau .·.1i:,n 11 'il suons kh '''''in, vii,e"",t" 'k-hc,~ c on tral ba t ·r···~

, I ,a, I ,- '- ,I.".'~J,J" .. i' .£',",~,.. ~., ., I 'v iy,,~; h:I!', ... " - , 'It:) ,', v' " , '~i' _ '.. ..' i I JI,. ',_ \,J\il"i,I; ",', Q,I; ::_ ,1U . _ ~~, VJ

ve:;, con ella cau thi chi Uic aau thtch thu.Bang cach nao rna m<)t cau be 16, tu,oli, cO hopphap trong tay hon 1.000 lh)1 la tienma,t?

LIvermore da dua rnot mra o'en th~n.g cua minh eho cha me va tra U,en mecau, Tr-o lai Boston v6il s6 v.on hon

- •• _ •• - ;0; • - - - • -_. - -_ ."" -"J.Ij;' - • - -_ -- - -.,---_ - -_ - - - - - - - - -_ - - - -- _.

7S0 dola vattep tuc vm. eOiog· ... ·· vieie rna ca.. U Sie lamcadoi.

_:. .", :' : I :t; - ~

Cau lam viec met mlnh.kho,n,g' ban g·.'lO'chosl'i bU!t Call

.. I. m' II' .'_." , Pi!

. .

(tang lam ~ .. ~ khong baog~,a noi cho ban bit!1,kh,o,ng bao

., ~ t'· ~ C····· ... h Jt t ~ ~, h '.. ".;:I' ..!'

gUJ vaynen, ···.'au C~I., uyen tu van. p .. ong ea 'Cl.lQ1C; nay nen

van phong eae cuockhacde khonggay SY' chu ,r. Chien thu~l hanh ,d'9Ing, m'Qt mmh n.ay ,o,a cotac dv,n,g: tot VOl ,c~:u va no phil b,9P V01 ca ttnh eua cau, C*U Sf lam nhu v~y (':8 dm - mua mot mmh va bl1 mat, banmotmmh va btmat.

" .• ' I ' . . •.. , '" -, ,-_.,!!, •. . I l .L J L _ • J '. . I __ .' I I" '_ '!! ' ., . __ .. '. __ : I' ,IL J _:~ .' I" _ _ L •• '_". _., • • • I.. _'~I _. __ ,

khong ehobat ky·w biet. ~'

~N)~·~~m'··c tlnch thu C.··'1111o"·a··· cau bat ·n(·g'·u'·.~··if.·'n···· "t~·u·"'·· su .. y·, n ···14u"·n,g·,·; ~

" :,iI,t;"'I' 1,1" ,:1-._,11.,1, I" _I, ,-.·!~-lL,.,~,· ~'I~' ,,- lU' .. "" ",L,_: __ ,.I."I_V', J ,',..1 0 .~.l_~: .. · ,',' ".J" UJ.I._~ .. ~~[:-=-:_' -

dung bQi de cua 1111nh ,(I,e !chi'enth,ang ,ch(r~ong dung chan taY'i.kho,ng dua vao cacmoi quan hie. khong dua vao kha nang thuyet phuc cua mtnh, rna chi dung quyen nang cua b'OI oc mmhman de Urn radieu ma khongphat

62 I CH~T vi CHUNG KHOAN

nhteu nguOi co the tim ra: cach ktem tle:n til: thi truong chung khoan, Nlem hao hung bat ngu6n to: nhnng bin chien th.ang - khong phat la tle:u, du tien cung rat hap dan" Tien chi den kill danh gi.a. cua cau 181 dung,

Chinh fJ em tu6t tre nay rna Livermore 06 duoc biet danh la "Cau be lieu llnh", bl~t danh nay Ia do nhm cau qua tre va co nhung khoanca CUQ'C ratkm b cae cUa hang.

Cuug gt6ng, nlnrcon bac luon chien than,g se b~ earn cua khoi mot song bac, Livermore euot cung cungb] cam ella khat cac van phong cit cuoc a Boston sau khi d.a ttch luy dUQ1e nhieu tu nhnng Ian. th,ang euoc, Tat ca. nhung ngum chu van phong ca ClIQ'C tren Oleu bjjet "Cau be lieu lin ih" I' ~ .a.i V· za cau t a tron 'g. -. th :,~ na '0-' ·C<5.u· da ,C" ·o~· .gfa.<; n .. g.' .. d···.A1· t .. en :

,Jt,.-", ,eA.'., ',.,'" "~" - .,"",', "'-"-"';~" - -~ ,,'_.,_."_'!II' • __ ,,~ .•• -:_,.,-_ • .'_._. ',_, •• :':_--<i'_-"I,~_" "_v', _, .. ".>'_

va tbaydoi ca each an. mac nlnmg he van nhanh chong nhan ra eau v6'i cac thu thuat ay··.·.·.. Livermore lai thu mot

'" '" ., -_' I. I'

chien thuatmot: chiu Hen gill: thua va sau ,do thang Ion

khi ket thuc cuoc choi, Chien thuat nay chl co hieu qua trong mot fum gian ngan, va ke't cue luon la C:;;tU bidu.6li ra n.g· •. oat va hi de doa P.·.-. hal kteman & not khac .

• •. '-. !I; ....

Livermore aa gi:et cac van phong ca cuoe d6.E>a.u tlen he nghi eau chi 1a mot cau be tht lam sao rna eau biel d:uqc? Nhung ngay sau donhang ng:u1oo qu,aniy van phong nay bH~l,duQ'c chmh xac nhfing gi cau Ida. btet ng.ay c.a cac hQp tten cua ho .. Ong chu t6i cao trong h.au h.et cac V\1. nay la Arnold Rothstein vBOng ta luon theo sat cac

cong vtec kmh doanh cua mm .. h - Nih;cil-~g", n .,:g "?m···· 'q····u· .·an"', I··y·"

'" -. "._":! _ .I"-:E _' I I I' '''"J . __ J-' _. __ Jj,~L__ ',,' -.J. __ ", • .1, " I '~J I ,._'" ,'Y.cII,i,:,., __ '_ ",:_<U,.,~", ''', I: >~'<.:L'_'. '~':

cong co nhnng mleng an rieng cua ho can phat canh chung, Livermore t hten bt earn. cua cr cac van phong ea

I""UO' ·c· J:w, Boston d 'I a'" m an g' cac It" th uy,,,,t h e'" t"h-';{n"g' va ca c

~ _C'.: ,v::li!;,'I1", i "r ,all".'!' j ii, I_:';"!:,,. .~- tr I\i ,i,,~:,~,1 I:'cc:

quy tac mua CO phan cua minh len thanh ph6 len New York V'oo hy V'Q,ng chot t~i cac van 'pbo"ng ca cuoc 0' Iday .. Th~'t khongmay lebo Livermore, thit:rlltmg ch'tingkhoBtn New 'York va canh sat ,da hoan toan d'o-ng: cu,a cac van phongtd chuc ca 'CUQC ,[J New York. Vt v.~y, Ltvermore se h;l'i, phaittm m'ot manh ,a,al khac ,die d~,n,g, VQ,.

iC*U tmh toan rang vat, C:8t,C quy tae .ay, he tho:ngay se van ap dung duoc trong cac trung tam :m01 ,giOi [_IOn" Cau qUia, Iquylet nhtmg ly' thuyet cua mmh se v:an ,dthlg:VUng,.

Livermore da nham,

C- au ,,A'e,J""n' Mia' nh 'a' tta n "v··m:"··' '-2"; 5::0' O ··dcl'" j'" 'S·······-!' ·ti-,·,4'n·'.;t,,!,W'V,c-· 'C""'1''fU''fIL''''

' .. U,-:-,. I' ,'. , " I.' .II.:' ", ,.'.:, ,~., ..... ,.,.'.,' '-.0 ,.a,. ~·o " '~"" 'Uu'U"'.; '··:uv(;.

- ~- - - -- - --- - . - .. -_. . .. , __ - -_" -- - _. --- - - - - - ,iii _ ,- _ ••

a cac van phong ca. ,cuQlca Boston t6,ng rCQI:ng d,e. han 10.0'00 do, la nhung cauda g,~p pb,ru, nhieu thayd6i truce kh.irOi Boston den New York. Nhung thay dO;i nay lam Ltvermore p' h .. ,'l'·a,O··.· ]lo.·n····g·······~·v::a"ll.n the cau phan ,~H'C·· h nh ··.··un~··I'g.'.·' gi;i .Aa""

.. __ ~ __ .. ,~.',' :_<, 1,.;..-, II. I '~, '" .,,' ~:'_-. '-'" '., '¥.I, '. ":"~ '::_:"~._: _::_" :!!'~ .:_, .... _ ... u.~ :1l".,I .. ~ ...., , ', __ :_" i,:- 1 .~~~.:,.1 'UI-

x,ay.·· ra, Cau khon g= bao g .... no d'j'O~i110~'1'· eho •• · thi truon .-,-",;-, g.'.' That p h Ii

~_. __ ,I.!. 'I! .. aJ, "--,, ,. "," _', _. -~ , ,I"", '~_'., ,I, _' .,'" .,Jlil.l, ,', ,._, ' ,'II', . J.. "

I' !I! '. _", ",_: !Ii, , '! ,~.

logic khi lai di tnc g01i,an VOl mot vat th,e bat ,d,Ong~i. nhu la

~ '!' :,.'!'! Ii 'iI ii' !.-'.

COIn. bac phat ,aien len tal ban danh bac VIOO, nhnngcon b,td ..

C~ulu'On muon hoc hcd ttl, nhung 16i lam cua minh va kile;:m, Un tu :nhcmg: l01, lam ay. Cha.ng'cici ,gl 'phai tranh Iuan ViOO, cai bang giiBY ca.,. Cai bang ,glay ;ay luon dung, chmh nhtmg ng,uM chot moo sai. Livermore dl,~m l~ nh:ung,g,tao

:,';

/'. dtch khongtot cuamtnh va nhang ket luan rut ra la rat

:\.

,~;: r'o rang.

~:' K!et lUBtD ,d,au tien cua Livermore la eau d,a thang kht

~:. • II '

" mQ'I nhan to deu ung hI) cau, kht e$u kten tri va dQi den

" ,

kht mol thir da vao quy luat cua no. f)ieu nay dan cau

'I! '. :. • ...,

"S' ·4'" ~ 'C-, :H' •.. ~ T···· V',' :[;: ,C·.:H-'i Un: N"- ,0." ·i¥'·H:··. ,.0 •• •·• A." 'N·

":'. II-_ .. "_,,I_,~ ,_" ,'", " ,,- __ ". '_ ,~'~, ,'," •.

denket luan tlnr hal, rang khong ngu!Ol nao 0101 theg1ao dich boa .. :' c nen g' .. ·.Jao dich lien tuco cungmot tht trucrng.· •.• · •. ··•. Co

-., - - - ~ " .' r. ~ , ' _ ,~.! , I

nhieu kht ngurn gtao dich nen rut nen ra khot th] truong

d~:cho doi.

Nhieunam sau, ban cau Hi Bernard Baruchda kh~"ng dtn h 'k,eit·· lu an xu a ...... t ·hi'e .. n .... ·· tu Iau na Y" r. B. Baru rch th !'il1:'~g"'" not ~

.c!,."",'J'. L_'_ :-,',- ~~<_'<'~"i _ · .. ~.,_·_.·'~I _,_,,1,"._: __ ' __ , __ ,Y.,' .. _,.,. "'·_'_,. __ 'i'~1 ,_,,, ... ,, .. , ... !!l,..,_I,, ., __ , •. _!.'UV!.,Ij,'''',''_'·~,:. LJ ,,_"_"'\lil

~'J.L~ tOt ngni eta den luc ,oli. san ga ,go trangnj,fj" Sau ,d,a! Baruch (l81 ban tat cadat oaf cua mlnh va chuyen den Hobcaw Barony lirn.g danh s= mot dondien rong 17.000 mauA.nh- iJ mien NamCaroltna, Nhun,g bat cat bt~n VEt nhnng khu dam lay muoi man' cua d,an (nen nay del ban tang .. ; mot :n01 san vit tuy.et nhat nuoc My'~- va not day··~,.·

~, , : __ . ., ." ,_"_.;t. : ,. ' • ..:.

khong co dten thoai,

Lrvermore, luc nay 20 tuOi~ a New York. v01 mot it ti.en mat trong tui nhung khong tiep can duoc mot van phong ca ClfQ'C nao.Vt the anh buoc vao Bang Lon .. Sb gtao dtch chung khoan New York.Anh quyet alnh lam vieccho cac van phong cuaE.F,. Hutton. Mql ngu:oo 0' van phnng cua Hutton rat thtch anh, va danh tien,g (, CELc van phong ca eucre cua anh da tao dteu kien thuan led cho anh. ,0 Ph6'

of! ..!~. ;Ii

WaUdang trong nay, btet danh cua anh duq'c chuyen tu "Cau be U~U Unh~~ thanh "Cau be ,dau cut.". 'V01 s6 ti,en oat

i' - ,. - - - - ;t,

CQC rat nho, anh hal] nhukhong the trong dOl tro thanh

mot k .. J., A·a·~··.u:.': ,CIA) g,iiu~·.·a: jT'1I.L.·"~""""i'g: ·n·g"'U:'·M choi Ion.

'~.' .. '~"',.:'~ _, __ ,,",, U.><, ">U; _,:<~.-,-,- - .I"I,IJl,u . .llJl."_",_,, '_._":,,_<._ }iJ\1L ·._~"_"_V'J,:. V.1,I.

flau tien Ltvermore lam tot va d'a ktem duoc nhieu

- - - - - ..

kboan hoa hong cho nhnng nha mot gi,()i. nhung C'uot cung

. h b",,' '~"-I":::' ·rJ ta Anh phai lam vtec ·6"'- th an ·g'd···.2c··,· i ·':::;::·_"j"',O'"

an. '. ,). ILran,o, '. .y.. I ."cu. '. .. )I.. ,. '.' . '._ . , .' e .UV'I cun6

.- .. 'r:t- '~ .. ,··~·t·· R.··.·· ••. "!.t···,,'~ "'- 1 ", ! .·h.···~- ,d';' -""g.: v< "~' plna ·s _. 1:;;. .i? .•..

mao fl.e_ .. · ... 0. CU .. QC .ct an .... ua,un.. _.e,. 1 . saitam cua

cuon so phan loai.Anh nonen cuacac nha mol girn.

Bat Ulan 'Veri chtnh ban than mmh. Livermore da ,(len

- E FH tt . - t' b }J'.. f _",.. khi t' h' t - ., -- - A'~

gapi",._.: JU)JJin vao 010/ ouor toi sauxrn trntrucng ua

dong eua.

HM,Qt nghtn do la".

''''DO,i Sf! cho anh m~Q£khoan tin dung tr] gin mgt nghln d',Q la trong tar khoan eua anh",

,,_ ,I

·";;Qikhong the ,a'a+nh bat PhO Wan ngay luc nay. T;Ol se quay tnJ 19!]ca.c van ph:ong,ca CUQ1«~, TOi can mot.khoan Ue:nv,6n~ saudo bJl se quay lai".

"Anh khong lam giduqcd,au~!'t, Hutton not, "Anh CQ·tb@' danh bai cac van phong ca IClXQ'C, nhung anh khOng the' danh - bai 'p-',:h-'-,or Wa-1r"

--'- -,--- '- ~ .... I .. - ,'- '- - - !J,~, •

'Trud!,c het kht to,i mua hoac ban m'Qt. 00 phan ,omQt vanphong ca. ClfQC,., b)i da dua vao bang giay.,Khi, to,:i, ,gl,ao d,~c:h & doanh ngllIm,t;!:p cua o'ng.~ ehuyen .ay datr,Q~lthJanh qua mucn khi lenh cua toi bjday xu6n,g san, Vi du neu tot rnua no Vim ,gi.a. iliOS, va lenh cua tOi Sf! d:UQ'cth\fC hien ,(j mtre 107 hoac 1,0,8, to:idamat ('Ii bien mQi ngon an va hau

,"

nhu thua eft cuoc choi .. , a van .n, h.ong,.·.·-.·. ca cuoc, neu ta'i. mua

"", ~. ,:.J '"

CiO phan dua 'lao bang giclY'!1 to,i se ngay ].$p tuc nnan .auqc

mil' I' . ,', .. ,-..... ]i 10:':5'- 't:"\,',.i-I -! ·t.-:", '~g"'.' tu ",,-,'- -.--g .. , . dung khi 't-,o·-,· -m,',· uon ban

,,'-. U\"'c '. v}r:U Uv iL!1,> ... !1,1 \"..u.n.c u u, ., .!t\,"._l.·.l ....;.~'-. ... \.,lI, . a..,

-- --

khon'rJ!, dac btet Iamct cd 'r,han nang ,doind.-.· •. notma buon

L~"~ I. '. ,r _-_ +. ~

66 I~ CHET vI CHONG l{HOAN

,')

ban dif!D ra rat n~ng nle .. O van phong ca CUIQ'C~, vi du ta,i

dat ban p:hu~u eua mmh 0 muc 110 va no, thuc hten lJ

II! . I" '!' •

• . "}"1 0' . h ·.9 ..:if; .'. . .,. - .• ' ·th·:···.3 d'" ' " th . b"'~ .'!!, . .~

muc .' ._', nrumg (J 'u8y:no co .ne IUUC tnucmen 0 muc

• • ,," 'I!J ill '.

108" Vi th'e to,:i se nhan chJlq,c no til c:a hail phta, n

"Nhung chung toi cho an:h nhtmg 'bien ]01 tot hon a

, :.1 1·=_,1 ,,:_,1 ill

nhung van phong ICa,ClJ1Q:C~". Huttonnot,

't~V:a dO chmh 18 cat glet bji d~ay Ed a, Hlly xem, VOl bien ]Qii them til ong, bli co th1e chlu IduqcmQtco phan ... khong gi6ng, nhu b van phong ca euoc tht thay ,d,th 100yo se gat t01 rakhoi cUQ!C: chot, V:fjy ,day" van. Ide: latol muon cO, phan, chang han tang len hoac g]am ,x,uong,.,Gilr 00 :phan.,QOr lau hon se khong tOt eho ngum da.u co nhu tOI:i bOi vi 'leU! Ida CllQ'C lane se 'tang len .. 'TOic6 th,e: chlu mat 1 O~O nhung tOt

kh .... ·,,-.,.,o, .... ·n.-,·.g ..•. ·.· .... th ... '.I.lE.:'.·_?·. - h . . . .J!·t- r')'~Oi b "8 1" '11"''''' 'h ~., I" lai , ..

.C~.-lU mat ~-0iOl~n iiQl. 1.01 pr ai am .-.1 qua

nhieu de .nh l~i tien~1'~

"Vay.····. tat ea nhons g-l anh p •• h:ad mat a eac va";in phongea

.~ "_-' ., ",' J •• " ", _. " I I I.E;. ;". :'; J. ',' _ .:~ •• __ • _,: __ ' ,,-"':'. ,'_. ". - •••••. -. _ .. _ • ,'~'_" •• " •• ''':'':'' " __ ": .• :,-' •••.• -.

- . - ..•... ]... }1 ·O·0Yo. •... ·b· .. 'l' •. -~~ he c. . .. f-;. ':b-.·· .. ·· 'h-I ··· ... t . ;i! .. _ .• ··h. ' .• A· .. · .. '!! .-. .' nh ?'~

COOC .a ,! 1.1._, .,01 Vl. 0 Sft !~ an ' lie .. co p .. ! I,a.n c'ua a .. ~

it 'if .,

"Dung the, va hoa ra ,do lal la may man, 'Tat ea nh,nng, gi tOl tung muon mat trong balky' mot eo phan nao la lOoyo""~, Ltverrnore noi. UB,ay gj,o;o·ng cho tel muon tien chu?'~

'~'MQ,'t cau b,6i mra," Hutton rnlm cum. Ong thich chang trat trle nay, Anh la mot d,Q,ng 111CCO' th€' hop tac mot dO:ng lVC tri tue, '·Vl sao anh n,ghi rang anh co the: quay Lai ,d'ay tan nua va danh bai th] tnrong?"

'~BOi vi lue ay ted se co mot be thong giao di,ch mot, 1'iOi cot ,dSly··.·.· lit mot phan efta su tu ,O-;Ia.o due."

., ' "! e e~ ,t;

"An i h d'a"'!d're:':~1t"I, day 'v·:·iW bao nhiet - tten .Jesse?"

.... '.. '. ' '.' '., lUI. u.., . Vll_:.l •. I ... leu. I-en, ,esse.

"Hatnghm nam tram ,dolau"

"Va anh rm at vm mon no' han'(f.· .. ··,. _-.in do, Ia," Hutton

I.' Eli

'1l.'·.iO.·~· m oc 1M va ~I~y" ~~ I ·.0,010" ,~,A, ~:,.g;,t~"'n.'··. mat va ,d •• "I~~ ,rob" .0:

I , I-.I.~ I ,U .¥,I, ,',,_,,_, JJg,':.i.' ,I, Q; __ -,~ ,_:_,' ',_." .. ~,' \.Iv Jia, .. _~~- __ ,,_:_ ' __ ' '- __ ~I'_' ,,' .. , - ._ ,y.u ~""~J'_"'-'_.'

Livermcre. UV:m ,3,,500' d,o, Ja la anh (!O' the thee hoc tat

- - - - - - - - - - - - -- - ill' PI;--

Harvardday,"

"'"rO"'i ,ee'- ~I";;:e"'m' · .. AlI'~iI">n'h·····"'·e~'···'· tien hen 'n' hi' ·~u' · '·b'a.-n··g' ,C1I1I!! tu -0

,1~_:.-;.,1I, se ru""'~' ~'!-!!J U,I~y~ 1,,1.:, m',._-~U .. _!,I,._-._:~!,~ L~lv'~;~ ",~,_-~:;~!'l,!~i~ __ IJ_ '~';tl~ .. :!'/,] ~!i~"r!,..-,' ~';_L .. '~'."

due 0' a,ay,.' so VOl hoc ta . .1, Harvard". Livermorenoi, mim

'!'! -:- ' ill' - 'I ' "-" ,'I " "-' --' "- '--

cuC.rikbill nhan tt ...

- .-

t~Toi se tra ]~i ongmon nen nay" . Livermore no,i va cat tie'n vao luL

"Tom bu~t anh se tra. Hay nho da.u caiJdaykhi anh quay ]~ .. Chungto:j thteh lam an v,ooanh" ..

'~Vang: thuao,ng:"ttd se lam V:(iy't .. Liv;e:mlOire n:ot

Ed. Hutton nhm anh ra ,01. Ong' kho'n,g hie nght n:gcrgi lle vb~c o:ngsle' g~p l~i changtrat nay,

Nh.1lng hra chon cua Livermore v'euco tai cae van :phong ca cU:Q!cbi han ch:e,.B·(Y bi.en phia Tay ,kh:ong hua

b·e·.··n,iQ'l1ill'jm·~ anh '. vlthe ,a' nh jil"">O" , -(7 ;4']"01 'b.' i qua ITr. 'run I'g' MI···.,-y···;-~.Anh··.··.····.-i-

"ff"-~-' '~' 'yl>-- ' . ,,--,I, V.I. 1-', eI, 'd, ~-._- J U';t;; 1 1,.~_.~IUL_, . "._' "',',:<, ''''-'-;'_..' _ ,-.,,---------,,_j

:hurm.g t,m Saint loUIS" noi anh aa.t1UQc nghe .001, vehai van .phoi.ngcac:uqe: rat lon~

Ltvermore dt b,eing tau boa tot Samt Lculs, thuemet khaeh san .. tam ruai.futien ve phia ID,ot van PI:. hong .. z, ca

I~' ;, Y' '.' . ,

'CUQ'C ,a,au ti,en. 'D,Q l,a mot doanh n,gl1lep ~anvoo mot phong

tnmg bay co' Slit ,chua hen '200 Rgum.,Anh b,a.t. ,da,u th,at cham, dungmot em tenghi va choi de' dijt Anh aa dau (:(j

la. ,." .• 0.·..... I ,.e ;upfT·' "V' , 'I" :c.·· '.', iH;~·nq /("', ~;H~- '0, ',' •.. /1. r-N":

U 0 _ _ . [nil ,~, . - . ~ J U ~,'~i U llr. L •• L J L L '_

tro be ngay cho a"en khi ann duQ'C chon ra, Anh tan,,g

80 nen cuqc cuammh tu 1,.00000 la Ien too 3.800 '0'0, la.

Vao bu.ot sans .. ' cua ng·.,-.ay.,· .• ',.·· thu Ba, anh duoc g}.O.i d'e:n van

,b, 1.,-'.1 - ~ ., iu; ','.,

- - --

phong cua (j,ng: (;hu, va ,dt~Q'cch,ao ,d'onbang,: "Xm chao,

on "'g-' ,J.' esse Livermore Xm m ':1 M ",' -'~'I'

.,~,' .. ,~_> ',L'~ .a- '_:.' ~ __ ,~ '_ , -.li."" ,', " - -_ L -" Ii! ,~. :_._e-':.L . .- ,,'J[ 'V~J ,-" !!!

Ho CIa nhan raanh, Ho bao anh n3::ng~ .. , anh bi ,cam den

Ir. 'P. " I,' a ;;;

cac vanphong ca cuoeva p,ha.l n)l, ,ai ngay lap tuc,

Anh nhanh chong ,d:i sang mot van,pb,ang ca CUQC kha c ch 'l' each m O'~ t 'n'g' 'O~' iii nha An h d 'e;""'n'" b en c··''lo··a-· '502 va b . a" t

<!'.'~ ,!!11:1.': 'I I,il ;,;'.,Ill 'Jl.Ji' "'" .,-1,1: ." i:'.~i ii~U.:·-: ,'i .' .·,'-,'1

1 .. "" .c~ ... __ .' _._"~ •• _' "'~_,_. _ ... ,_,~ __ . '_'.~ '.. '_"'_ •. __ ',_, _ _ '.' ... '._ •... ' , .. •.. . ...

'dauch,m.

HMQt nghlnnam tram 'co phan :BRT'1 ..

Nhan vien ·thu ky vua nl:6i. bet (tau 'Vb~lphi,eu tht :n.guUi qu,an"my a'a xuat h:~,en va ,dUng trucJ!C Livermore. ~~Tien ella anh kh,On,g co gbi tli .0' not nay, Chung totkhong pb.ai 191 nhQng tha:ng: kho l(y loay- h1m can phong n.ay~ nh,Crn,g ten kho lift nhtmg ke nhu anh aay~ Livermore".

u'Q'og b:b~t ten b),l?!1

UV:a ca each choi eua anh", :()ng ta dua lai then. cho Livermore

~~'N'ghe_ :nay .... 'I'

HKho:n.g~ anh 'hay nghe clay.· Anh n,ghll la tOt ,d:a :khong nnan duqc(]i~n thoai tu phfa dau du ve anba.?B,ay d'~0""; t A;; chi yeu cau a nh mot '1-5,1:";1; nay ntra 't··.h-,I,o"",ij ,·Iu,··a·.·~.'.·y·_.".·.:.'· m ... tan .• · .. ig".-.'.

,C5~.'--" . __ \J\~ ~--, -,,Ii. ~_: ~"-'- ~g., .... '., .... ,p P L" -v··, . ,~,~ ,-,~_._:, ,,!U,'U, .. " .. ".l.! i~. _ ..

thu ehet tiet cua anh ra kboio,ay ,dU1~

"Nghe eo! v1ekhon.,g gi6ng nhu UiCl!n,g dang yeu cau dau", Livermore tra mM~, lay lai tien cuammh ..

Ngay Uepl theoanh d:i tau quay 'tral~i New York. Anh den van phOng, ella E,.F. Hutton. Anh tra Iar khoan ti,en

}" O :10'0'00, Ia rna anh damuon

_. 'I' '_ - " ' .... _,' '::";',' ... __ ~ ,;... . -, - ,_ .. _, __ . -_; , ',.,.'. I ,JL I _ j'. ~ ., 'if.

"O'ng 00 lay bill khong?" Livermore h,oivm mot nlJ cuot, ' "Tei p,A l~yil' ia~,~! ·t1il' p,n,9ID, i ,I 'b·'. oa h ·0n··'g· •• ·· c ···u')~.'a·.·! a n th An ...•. ' h ~"a7.

t,'." .. - ~~ lia,~_" "",I, "U ,~],.~,a,',J "" ""J L "v,] ';: __ ~' '- .. 1' 1 ',.ILl. ,,!F .JL_ •• _ •• L",_ u" ..

,khong mat nhieu th,m g • an nhi, H'Q de, eho anh a?"

"IJu.n.g the, 11Q Ida, phat g~la!c ra tottrong vongben :nga.y" . "Anh all lam nhu the nao?",

UKh.ong hay ho bim.,TOi a,a quay tro l~l hi bJi nhu kht tOt vim buoc ,den d'ay sau ·thang truoc".

~'V'''''' 'b·" , ...... .(1"'1]'·-'~' ·H::'. ,,' .,c:c .. c .. c,dc,h"·y···· ].,~, if)h>~ W·:o,H .;t"'y?:~.::,t1'

,~y~ay .e,l.Q ll.a ., ... arv.ar I •• a .. al. r. . 0 Cl.i.l. ua_ ,. 'O!

"·Vl"'i.o'''''n'·g' h oac ~? Pho Wall hoae 'I~' k hona d '~'U! h ,e--t··"

l\J,Jl._,_.-. "';~_::,11' "9,", Il,a ,:r-.,." .. '_"_",_.JIJ, l' " __ '_-~I"' __ " laJ -II "' __ '"llel ·,_- __ Ja,._- __ .. ",il r!i

"Anh sl! him cach nao de ,00, mot he thOng· ... ··, mot 00 th,~

~ ;t,! • I, .

danh bat Pb6W,aU tro:ng vongbdn R' 'y,aay?'U Hutton bOl .. ,

·'T;Oikhoing.'.· phat danh bai PhD Wall. 'Toli !(";an p: ••• hatchien

I: .' I '-; ~ " ';

thang chlnh tot. ttnh cam cua tot",

ne6 1a ,dieu thOFld.'.· mmhnhat rna ted n,~.··.·J..··I"'e(h.lactu anh

I .E;, ~;,~ '"

'l~ay~, Jesse. Chuemay mann.

UMay man a?".

I"·[)ungthe. Jesse. 'Tat cachung, La. de'u can mot chut may man trong cuoc 0101.... Bayg~o' chung tOt, se rna hli t~u khoan cuaanh".

Livermore dau co trong vOng v,fd tiha.ng.Nhung kht anh tlnh t6ng tat khoan eua minhc anh nl,ol nhan ra fang anh tham 'fhi van ("h~ [3 tran,g tay.M{l.lc du, fat tutm, nhung

70 .~ CHET VI. CHONG :KHO.AN

nh · .. ·i·~·.· !ib·,.· .I~a··.· lap ,..:\t1!~'C.··· mot h ·e" 'tb':'o·.~~·nd chien th;i"n···rr nh .... 't.·· an. . . van C.1I.I'.. U u;v'·· '. .' , ,.... ".1:; "" 1 ". " 4 ,b, n.a,_

qu,ande thao tung' thi trutmg nhu anhda lam, VOl eac van

Phon, g ...•• ca CU'01.·. c,

.. , .. ,I ... - - iii

The ro,i mot ngayanb chan,g: ten Bill. ~univall buac: vao van pbong cua E"F.H'utton. va ntiivm Livermore: rang ngum. quan lycua van pheng ca cUQc Saint Louis daltiem mot men Iii beo b,b trong "mot CUiQC dan xep dua np,va A'", ch ... <.2. A ..... ·. be b' ".~" nht n:,"· .... n~ .. _.., h ··'~·h·· ... ···t···· 'N

. ua c uyen nen no uen pUluong .. Lie tran eanr s,a~ lew

York"o;ng ta d,a m.b mot phong tOI chec cacuqc ~

cH' r. ib ok be N·:.·~ ,.J •. · · -.id .. , ·- ht 'b'''' 1 L. " .. i.- .'

''''010' en, .. ' ang .. iew·ersey, ne.,ayp .·la '. len . .tUa uU song.

Sullivan bao Livermore ran,g d6 lamet phong choi khon,g , gl.ed han, Kho,og co gim han nao ve so l~g co phsnma ·-g ....• UOi g··.·.·· •. tao dieh muon mua hoac ban.

n. ~.. .'. _.Ii . . .'~ ~~.-_. _ __. .. . ... .. ~

Lreermoreche den ngay Chit nhat, d~ rung quanh vat vo:ng truoekhl buoe vao van phong ca c:uQ:C eua Hoboken .. V~on'h, n,g~y chu, nhe:.t)hl van.~b.ong chi, rnb cUa ,den i2giu. Vanph;ong ,00 quy mokha rOng, mot cat bang yet

'.~ --'" .. <til' - .. " . .. .

gia lOn, mot phong tnmg bay cbo~acbhan,g va co au

nhan vien thu k:yde phuc V\l.khach.Uvennore gia vfJbt

-'c ' .. "~ - he ." v,·a.1i h lue .', c.~ ,p. u-···· d' 'O"'~ d···;&'n·'· h ~ 11 m h anh --, ' .

canl va C,_O'l!i(lUL'U' ~UJ.,tl., ·Od. '. " .. 'ell . ·.·Uld!' ,.'. ,o&U" •... c"~

dantic~2.000 do la tienmat va mua cd. phan tIigia '2.0000 do· la, NbCtn,g co" phan nay tut gia., va c,W5'p,hllt

·-truoc· kht tbi tnmng, dong elm. arm bankhdng het bBnguen mat. Lei nhuan cua anh 121 6.000d·o la, Anh de:n thu tit~.n

;" - 1.- -- Ii' -- iI .

'00 ... - .. "". ~1- In'f ~ ... L. '" .' ....it "'ti" j;: .. A~' tr '!!. h.,;>- h . 'h-

i ... · .ung ngum UIUn.j Nlon,g QO uUI:en ue~-a~~et c· •. 0 an! '.

Ho .•.... bao anh q •• '_' .. uay tro tal VaG thu hai de lav .. ·,··' •. ··not ·tie,n,.

I ".... I~.... ,~

. . .

·V.·· r the h 0 anh ··.· ... tb· -El •.• .••..•.. .' .·h·" .......• th .. h •• '~. nh . '1 ao '~U' . rai an xuat __ uen, ,_: ang cr o anr C: unr .a

ngllmd~nongma af1~ .. nhin tqay bin cuol a Saint Louts,

_. I '1\'

cxu CHUff;N QUA [K:HUli]

'wrra 'tj,e'n eho toi"'" Live:nn,oregan, g~9n,g" N,guDi aanong nhm anh mQtluclaUl~

~Nay"it nhat thi tOii a,a ch{ft trungth\lC,khong:gion,g

hucai "_" d: amnranhi "'I " .. ,. ~ "I ,. ... .. .'~ "

n. U C:Ql tro nua i a pmeu nru cuat u ,L.lverUl0r,enOJ.

ti~pv:a nhm cham ,ch,Arn~ '"N,eu oog muenktnh doanh 10 cal, xn .nay tbi tot bern lahay tI,d 'il'en chiOto,i".

M'Ql {him 00' (Iii tu tap phla sau Livermore~ Anh nhac mai: '~6j, mudn nhan ti.eD, cuatrdnh.. 'To,liO,ac:hOi lo·e'p·_.·, va

''!!' ~ ,~ .

song pbAng" ..

"Anh Ida h!, cam",

"Kh,o,ng ph8:i 0' day ken d,atHobio~en nay., Bay gio, tria, He,D, ,ch,o!tfJ~U:M,.

Cuoi, iCung ngumdan 'D,ng , d,au.Vien tnll ky'm!oc ra

'1m, to ngan pbi.eltlmenhg.,a, 1.,000 do, la chuden kbi Livermore 'D'b~ du tien, ou 6.00000 181.

"Livenn.orej, toi 00 mQil ong: ehu, mQlt. oDig: ehu rat kbi,c nghi:et VI v$yh.ay lam an dm,g: bao ,~a quay lal not n.ay",.

Lm.verUlor,e nhln vao m,itong: ta, ga.t dau rt.i buoc fa.

Anh ella ti.en vao tmva n.ghlvle ttnh b.uongvfta roi tren dutm.gtra' ve M:anha,ttan..

7'2 I CHET vt CHONG KHO.AN

Ngay' hom sau anh g:Q.iBiU Sullivan, ngum ·da noi vot anh ve cal van pho,ng cacuoe. "Nghe n.ay Bill, cam on anh da gQi y ve Cal n.01. ,do, bHobolmen.To,i muonanh giup ted mot eh "u'y-An- nh ·o?"

-~-y,~. ~:~,-,~,<.,,.I~~I,_! ",_, __ , .'~:' "

UN.··-h·e .. ---- t'J...·,.,t'· '-'- ""'- '_'9"" '8'·--" -]111'·' -.-.-.-. 'h'':>-'' /!ll me na:o...:UJlIVan 1,,0l.

UTO,i se cap von cho anh, va tOt mudn anh ,ali d,en Hoboken va chot vai van :nh:~j" Sau do kht den luc phu hop, toi se ella anh Un mach mree".

·'V~ .... .....lh..:, -. -. ',1< ·t'~ ., 1"" b • -.' , . ·h~.· • ~ c?U

.... ' <iiY p~,ll,an eua ,en . ,a_lao nl~]eu.; .

l·20oxo eO.ng VOl phi t6n 01 chxan,g:., ~Oi se 'cap v6n cho anh

-1' '0"':0"-'.-.'0.' -"··o",lI.q··""

.: ,.'-_>'.:_ .... _-," U·,_ la I'"

Livermore .cnuaenklii Sullivan ,oa thich ! II ... ii va sau ,a,o hanhdong .. Anh ban kh.on,g v.a thdngduoc dung' 4100 dtol la sau kht tra 20o/~) va chi phi.

livermore hten d,e. ,00, too s.an hen lO .. o.OO ,ao, i.a" va anh quy.et dmh trong tuong Iai se g~.n chat C'uQc am vao thi truong: chung khoan, khl kh:Dng con van phong ca C1IQC nao, Bay gilo' anhda b~ carnvmh vl:en va somhay muon thl Arnold Rothstein, bo nao, Sf! can thlep vao va. Be h.o.i tharn anh. Neu lU~u d6- xay re, anh gtft duqcm.~ng, s,ong:

Ida Iamay man r6,i chu ,dUng D:o,i.ct,en gl,rrduqc s6 tien anh da kl,emduO'c.Be'n canh ,do;anhci:a. lay··."··Iad! duoc g,.;ia t~d

."~ I::_.' 'I' II.' .

cua min ih i Ion Irrm bao ,o:~h het ·S·,'.=)'Y·"> d~n no h oan toan phu "-j

"i.." ,_."_~' "'""~_L_:.L_L'~J_~'_~' ~U!,~,~ ,ll,v,~,,~, U.-. -v h.iV' ':_"'~ __ .,.~,'i!i ~"U:.' o,lll;Vi 4I;,~ _ "","_,v _~ __ '_'.,.l~ ,_-.'., __ ,Q; ,,," I '+'

thuoc vao anh d.~ anh sU' dl,lng chat. chung khoan,

Ben canh ,do, Livermore ,0.8, chan chot nho trong cac van phong ca cuoc ... Anhmuon chot Ion h011l' mot tro chert

hQP phap thongqua nhung ngum mot g~01 duoc capphep, 0,01 rna so tilenkh~'m duoc h.ay· .. 'mat ,ai cua ng,.·.,.um' .0 dich

I' -~ " , _,' I I ••

Danh bal thi truong da tro thanh thach thue khlQing baa giO' d'img, do] vOi CUI(}!C aOi Liverm,ore.Danh bat th~, truengkhongkhac gD, thuat gi,a. kim: blen ch) thanh vang. Thi trueng bien gtaiy thanh vang va tao ramay man cho nhang,·,·'.· g .. ".iacmo hoang da nhat cua bat ~.~-.c.i!' at, Thl tnxOn,d 1.a

:-' ,--.! "---' "~J I. Oi

ned '100 00, la bleD thanh 1.00000 la, 1.,000 do la bi,e:n

thanh It}r (10 la va 1 ~y ,00, la bi1en thanh 100 ty dola. Tat c ,~: nhtmg .. g1~"i 'n"g·~'1i"Nii d',~u! I' co phai lam la xac dmhsu (' thay "',o"'?,~.,

_.,Q, I I U,iJI, .,' - I ,YJV,I . ,a, .. , ,v: : ,.,.lI;Jl..a.li ,.I"., ,,' ,.ll., ,. ,Q , " ,JL;. ", V . ', ... , U,·,ll .

. -',' :,- ,'" " ',' ~',~, ",~. ' '. '.' -,-

truoc ·k··.·.h:·,~ chnnz 'y";,y" ra va cans .g·;jo .. ~·nl .g .. ' nb .1111' b •• ·"t·. lint mot eau

VII~ ,L' ,I ~, '~ .... ,_,. ,I'.'_J J. '.bl ~~~~. ,:, : .. 1, _ ~._,_. :, .-, "!,_,, E:> :,::~:~','.: J. J,',:.:..,': "', ,y, _I, '.'(:\"." ~j ,:, "",.1,1" i .. ·.Ld.l .. I.

d6 o,ao, daps6 luon nam '0 ,day... Ta1 ea nhcmg g~ ngulOl dau co 'Ph,8d lam la doan ra no,

Va Livermore rat tu tin ran.ganh co thle~ tim ra 1m. g),al cho Call ,diD ay.

lam rung chuyen New •• r York

- '. . . ~- ... _- --,. - - _.. -_ - " ~. . - - ~ ~~--- - _' ---"-'

1 .. <,:.,,".1 , I·~ __ .' .. :

- _. .- A- -

- . ' .

Nha. I). _U 'Co

each dtln,g' ,hien IdQi, ,da, ,ddnh ,dOng thu41 :ngu' nhd ddu. co vOl Ire ddRh bQc Iw(ic eon b~ lieu m(lng., ThWC eMf ;thi tu nay' bdt ng'uDn W' cdch ddnh, vtin cha- La ,tfnh" .nacO ,flg'h'ia ki,

k'Mm" . ~;-,,~ p,io,,"; nA"~,Qt) , .... 'A1L'

. ~,. [~ _,. __ . 1_ 1_ I.:' if' lU I~ lur l~)u lu.tIl_ .

TOI ida. djnh I19h£a m9t nha ddu, (J(J fa mQ,t ng:uin: d[~' dOOR, tuong ,laf .va hdnh, ,d;png truOC khi .nO, myra. De' ICO itMldm v~c :ndy fMnh ooqg' .. ,do ,oon &i,mot khd nang'ool ,gid lala Don ng,um ;trong' glidi quyet ,mot Ivdn de., cdn thief phdj, c6 ba yell tOsau:

Thu' nhdt, bg,n phdf bte:t !dU()C' ban [chat Ic:oo:tinh huang lta:y oan de'do,.

Tltu ba~, bQn p,hd,i hanh aQJlg dung thai dU$,m inn)'c khi {JUQ, muon.

~- .'

,dgng cbo ,den khi sucdn ,thiet ad qua ,fill' rang vat mQi[ ng'UOf lid qua ~m;uQn.,

Ro rang td mo:imoi ngu'y' htem phdt ,dQJ ,loen hang' ddu :r)d

nen trdn 'h' i, Xi,·:n

'_'·1. 1~1:_~ltl' - ... ~ ..

IJ ~':::~~a:~ :~:~~:U~b:!S=~a::,U:n~I~:=~

noi Vim. cac con ong, ra,ng: "each duy nhat ITl8t. eac con duoc dCIiY do ve thJ truOIlg la h,ay dau tu tien~ theodudi vi~c ktnh doanh va tl1 nghten etru sat lam cua rnmh!"

Vern,at tmh cam, con ng.·. -.uOi, ratk]],ode nhm ltd cac loi

'" __ !I'

lam cua chinh mmh, va nguttl dau co cung ph,2d vat v.a V01

nhun,g VI) oau co' that. bai va nlnrng satlam ngu ngru.l C4a anh 'tel. Day khong p,hai la nhung sai 12ul1 :ng,oc nghechma

I" h - ' .....•. 1:: . h'" t'-; b:'f.': .'. b B'~t k' ..•... (1'- t·

·81 n,_ung Sal tam p __ ar tra ,~ang uen _ ac.a'. _y at rta tung

mat nen vidau co Sf' khen khO biet rang ktem tra [,~i. nhnng gi, att xay ra 1& kho nhu the nao

Su kiem, tra vtecmua ban thua lo that dau kho nhung la can 'thl,et d~' ehac chan. rAng ,d']eu 00 se khong xay ra them mo. it [iln ntra, Livermore rat nglnem khac kht tu

I. ~~, ~

phan tich ban than.O!ng,da n,cJii vOi cae eon veket luan

cuamtnh: '~El6i Vim ngulrnda.u co thl nhung vu g,lao dtch thanh eongluon la mot tran chien vI:: tinh cam chu khong phattran cluen vI; trt tue ... 'Chi sau khi ,da. CU'QC van mot eo phan haymot hang hoa, kht tie:n d:a chuyen tu Uen mat trong tay thanhgtay chung nhan cO phan tht tmh earn

... , "h'il' ;;" .. ~ ,~

moo n _ ay va~ CUQC song .

Livermore danh dong cac nha dau ca(giao d~leh '\7'(11 tu each co' phan (0)1 VOl nhung tay si~.nggt6i trong tarn ban.

7.·.' 8, '._ .. '. I ,e·'·H PTTc. ·V·-'· - l c ' .. 'H· .. · ·U"N' '0.' 'K, IH~ 10·'·' A 'I\'~

", ·_·_"'_~I!~ ,', ,. I, .. ,_ .... , , ".~ ... ,', .... ,'J L,', ""_, .. -,.nJ,,,,·

Tay sting nay lam each nao trong m(Jt euec do, sun__g tay dot.. khi ,do:i die:n vOimotkhau stlD'ai1ay.·· .. ·,···· dan cua dol th,u?

!IIi 'II; ;0 ,_'.' I.

BOlla kht nol B,Q hm lam tang, ob~!m grJ', cac day than kmh lcan,g: thang, va ,dill rat quyet tam bi thir thaeh va ehan,g v1t Iy do .g~ ..

BedaLu 00', nha ttau 00' Pi, fuii 19. ng,um choi thucsuchu

.. _' : r '.'.,

-- ..

kho:n,g phil la nha [,9 thuyet, nhaktnh te hoc hay nha

phan tieh. Anh ta P!bfd hi n_guJtrichoi da d:~tti,en xuon,g ban, Ngum thang trong cuec chot ktulng phai la, ngl10i huan luyen vten hay ong chu dQi tuyen ma la nhung cau thu, Cung ,gi,on,g nhu tren ch'ien truong,~kbo'n,g ph!] nhcrn,g, vi tuOng chien thang, 'mad·6 lei ntu.mg,ngltm lmh bo bmh tren mataat~

Doi vm Livermore,mo vang giau nhat tren hanh ttnh dang ton 'tat tren nen Ida cua Manhattan '..Th~ tru'OO1g chung khoan New 'York bgQiC PhD WaU 'va. p,ho. Broad. Nhm n.ol eo ve' de dan.g ~kho,ng can phai tlm hieu, khong can ban (].o va quyen khat thac .. NO ehimo vao nhOnggia nhat IQjnh va moo g:Qi mQ~. n.g~m ,d'en khal ttul.cd!~ thu van mav ... ·.'cua ho .. Nhung rat it ng,'um tho.···.'mo buoc fa VOl. mot 10

'.}' ",' -_, . :.'! '" '" '.'

- ----

dayvang .

..

Nhung·· .. ·.·· su that tutmg.·.·; tu cung rat ro· rang ... · VOl nhnng ••.•

. J 1~!Ii ':.' ,_ ,:,',1 [~! . ,J

nguM ' -_u co veto efing mot thM ai:em. Vi the" khOn,g khai

thac ,dlU]'Cc.a d,ong v.ang mot each thuan ~Qila. thal bat thuec v,e timg ca nhan boo. V] mQii nguot ve co ban ,da 'bat dau nhu nhsu . NhU11g nhieu van de rU1Y sinh cung giOng nhutrong vi~c Urn vang. CO nhung daum6i .khong chinh

xac vang'.~1. g·~.'.i:a nhur .. g cat hO' kho can ,cheu kien thoi Uel

,~" ". ,..~, .0" Lm .. _ .... l , ... _,0 __ ., '" ... _ ..... _ _ __ .• ~_. '. ,.,.. .

kb,ong thuan iQ1t. nhcmg tay ban ,do,i bat, nhnng 'co gai nh,ay ~ nhrm,g ngumdau slln,g vica nhCm,g, ke danh bac eh ' .. "U' .y-e""n~·.1 ngh ,·'I·e'" p, V.a" h 'ai t •• ro 'n·· '1'0' ~.·o_" nh "~~g< van..... ...A~ '1,01]'";'." i·' nh'at ·k·····.··e~·

I~I.'!, _' ,,,: .. 11_, I, I ,, __ ' ,_~ , I "'t!'~ .,"!p. '.~ , 'J ',' ,;I, ', .. ,' ,_,,' l~',5, ~.,' '_._' _ .. ~._.~ '.i~~~",~_~.l ,_. I.::'._ •. _ J U~I ,.'_.'I,:_,~, ~. ,~, ._. _ .. _' .,' ,-

tren d 1·0.·· •• ~.a··"" '[] .... i,·h····, .~~~g' .. ten c· ':~'l·e. "~'m~il'~'O' iat vun ill,g .. , l"'~"3i th ac · "I:T~ 1I'1IIh· •. ~flnng·.··

,-., --" "',,' .11.... I _ ,JiU"i,I" "'~ - - ,.lUIl '" .. I, Y,-a ... VIU L.' LAJJ.~., .. , .. , - '~aj &,,1 J' ,IYLI,I .

- ,- -- - - ,. :] ' .. ' ['::-- .. 1 I:-';!

, .

ke tau Unh., nhfm,g t',e :co' muu ,do cUOp vang eua nh.1ln,g

ngUOi, thq mo 'bang eachco gangmua r-e qjuy,en 191 ella ho hoac ban chohe nhrmg ban dio hiadtio"

Theo suy nght cua Ltvermore tht nhlCmg k,E; Ian linh n.ay xuathi~n a PhD Wall tr1)!n,g vat tr'o nhfmg k.e mach nuoc. H'9 ,dungngay :~.ot ra vao CUB. cat me Vtlng km va ban nhrm.g mon hang cua mmh, Nbrm,g ke vu lQi nay dua ra nhwg mach nucc cho nh~g, ilgum. chua. thao, th$mcbi truec cakhi :nh.an,g ngum nay co ee hQili tlJ' (lao v.an,g. MQtcon IQ'trtmg d'e dang d~' thanh con.g hI nhun.g, gi bon chang hu,a ,~da.o duqc 'qu@ng nhanhmakhong can p,haJ lam gl.

Livermore de Y Tang: nbung: n,gUOOm.oiv8:o nghekhong bao gla boi nhcm.g eau don glan nhu:

• Vi sao anh l~i chQI1 teU d~ cho nh.ungtm khuyen VOl g~a nifty?

I. N',eu anhco nhrmg thong tin nay'" thitaisao anh h~li kho,ng ,g~au?

., Eneug~ ,n'! khien.anb eho bjj lwkhuyen n,a.y d:e mua m<)t eOphan? Co phaianh se btmat ban nocho to,1 voo. gia n,gay cang eao ~en?

• Neuvieckiemtien la1 la de d,ang tht vi sao anh lat chi

qUI, antam ,.rt&::n, c ac kh '0"1.';0, n I h ,t'l.QI h ,o'~n;' :,01'.' c cuannnh?

','..:.:__~,l 'Ld",,·, U~I ',._' .. _,~Q:,:_" '-,1 -, ,,' .,', •. 11:& '" J )1~;..Ia I l_- _'. ",0, '_ ',_ .. ",_, L ••• ~"-- '.

. .

B>,O.·.- .•. · :' C H' 61': ~ '\.1 [' C····. 'I~]U"" NCoi G" . I" U 0····- • A~' 'N' .

~ ._._ . I , I.f',,# I.' .- . ~l _:- "_"._ I'lt .171: _"':_ ' ..

Co rat nhieu cam bay tren duong.': die di den dau co

.. !

h" ~ h l AI"

thanh cong va Livermore hteu rang ong sin, ra Ia 'u'e: roil .'

'-

vao nh'Ong cam bAy.,ay. Tuy nhien, Oog khong 10 bing '.:

nhieu lam den vie'c rot van nhung cal hO ay ba;:ng viec Ong ~~ b! roo VElO h6 lien tuc, lien tuc va ben tuc, :~j

.~ ~

{.

A

.. ~

:~

}

·~1 )}

• Kilt anh sat tht mot dieu khOng the phu nhan duoc hi '.::

anhmat tien ~

Livermore cung biet nhrmg quy luat CO' ban cua th]

n -"','. g.,.: .. ' ~ ... , hi', ~...- ~ ." d1 .'" kh la" ·c,o

rl1011 n _ u mQI no'U'Ol, , .,.

• Khl anh dung anh kiemduoc tten

. " " I I ", I '.'. ,. _ >,1 ',' ',' ~ '. . , .... , _, ,_ '!I - I' ' If.

• Vi the, anh chi dung khl anh kiem duoc tten va anh sai khi anh mat tien, Quy luat nay 1& khong th~ phu nhan duoc, va do la chan Iy cua vtec dau ca.

Trong su nghiep cua minh, Livermore quan sat th,ay eo nhieu ngU'O'i not fat nhteu ve thi tnrong nhu th~ la noi ra nhu v~y co the. chuyen ngu'Q'c van may ve phis ho hoac nhu th,e notdau that bal vI tham gta vao eac quy luat co ban ella vier dau case gian1 di neu ho thuong hal :ngum khac, Do la mot trong nhQn,gly do khien Livermore luon lUCUl gt,u In1 l~ng y,~ nhung dau co cua ()ng:. Neu ding thang, khi ayong: da lam dtlng. Neu ()ng thua, nghta 181 'ong aa lam sai, 'Vi sao phai than phren? Vi sao phai giai thlch?

Dieucan truy lung duy nhat trong khi phan tich ve cac dau co cua ongla Urn ra ~:y do VI sao o,ng kiemduoc tien hoac vt sao ong mat,

\TQi Livermore ,cu'QC' song tren thuong truong cung giong nhu nhung dteu nha tho; Omar Khayyarn vH~t trong bat tho ill' tuyet sau:

N1TUng ,g~ tay ban vh~t ra

Va nhnnggt vl:et trong kinh thanh LOIl,g .m.Q dao hay tri thongmmh

Cung kh:ong the xoa ,o:i mot ehtr nan cua n,o

C,O kh6cmfH (;flng .. ~.· •. ·· ch<in.r5.,,;.·the xoa di auoc ..••. · •.• · .. m.o. t dong

"_.' ,~, ., I. .,_,1

. ..

Do ilia vao nam ] ,g919'~. hal Diem truce khi buec sang the xx. Lac ay, Livermore 22 ·tu;6:f~1 ong d.a. co 10 .. ,000 ,do, la d,e' d:,auc(J,,! va ong co bay nam kinh nghi~m Id~: ttn tufu1g" O:ng bl.lel rangthi. truong clnmg khoan kh,ong gion~ nhu choi !a eac van phong ca C·UQC. nhung Qln,gcta danh bai cac van phongca 'CU'QC .. ChAn,g, ICO ly do gikbU~n cngkhong ·tlhe khongdanh bat th~ trutm,g ,chUn,g khoan mot [an nua,

Livermore rno lal tai khoan 0 van phong E~F. Hutton nhu on,,~ ail hua Sf! lam, Lan nay Livermore giao dieh (~,an trpng hon nhung van theo cac quy tat eli cua mmh ladau GO' trong mot thiOl ,gj.an ngan~ dOii theo cat bang giaygan nhu toog gio hay s6U~ut1Cm.,g ngay. Ong bat dau 118m 'bJt hen, ·ang;· s6ng.·.·.·c vul 'Ie vaket ban nhteu,

- I., '_ I " .. -, I 'I!

Th,ang 10 narn 1'900, !Qing cum Nettie -Jorden. mOt cogai

... . -

nguim An rna {HIg, da gap trong nhang ngayclJlIl. chot rJ' cac

van phong cacuoc mien TrungTay ... Hat ngumchuD,g SOIn.g

ir····o··.n,lg .. '; kh ··a·,t"'>h:· san ·W'>··~·n'···,d·':. ~ .. or ·.0"" .d.lai].'lio'''' i : Cl,O·~· .5··~··.·. "VCo;)iO' I cac mua he

~'" .'.:_.'~'~_.-:_~:'_ ~,~:_~I,_: .~_. ~' .. ;o:.·.li,11 ' .. " .11.,; ,,".' __ .,I~,_, I ,-.' -_.'.",+..,", ,]1.'1" ~." ... -, 'I' ,la, .'_- .. ', ,', '" I,' ',U· ;~"ll.,' "~I

lAvernl0re th ue met ngo'i, nha tranh ,[; Long Branch thuoc bang New .Jersy, ng,3lY ",nb£,e:n.d~ (y. Ong dt du ngoan Ian aau tien tCri Chau .. Au VOl Nettle trong suet thmky nay va tal dayOng da mua chonangnhung ITl.On trang sue tQg~,a. hon .~. f') ·0·' ···10·,0······ .~,A, ~-:.,

J, V'I, ,JJ ,1 '&'ff1 """ ,-. "'-.' lJ~'~JP' .l,(jJ.,.~

'.:~

Saudo m:t ,c~ nhun,g song bac pha san vao nam 1 '90. I v6i mQ'£ 81.1 phat mien cue manh ,eua thltruong, Mot thi truong ,da·.u co len glla oa phat tri~n. Nooc ,My rat thlnh V1.1Q1lg va thl truOng bat dau len OOD sot ~ kYo luc en ,250.000 co phan duqc giao dich trong mot ngay aa b~ pha va bang con 803 trteucd phangiao d)ch trong m;Qit ngay~ Nh.Cm.g nha ti phu thep, tal chtnh, van\.l'O!ng slit cling chuy~n ttri New York d·~ thu hep khoang each hoat dong .. , Nhtmg con bac ton cung .san san.g: duttien vito neri ho muon an .. ThOi ky chuyen gjao the kf la thM ky song sOid:Qn,g.

Co rat nhteu huy-en thoat &Ph6 Wall hie ay.~ nhieu nhan vat trong sID he se BOlng rna.! trong lich sir Phd Wall nhmJohn Ga.tesUcug,c mot trleu", .JohnA, Drake, Loyal Smith. Page, va Hetty Green kh:eitieng ...m.ot nhan vat quyen hrc lamr aa.utien cua Phd: WalL

Hetty Green :nIt d:$'c b:iet.Cuon 100 bO oc thao ttlng tht .trueIng cua Kenneth L .. Fisher ,da. ghi l.~ rang bit ta nit sac sao~khoing n,gan n,g(Ji bten 6,trieu do la thanh 10.0 tneu ao la .. Ba ta cung fattiet ki~m~. m~c boquan aohot ham, khong baa gila gi~t, den va lcd thet vOi nheng giay c.h·Un_g nhan Cia P .• ~·h,an d.uaclffiau vao trong dUiong·<. Vien. Hang ... ···.- _

.. '.' I. _-_ , __ :., 1.,: . .1

--

ngay ba ta xu at hit;n nhu mot bongma den, troi dat t(f

nhung can nha ff ehuet cua mmh too. toa nha Ngan hang hoa hoc Quoc g1a~ Ba ngo:i thup xuong san, vat cheo chan r,o] xe euong phieu 'V,a nhot no v.aovien clnee ao dan,gmi[Lc, nen tuc an banh sandwich va banh quyma ba tada nhet vao trong ao,

V(ri chien thuat dau tu that don gi,an: E)'a:u tu rat nhieu vao nhtlng khoan mang ]~j khoang 6°/0 lQi. nhuan

V.a n~ nhat co '{h,e.B,ft ta not "Khi ted, thay mot thu tot ,dang ha g~a Vi kbong ,aj muon no" tCd, se mua that nhie:u va ,eat. no di"',.Ba., 'ta gHil thlch tllt!m:HN,eu anh d'au tU'ifi, trieu dOl La trong5l nam vim ti I:c~ SOio, va khon,g ti'eUml),t hao nao trona aO.,anh. se ttch cop duue 117 trle .. '. U 10,0 la.

~ '_ ,'J '~I ,

Nhu c thl c,O gl sat?"

Ba ta mua that nhieu ,fJ nbcmg,.· •• ·, nol dan.d ..•. ' hoang mang .. '.' .•• ve

'I; ,'_.' I~I I~' "

tal chmh ... tlenthe chap bat dOing san, cac trat phi,leu

thanh ph'D va tram phieu nganh dUOTtg sat. Nhtlng C!O phan n,aycoln cho b:a ta 191 nhuan them, Rat :hi!~u thi tnlong nhung ba ta c:ung hoat d'Q,n_g theo ban. nan,g va thea l'e thu,Ong,.Bata dathoat khoi :m(l,t that 'b,~ tai Nganhang Knickerbocker tron,g con 'Trust hoang loan nam 1'907", :BAn.g each ,g~ v,y?' 'Sa ta too n_gan hang v,a, noi :rang'::

"Nhtmg n,gumai:fu hanh ngan hang Of) each an mac sang tn~'n,g trota,anb, quan ao m6i,g~ay m.oo~, cavat mm.1}c)'i khon,gth.i,eb.dle;u ao,u. Chi vii tuan truce kht cophan 'Cu6n,g gia la ba fa da kip nit ra het ..

Hetty Green. ma D,g)U'01 phu nu chotchung khoan duy nhatvao 'th,m ',diem, d,ol.B,a ta not~Oiioo,cglphV ncr co nhieu quyen kinh doanh va rnoi quyen khac hon so v,m. bay'. Ban 'Cling se " ig m:Ql each 1Q1 d:~ng: phu mrtrong kmh doanh ,aen :001 ho khon.g hop mcvOi nan on,g. Ca

CUQ'C ,dOl toi i . I phm tranh dau v,(ij dan. (j,ng a cac toa an",

Hetty co' kh,a n,ao,g lam bat ell thu gl. va kheo leo lam theo y mtnh. Neu bang su can nlban va S1l1 dai d~ng, rna ba ta khong bie't duoc ,di@u rmnh muon la @ tht ba ta se bat khoc .. Neu nuocmat cOn,e: kh,O,n.g xong thi b,B ta b,at dau di kien cao, Nhung sau do 1 )(1 ta luen tu chot tra ,( 'a~(' 'khoan

84l~ I CHET vt CHU'NGKHO.AN

chi phi Iuat phap ... Hetty thuongthue them luat su de bao chua cho ba ta chong l~m cac luat su cu. M(l!t Ian ba ta chi .50 do la cho vm,¢!c xin cap phepmang su:n.gde mangmot khausung ng:,iino quay, Khl duoc hot tal sao thl ba tanol:

. '_'-',1 :,' .. - .' ., . " ., r.

"Chu yeu lad,e bao ve ban than ch,ang lal cac luat 811 mac

dtc ·h· c '''a'' ·t'o" .···n ·B· & ta 'SNt' ·a~··t· c 'a' nh u~ .t:I>"'IIg< ai b ~ ert· v ii,.-. c t...

ul.··· .1. ,U'.,l . :a~d ". Vi-I '.- .' .IIIJL!I.','JI.. 1!j,~"L ·m:IHU.

Hetty chi yeu th~n.lBa ta thua nhan con trai min.h, Ned la ngu'oo thua ke .S,it chi tra hocphi dat hoc va bat cau con trat hua se khong lap gta dlnh trong vOng 20 nam, Ned 'oon,C)f: 'T. Ned yeume eau .. Cau ta chi comot chan ... Khi

~,J I,',: .' 'I! '" '""

Ned, 14 tu,()t cau tada btthuong 0 dau g,._O] trnng mot VUJ

~, l1li' 1':-- , _ I'~' iii .,

ta~ nan truot tuy.et Hetty da tu chat mang .. ···•· cau den bac sy-~.c,.

~, I., .:,' ,-:' . : _. J '" ,_..:

Ba ta cham soc cru~ chan b~ thuong cua cau be b,~ng thuoc

d'ap tu ehe va. d<)t 'C$U ta len giU'Cmg...Khi b6 C;SLU v,e: nha va nghe ve: nhimg chuyen da xay ra ,Ong, aa dlU~nuet len va ngay lap tucmang con trat den bac -. Sac syda buoc phai cat chancua cau be' di vt no, dEt billiot. loet .

. 80 hi thoi ,d~i cua nhnng nhan v~t 1:0TI ...

Livermore nhan thO€! duoc each ti:ep can th¥tru6ngcu.a Hetty .. / Green, d'D' la SU' k€t hon g. -. 'i'ua vtec tannen va su .g/~6p-.· i'

r.J . ~;.Y- --, I. _ ,. . .

.. - .. --- - - - - ,," -

nhat va ,o-'In-!(j b .··.·l··e"··t.·.· ~1or la mo .... t c "h-"'~ie'C~1 thuat n ·g,·h·.e-r,a.~··t' g .•• he" .g,·,·!~");""I1

", " -!9L. ."'1 ._'" "'. "~,~! • __ . , __ - - ~ u '._. . ~=' __ 1111'- '_ ~ ,~ , IJ._ "J;, ,Jl, '= I,~.-. '. ~ J . __ ~:_--:_: __ .' I J . _ J , :t_ ~llL!LJ' _ ,:_-- ~,U! 1 . .ilJ,1

"V01 mot s,o ngu'frt. Nhung VOl ()ug thtkhong .. Ong khongtm

....- .'~ ]- .. -60L ·h·:t. . .' .. "" .. 1; ",' ""·t· ... '" ih . . .., ..... .., .,' '.' .. "'L h .;;.

so tten Jett · .. 'yO I~ang nam cia ta: ca flung gm nguot ta co the

-. . _ _

- 181'1 otJOC til' tht truOng:: chUn,g··'khoan. Va chac chan r-rulg· .... · •

.. ] l1li ~ __ :'. __ ~. .- ~'I

ong· ... c khong thtch mOE cuoc song·-.,.· dam bac nhu cua Hetf .. r r,

i(_;;:'. ,,_: '" '. ",_"'" ~, '~J

Thl ·t'r1i1YNt1la nam 1.9· .. "O::'1·t·h~ at d ten dao ;fJ~.A16 m ot ·t--·h'·'1

'_.')' __ '1' 1._:_~_Y,U·JiJ·.1b' ,1.].1'1 __ ,_"" __ :- .. ",i- 1 .... Jli~, ,."_.'J",~'''_'J U·_',·,"!Ii ._,V ,,-a "'I"Y!' .. ,1-,,*

truong dien ,dao ,dau tien rna Livermore cia chung kien Vim tu each. la IDQt nha ,dan eo Phri Wall. E)h~u nay Ida hmh

thanh trong dalll ong mot quy lu~t Chua co eel. gi thay d6i

. h t ' clnm " ) 11.-.'., .-,., 'T;h-1 r duv hat ths · A?·

trong t -'~rtrong C _lmg snoan, ,"",.II!U.'~U.y nnat tnay uOi

h ...•.• 1;.,. t· nh .• ~.. •••.•.. ',' ·'h' ."h a t ""f'':: •.•.•• tn ·.h.p

c_ tnn ia nun.g n,gU'01l cnm, no~,tmg'ul nen va !~n nno ..

Nhung ng~m choi moo khong nhe g].'v,e eac ehu !kY' truce A\n.·,. 'b:i:~vli h '0' ..• , c .• hua tung trii.B-"',i] 'n:g' .. '.-'h,-:'~,e-.~.-m!: chuyen 'n'.:.ly .. ·.',';'.'.

Uv, ,_. yii .. ,JJ. ,.,_, - _ L~"I iY' . _' .. ' ... _' _:' _. __ ,I .-.,',_''f--J _,1,-_. __ ",_."_ !IL,...'_., __ , _'_ .. ,., _.,_'.' ."_ ~ .. a, ,." II!

Livermore dau co phiath] tNang gbi len nam lli 90] va choi ,d,au co' dat han ngoarle vo; congty Northern Paeifle v,ol 10 .. 000 do la tien vOn ban (biu. Ong da,bo tOI .50.000 dO. lao Nhung Livermore cot vu nay nhu la choi mot mon ca CUQ'C 1001. Ongdang mong ,dqi. m.Qt su ,dlotpba Ian trong thi trwOn,[f.'-1 m,ot su chinh sua lon hoac ,o:ao. ng:',.;uuc: chien

~, ;b,· '.' !Ii' ., '_ , ~;

,

trong nl:0t ngay va sau do la mot suphue ho,i"

V,ao.,dt\,u thang nam Livermore ba.tctau hanh o·'Ong ..

"Ban kh.6ng 1 .. 000 cd phan cua Steen v61! 100o,o!la't.

Cng: sal ngum thu Icy·m.m, val gbiy truce khi · trutm,gma cua. "Vaban 1.000 cO phan cua Santa Fe v6i.gia, 80' do, tau.

Vten thu 'ky blenmiat, tay cam to'J'enh" d~ dua m lenh 0''0:1 eho mol ng, .. ,.'umtr,en SaD g:t,~ao dich. Lrvermore jhmg

~!IIII 'III ,' __ ' .u. '., -.:',1

, ,

quan sat kht thi tru,Dng mia' '(;11,8: va theodoi cac cop-han,

rna Qind da ban khon,(ji .. tut nhanh nlnrvien da rot, Ong

_J ,!_. ., ',' ,-", "'10 ','_ l ! ,', I .' _." ,1,,1, ,',.' . ',-_ . 'iEJI1i " ";,i- '_.' , " , " .• __ ' II' I,' '" J ,'" " , J'_ _ _,', .". ,._ "'" - 1 ,',-,C, ,," , __ c,',' "_'~'_:J

they da clnmg mmhduoc: dl,f doan cua on.g ilia dung.Ela co nhong rt):iloankhigia tu t xu6:ng:. Nltiimg: nu :cum (!'ua ,on,g: vut bienmat~1]j o!ng nhin thay- 810 ]UQllg. Ong ,dot nhien ,ocm.g 'bat d'Qn.g trong s(' hal, 56: ll1Q1l,g la rat lon, 'C,8:C hoat ,o,o!n.g tnrocmat tren san gi.ao dtch lei vuQ1: qua cae

. "'j,. ha n rna nhcrnlJ1.'. ng' ····.ubi g •. 'iao di. eh co th,~buon ban" DO, la

II, ~ "--, , ,'_'" LIi

mot tht truong nhanh. Nhun,g phieu dUQ'C:kh6'p lenhkhi

id'aqu,a mu¢,n- 15 phut, 30'phll't~.m.Q,t gila" hal giG va kht

C II C- -c'"'T' V~' CH ,'l--NG" ~cHO" " N ss I :.HE] ·.'·~U ._.~, K',A,I

chung ,dU9!C khop lenh, ehung dUI(1'c khop a muc g1a each

- .' .. ,. - .- - ,. -. g'. '" . " a kh .. ,.t., h ' .. g- -- . - g- -- -"" .

qua xa so voi gia rna .',lacUl nanz mong muon .

Livermore nhan m(lt lenhmua trong nhang lenh dang m,a eua mmh, Ong nght ng,Ct nhtn cac Ienh mua, Cho du cac nha mol gi61cua IQ,ng rung gibi nhu bat ky nhamot ghJi nao a Ph6 WaH!! nhung nhtmg lenh mua cuaong nit t6i te.c6 phanOng' dlnhban :khong VOl gja lOO ,do, lachi

, -

d'u(}lc khop Ienh a mtrc 85 ,0,0 lao [C,o phan ajnb ban khong

a mire 80 ,d'Q la chi duoc khop lenh u muc ,65, do, lao Day chmh la gla ong muon mua lai chung ,d,e btl dap cho, ban kh6ng cua mmh khi ed phan phuc hO:i gi,a .. ,dieu ma ong tin la se xa;y ra sau ngay hom d6,.Ngay lap tuc O:ng quyet dtnh mua lai eac Co P', han ,d,e bu dap'- cac vi the ban th6ng .. • •.

:11 ., • • -'-_ iii ,-.

Ong keu vten thu ky::: "Mua mot n,ghincO, phan Steel va

""t .'. -'h"~' .. -' h"· ,'::. 's-" t 'F' II

mo. ' ~, n£1liln co p[~an-\ani, a. . ":e .

"" ,~, ..

Vien thu 1n; cam bim the ch ~Iay-'.·· ,Oi; G~' bao xu-6ng ... ,-~ san ,01. lao

.. ,_ _, ' I.-~J _.", ,', -'" .-" .. "-. -,,~, .-- . .....:_ .-_._ ._,,_, " - J •. 1 ~- I .,',' '. L~r"--·~··

dl h :T'---"-~ tt . L· .' '-'. truns C".- «:.: .. -' khl ,l.J,..;( .. ' .. "'. ' ~ ." ··h·A ......

, lei,; .rall mlvermorelrung xuong , .. , .. lumy eae co. Pi ,~iruJ,

eua mtnh phuc h,o,j ,gia. Ong quan sat cai bang giay dan,g

d- . '1 ~.. Onsb "'''''t -"' d" .. ? • . ? _, hi ." - bi r .. '. ~,., 'I . '.-

aua ten, [!:ng .. =,' me t cac coan VI eua mmn se 1,'1 mua voinrong

__ :.J !II II! II!' .','

].:;i' .. 11 :'.~: '1' :.~' ,~, I ,'h'"~' ,d7ii::: ,AF 1:' ': 14..,. i d-'\r . h-' I ,f!·i.1,:-·~ L'·' .,',-e-----'::·--,., -'(:C", .d'" t~"'1

_0 ion V1 su ' .01 b"a, oa len uen nnr mem, , ·1vennore na lam

mot viec to'l te nhat rna mot n,g~·'u6i ,dau 0000 the: OiD,(f davo,

~ iii I ' :_:' - - - ;0.

tmh 'ban v,oigi,8t thap nhat va mua vOi gia eao nhat,

- ,

Vten thu ky quay l~i. v,61, nhtmg tam the, Livermore tu tu rna ra trong long ban tay. IO'[1,g:d,a dua vao doan vi th,e cua minh 85 do la ,co phan Steel va mua lat Vim, g:.·.,ia 110 do,

.IIJ! [',-'1

11......'eg<' ,A,':" mat '2:-"5: 'O":":O""'O""A'~" I···· O'~"'-"'g- .... ," ·--·,;;:,t, '2c"5- 0'··:··0··'0····· ,A- '1-

18.'1, .on,', ya mel, ,;:_ -'..." ,I,. uO J1.,. ' .... n'. eon m,id" - '. i.,'._) I uoa

nua vDi eO phan Santa, Fe. Livermore ,da dung, th:j trutmg hoat d,¢,ng dung nhu ong da du dean nhimg bay gltu on,g

,oatnan,g tay, Ong ,dad~LU lea dl)El! vao may nhan dien bao thay vi dua vao nhtm,g yet ,gia th@t.. nbQ'n,g thu den qua, nhanh tren san giao dtcb rna ehiec may nhan tm hieu dl~en tin cham ehapkhm th~ Ram ba't dUQ'cmQt each chmh xac, Trongcat th! trutmg :rat nhanh nay, chtec m,ay cham it n,l1,a.t la 2 gila tl0,ng ho. '

Ngay hom ay ,da d~y eho Lfvermore met bal hoelon ve vain ,die nay,. Qlng da .,0 dlCh ,dung thmdtem~ '061 Vim tinh trang ban kh:ong~ nhuong d'a th,l,l'chi,~n khi -'0 dich 0 cac van phong ,ea c.UQ'C.Nhun,g chtecmay nhan Ole'n tin trong thi 'trnmlg chthl"gkhoand,a, khong bao can ,dtlng thM,

-- ,iii-

gian .. no :d,ab~ma.cket trong kh.oang th;m _., bi tn hoan,

rotlat tbo; tt'h!m,gsautrong ,kill n ," v,an 'tro"i qua, Cal b,ang, giay xo ra .' da het han ttr IAu" (:hukbon,g phalgbl hien tat, CU'oi cung thi Livermore oa to' rang r.ang::rat kho thea kip nhrmg gi1ao dtch ban khong 0 PhoWall.

Nhtmg .•.. ·:. Ljv!erullore aa dun.g·.· .. ·.·trong .. '.·.· du doan eua rmnh. Thi

,", ," ,J 1',_ ,; ~ ,~

truang van ,do,ng ehmh xac thee n,hcmg gl! D,ng du doan;

sat ~,am d.uy nhal nam trong each thuc hit~'n c:u,acnl,g~ 'On,g ,eta cham 'vi nhUn,[J7.·,···. te.'n:b cua ond.·.·,.' ali khoing·.-.· the thue hien

,_,_- '~~"·;·'IIIl:.L·"i" '_" ','JI ',.-' ,!~, "~I '_,1 .,',-,' """,e .. J' ~ l.L .' •.•.. _J •• :-:-,: .• ," •• • •• ',L,,!,"·" "",,,,,,.-1,

nhanh nhu o,ngm.u6!n..H,~u qua la, d,ng da ban muon vi, mua muon.

-_._ --- -- - --- -- III --

Mot bin nea, Liv,ermore bipha san trongchcp mat., ,s,u: kl~n ay (1 a, blm oing, v,a mong, chan nan" that viong va hoan toan ld!et s:uC:.,N c h,om quaong ,,)0,5,0,.0000"0 la va

tran ,day tu tin .. , Ngay hom nay ong hoan toan choang vang, D'ie'u an ttl duy nhatla o,ng tim ra Iy do 'v] sao ID!ng that bat.

_"_ - - - - -- <Ii--

Livermore rOil New York; quay Taf Boston va cac V,8Ut1 phong ca CUQiC a,~: bat dau l,,?d tcr dau va gay d'l.IT1lg 19.i von. Ong cung 'pbai suy ngbi~~.i ve phongcach sliogcua minh, Ong daquen voo rmrc s,o:n,g eao. 8'0 l,a motphongeach siong: can oo 'ben die nap nang lUQng~va bay gi:oO'ng da 'bet tien.

f)it~u nay tat nhien cc tac d~Qng (len cuoc song bon nhan cuaong. Truce ·day IDQE thu trong gta dmh cua hal 'Vr} chong ~6i ,cum, rat tot cho ,den. kh,m Lrvermorepha san I ,!I, nua vao nam 1901. iOo,g yeu cau Nettie mang cam mon d~,6 trangstrc cua ·e,l) ,~ men ,do, trlgia 12.000 do Iama ,ong d:a mua choco ·0 Chau Au ~ dung lam khoan v.on de ,ong, cothe t]llay I~j ehoi iJ cae van phong ca . .(;UIQC ..

C,a. ta to ch6L Vruec nay !o.a tao ra khoang each vtnh

n gtcra ong va Nettle, nhung eo klholng' thich vtec earn do trang suc cua mmhcCudi eung thl hip s,ong ly than ... Lue nay ~ o:ng vna phal sOng chay tum l~i. vua b~ ~Y' than 'VIm co' vo tre,

--._ -.' --

Thi tnn)ng la bit ea nhung gl! Livermore biet.. Vi theong. ni.tmQt hoi that sau, quyet ainbph,ai bIY v.o:n va quay lai Ph.6WaU.. O:n,gcon.g hH!nm;Qii sue hrc ella mmh cho muc tieu: kieol ti,en.,

MOt lan nua eng quay tni l~i van phong, ca C'uQc nhimg that kho:ng may, 11Q van nh,omat .ongb Boston. Khong at nh~n lenh eua ong..Ong nho n..gurn V8JO Idle: ca. CUQ1CV,BL thuc hiencac glao d~ch~ nhung he nhanh chongbt phat hten .. Ch.ang bao lau Livermore khong 'con ,eho nao ,o·e ,aau OCt.

Thatmay man cho Livermore, mot vin pho'ng ea. (:ll1QC cua :mQt n,gum lai. vua.duqc thanh lap .. Van phong ca CtlQC

.101 'O~·, 'N··· (," :t;).X'-rn· 0'" co AIIJI 'F· [)"" IN· ' ,e··· ] 's"c·· .. ,0"· ,

U "·Il) ','_ .' 111 l~ ... n_J l~, ,.:,_., '~.i1,;,~~1 ~.- ,~'\,n :"_ ',' '., ~,,>"':-: ":" r. ~, ii

m"oi nay tham clu trong giong, nhu mot tru so moi girn, sang, trong va quang ba su' sat nhap cua ,c'Ul,a nOlbang, mot c6ng ty mot g~tn thue thu co a !I,e ngcd ,d,e ,g~ao dtch, Va1 tren thue te, trong mQ't :8,0 h:ie"m. tru1cmg hop, nhung van phong ca cuoc nay thuc BY: eta dua ICO phieu eua khach hang len san giao dich clnmg khoan, nhtmg holat thien v,eca CU'Q1C cac phH~u do,. H'Q' g;h:rcac~enh nay trong nha, khong khop lenh, va d,anh cuoc lal khach hang VOl, vtec huy bOi glao dich biing each thuc hien k.e loan trong nha trongkhi khach hang muon ke"t thuc giao dieh boac eo nhileukha, nan,r1 bi trang,· taY.i vI BU: bien do,i ve bien lO1 .• ' .

~! iii _: __ _i:_: II, l1li

Cac van phon !.g.": ... ~ ,~,6iy." khong nha '1f"I' r ·a-- nen on !!.g ..... - .. nhan 11k,

_ a. Cit, " ',_.- [1._,:-,-, U' U,Q,.:,: , ,JJ"' __ "'LJ,,:_:! lLILJLJ._.-_,II, __ .. 1"' •• U-.". __ :,., ,',JL_, '_ ."L=[.,I.

-- - _. --

chOn.o. m,QC ng'oac vm nam ng"\l,m trong s6 ho, Ho hUB vM

E;! '-_ ,_j ~I ' - " __ -'! '!' ""

ong 1,8: ho Sf !CC) m,~t tai th~m di,em gi.a, xuat hien tren bang

gi . . NOt. each khac, hose cc ban cho ,ong 'ID'Q!t Ienh khop tuc thot.

VI, vay, Livermore quay tro led each gi.ao dich cu !eua ong dua vaotbong tin tren chtec bang gU1Y, thu nhon,g, mon ]¢ nho,trong nlneu glao dich hang ng,ay, .. Ong ph,a.f gay dung ,dUgl" sO von truoc khi co th,e quay lai Phc WaH .. 'Ong l~p r,a mot van phong nho co [lam may ,di,~"n nn ntH tructiep VOl ,C8l:C van phong ca ClfQ'C. [Ongglao dteh dUI01 motbi danh v~, D,ng van ~Iq b~ phat hien,. O'ng :cun,g: cat oat m,ay dl~n ttnkhac noi true U!ep vOim'Qt, nha w:Oi, gim chmh th:ong, fJ New York; 0,0 gi60g nhu thiet bj nhan tin hieu thong tmchungkhoan eua ,ong,~,ma dua vao do, oa jed Ian OD,g kj.,em chj ~,'()1 nhuan, lOng beptuc dau co tOihan trong namay bang [each nay va Ida, ktem all oe mua m,Qt ,chbe[c ,e) to. Ong, bat dau cai thten von d,au co cua mlnh. Nhung

90 ~. CHKT VI CHONO KHOAN

Cae van phong nay bat d:au vao cuoc chen VlOO Lreermore

'~'''''''']''i q"- Ui-lr "m, " I,O~' V···''; t ·b·-:,e;::· g.' •• nao dieh ie" 'u,"'I.a. . . on \i'OT' t "5if"ilg;ll i1':oln-·· 'u .. _ ...•. I".

lU",t, "_.~_:_,'_ - -,J' ' L ,L_. ,_. '_, ~, _~_''''''''''''J' ,I ;,.:_)liL--"_- ," ',_ ,~, __ ,'" ,,_ ~~'._ ,'.~ I U''''I:!!5J '_ .~~. _,';, ,Jl~" __ ,,, ',.' _

Livermore chap, nhan mua mot 06 phan Vim mot vith,e km

I I '., ~ ~ " '!I; '!Ii

va bten ilr~~,A>n van .. p .... hon "g- moi {filvjipe~" ;y. 'try ·th-',~ ban, ·b·-·.···a~'t ~ .. ,:,p- "

',_'__ i. "'.i,'V~ _ .• , .1,v.l 1,V . .I,.I..,I,1 ,.:.' J.' ~_:_ .. JLI, .. - .. , ",::-: ,._ ", " .Y", ~v,~, ~,_ V y-". I._,"~,.:_~~' !_~,_.~_:,,=, __ ,.,1, '_:,.,_., ft.IJ~"-':

ong duqc val dle'm, kht ong phlEd budap, Khi hQ (;:0 the:'cho"i nhu va,yth,anb cOng tht ,oin_g se bimat 'tl~en..

Nhun"g thuOng la oingth.ang.. 'Cuoi cung, khi vOn cua ong: du bm,On,g aao n,gU'Qc tinh the vm ho .. Ong: Um ra mQt. c:6pban ,cla. tUng nit DiEing 'QiQ' trongmot thm ·gian nhung hien Ida bi quen Ulllg va h.au nhukhong ,d'uqc ,,0 d~ch ~ mot 06 phan ugu quen.

Livermore nol may db~n t[nv,oo mot trong nam van phong ca CUllC 'Va 001: "Hay.rnua cho tOil mot tram eo,

b~ ,~, .'.... A •. ·•· .-.'" 81d- 1 . d '~F"< dichd >h·

pnan cuaacme VOO' ,10 "a",'p lagllaol~cr-uQ'C g ,,1

IGLi hin ,cuol cUing (lay'I~'., KIll nam van phong ea cuoc kh . a'~n.cg .... '."·. ·d-~ .. n ih .!' g ......•.. j. q, m nia cua cns ... ~.:f,. 11 a , ,.0 II! .A.A. '11'~ n .. g .... ·'.a··· ·.Y. r sa u d "Q"'~ .. '0". ·n!.··.lg-'.

J •• ' =» ,j ," ,~_ J I I "-~r ,a, " I ,.,' '~'" u, u- -"O! ,J,. ~,_- u ~ UV ~Q,.,; __:"._>i_"---' .. :' 0.-._ .. -_ '._ r ' ... '.-."_.,, '~

Sf lien lac vOl. nhamot o.'ljOl,tblatsu cua minh ·iJ New' York

'~I ,~~ ~ - ..

litE. F,. Hutton.

Lucnay OUd bb!t ran::.·· •• d O·la"m·· •• nua cua mtn •• · .• h 1fl, .·8 •••• ····.·1 A·nl~.

I,' ',. ~_,',. ~_.'" .I_- __ ~~.o .~ .. I,,'~~, ='·-~_'._.,O!" ,b~ I ,1',", ,',_, ',Q. ~,_I.Q, __ ,_' __ ,_IJi,_i,I~_I __ ' 1iU, 1_,_,1", U,'v IJQ.;Ji

Ong EH!~ noll vOi .. Hutton: "Mua cho tOI 100 co phan cua Acme v,m g;a y,eu cau 18. 85 do la", (lng, cho eho viecmua 0,01 hien r.a tren bang giay va ng:ay l~p tnc ban v~ the eua mmho cae van pho'ng ca CUt\?C dua va!og~a 85 dola, lai

pn 'i!i~(", ~'A"T': ,~c.1\ i"<i 'F t?'~NI.r- .~. 'S·'·-','C" 0

U\!J:~: U v,. I I v' U.n.~·" _ n~n,_·1 VL~"'-' ,".; :,,'.:~,;t.,.

thuc bondiem, tuc2,.OOO do, la, Sau -CI.'o, 'on,g se ,ket thue gi~u] dichiJ gi,a 85 do IavOi vi the 100. cd pbano' New York,

Livermorechoi va nay ViOl nero van phong tre'nvm Ian.

Sau ,all, that bat nga',~ ,ong:co, m'Ot van may bat n,gu: /mot CjO, phanma ,ong ch,otaa thue $1J' tang Jen .1 0 so vot gi,a, mua.()ngban ,600 CO, phan va kiem [01 6,.00'0 (1:0 la.Tuy nhi!en,~sau 'V\) .(), djchnay ~ nhtmg van phongca cuec tra hmh nay ,oa nhan ratro cua Ltvermore, Tal mot 'tron.g nam van,phon,g aiy, (l,ng ds .gap r,ee r6i kht o,ng den thu ti.en.

"Livermore, chnngtot se khong tra Uen ,a:nb,.Anhtta choi kham thi bUO:n,gi Anh d~, g,i,6,Q' djch dUOi ten giam,ao~~.

uEltmg: bU'Q,ctQ':i bjive nhung gi ong ,oa lam", Livermore

,Ii.· .... 'a·-ii'·li Mi iLl,'~ _!:. ll'V'l~1

"Anh a,a blH,ggla len. bang each mua a New'Yo:r:k .. Anh ta'n,g ,gla len n,g;ay saukht chung bJ'l chap nhan 'V1!th,e 'CUll anh, 'TlJ: anh ,da tan,gg~a len",

'~!Ong eho tcd -qua, nhieu tin dung. CElli ,a,au gia dcii ella eng ,d.s ,g~an,g vao b~d nhung .gj on,g colh,echu khong p,hai tot",

"Hay ra 'kb,o!t d.ay,.TOi ,(1,(\ nghe n,oi ve anh .. ' IU B,e t),au 'C.a'~ph~d,khong?' Nay" ae' ltbOn,g co hleu qua a day ,Q,au va anh sep fae: r'ot, rae roi 1011 oay.A:nh ,cf1ng: vm cac ban

h .:di"' ···h:- ," 1, .. ,L. ... , .' - th . tr .,~_gcn

,an. U.a cnot xnamtnr truong .

iii ',' -,0

wrolikb,(Jlng baa .g1e) dauc(J !c:un,g vM ban. Tcd.ch~ d,an co eho tal khoan rieng c'L1.a, ted va b)l bietdleud,o" Cl'ng: kh,on,g CiC! each neuJ'chlm,g·.l.'. mmh duoc Iuan dleu sajjhim,cuB! Minh

. ., I. ',"

92. I CHE'T vi CHUNG K.HOAN

"No clnrm ·c-·,· 'h" tn -g' d""':;"" ,to .... t-"'h' ,"", 1-.0 'd"~~' M" ...• , 'd' - '1'."

'0 C1l11mg m~lnl'! I rong nau lao" ie .a ou, I: lay da iua

,A? . h"'" .. ' t·· '! d ", i , n

nao enung lao O'~ .ay .

"Ong 001 mot doanh nghtep lon V01 nhieu van phong, . To] glao dtch mot mmh, To] hra dao ong·.·.· the qual nao duoe?"

-!II if' 1___,' ,!

"Tao khong b.h!t may da lam. nhu the nao nhung may da lam day".

"Ong chi noi la 'ong khong bi,et. Ong khong 00, bang chung, Ong chi: khong mudn dua cho 'toi nhung thu se thuoc ve tei." Lrvermore lat cao giQ,ng.

"May la thang chet tiet:r"

~~Ong se khong xua dUO:l 'toi bang each ma:ng tol ra 'rna chili. l--oi, , eo boa don trong tay khitng d.in.h ¥m ong .Ia phleu cua bJ:i de: mua boac ban cho tal khoan cua tat .. Giao dieh de ·~~t thuc, Ong no toi tten, :2.000 do lao Ong d~nh an quyt hit?"

'L' Ive rm . ore dang to t'l"e'-I"n'g': va darn don 'g: lat tu tap sa U"

... ,.:--: .. "''-'. :._:,.: ..... ,.<_I.'r-" "_,,;" .. ::_,,_~ '.".' 1.,.11"", ""_"1 '_': '. _:,,_ •• -'-'_">'., ,', ';_',' !"_< ,,:, __ ·~I._~ 11'11" :..·\.,I_~,: .,1 I-_--,·-".~.·I

lung. eng, MOt die'll rna cac van phong ca CUQ'C khong baa gi,a c1'uQc phep lam la khong tr,a het Uen chomot ,glao dtch da 'ket thuc .. Bot vi nhu vay, la tho nhan eo nhung .. hoat

if, - - .. , • i

d'Q,ng mo am ~ 100 don Sf vang xa va khach hang se rut lat

tat khoan tten mat hang loat, sau do la hlin loan" g~.6ng nhu mot ngan hang bl supde,

Imlang, Cu.oi cungnguot quan iy vOO too. 'ng.an keo ,de tie'n va Uiy Hen ra, Ong ta lay ti,en ra kht khaeh hang, quan sat. Ong ta gam gil v61 Livermore khi ong ta tra cho Livermore db la cu,oi cung: "Khongduoc quay trcy lai day .. D{rng baa. gib trolC:ll day 'I' Cau be thien tw, a", Livermore bo ti'en vao tui rbi roi d'L

fi '0. '.'. N·' .. G." i["1!;. A'·'·'['" 0·. '. '8·-·' A'· N···' 'F'· 'R' '/t 'N···· '. 'C"" '~'I S'···C-, '0-'·· . -I g". 3-'·

U'. " ':- 'U'; : ',I' '_", ,·1" ';1" I --I" I I I

',I" '.'" -._: ,_'_, _'_' '_ '_" . .1_, __ , t I, .. , I 'J""'~' ,_,- ', ', ,. III ~I ;0,.._ I~'_,i

(lng de: dfi.ng: thu fhuat ViOl hQ gUSn,g het nhu leach ho thlr,Ong duogd,e buy di'et hang tram khaeh h.a:ng ... nhrmg ntiU'm gtao dieh V(li btenloi monamanh va tu !Qong;.·. bi huy .. · .. ~ .. >

~ .' _ _-..!II' ",0, ., II!' ,'·1 !Ii' L

diet kh .• · th ·t··· '.~>. ',' ." ·h· .... ·.··· ... ·1 •.• h .. '. '

_ [~e, ~;l- lruong [cllongl~J~.ltQ,.

Dem dc '" -ll"'-c-'. -"~ C mmh " ,-~ ... - ... , ,'._"., t,."""'--- .- .. :. - ".'

l:iem no 0' _ ien xe eua mmn va cung VOl n!lltm,gngum

ban datu co oen N!ew York, Tren ehlol],g ,dtong van,sudung nhung thtl thuat ilillong dung cuammh -oieu d'ol dan oen met [Call ehu ; dW}Cua. thteh tron.g caccau chuyen Vie Cl[ng,!, v,e chuyen ong; d,a tlmg··~.··· d'ena,an dal hoe Yale nhu the MO"'"

_' ". ',.\ " ", ,.,_'< ,...'" . ,'-,', l,,_ ,-: " ".0' .. ', I ',' __ , ',.,' ", " I~;_<- ,._. "~_ t<~.·· - ; -'_"-'"" ,~, , _ _:, ',_:_ __ .. ~ .. ~_:,._~~,____:, ~._ '._:_,_, .. ~ ____: __ ~ "_'·._~·I~

r -"- - - ", ,"

Livermore va nhnng ngum ban cuaong d,img: [0 New' Haven va ngbii trongrnot.khachsan. Khl h91'o trong khaeh san, h'Q. danghe nor ve hoat d:'Qng, 'C'llam(Jt van phong ca cuoc trong th~ tran, SlJ' cam do! laqua len va horn sau hip vieng; tham van phong n,ay .. NgtID1 qudn [y van phong th~p' don hQI nOIn.g nlnet. Livermore mac mot b'Q quan ao thuoc da nhe. Ban, ong :m~c ao coc tay mau xanh v:a quan kakl, New Haven "La met truong,dl3i hoc U tht tran va n,guM quan ,ny ngay lap tuc nham he vm nhU'n,g sinh vien [0.(;11 hoc Yale. V,a nguot quaoiy quen v,61v]'ec lua d.ao 'ti'en cua nhung loat ngu,m thuec diji hocdoe,

Ng,ay dau tU~I1.~ Livermore choi de dat, V,a_ n,guoo ban lam an. cua Q[n.g cung chat theophuong cham ay. H:Q' fJ lai qua Ge'ID thu hal va ho xuat h:ien via sang hom sau, ngaykhi thttruOng 'New' York mo c'ua." H'Q choi ca ng,ay 'Va lQi nhuan cua Livermore oat duoe g:·.>"an I 500 ",,1,0, lao Vao n"a,aYi

~ ;I, II' - _-. 0 __

thu bav an van nhung.·~jbO do dep nhat cua smh vten

.' - - '. ~ : '., ~ .

truong nay, va [quay Iailan nua. Livermore bat ,aau ngay

horn ,,1'() bang vtec ban khong 500 ·()O, phan,.C"ophan 00 sut gta. va Livermore ng,ay lap nrc budap trang thall ban

941 CHET VI CHUNG KHOAN

kbo:ng.. Ngum quan ly ch . .;rm chap tratien: 5,00, ,d,o la bien [(}iv.a 500 00 la Hit

Kh]mQ;i'v],~c:boantat, nguoo quan 11' Uee nhtn :doim,at xanh (';ua Lfuvermore,tkbu:on m~t tre tum eUlm" 'Ina! toe vangcua ,ong.On,g ta quan sat phong tha;l ]~ch SlJ' 'va each V-9~; su ·.d,···,a·m·.····· tmh cua Ltvermore, Ong ta •. ·.··· kh "o~in"'g' con '1:~ mot

,.n..U .. '~ .1........ ..-, ..... ,.-.-.--.-----',-.-' .. '. "1' - .. -' ..• -" •. "-:,' .... , J,a .. ,.,.Q_

con. n.gum. n6ng nlnet Juan eb,O"tiem t'i,en to: nhnng slnh vi.en g,iau co va bat ican.nua~

Livermore ,aao He:n trong 'my va DOl: "TO] mudn ban kh6:n_g, 200 c()! phan eua Steer'.

,UOi quan ~y nhmtlen loong, lo,ng ban tay c:ua Uve_nnore

va : lam ,g)c:a .. Ong em. Uec nhm va, cuo,ll cungn1o&: "Cac

cau kbOng phru bi smhvten, (}Q pb,rukhOng?"

"Chung tOl chua ban ,g~cJ noi th1e .. ()n,g, tuttng Ia the thoi".Uve:rmore tra lot

. .

"Cac anh bi nhungk!c gian lan, nhtmg :~e gt,ol xo.ay si:l~ .,

~~C· •• ·· .• ·· •. 'hn .. n,·.g.· .. '.·.·· tn] la nhong, .. ·.:·.· .•• ·· k.!·~ la ... ,n·:·· ... -n'·h·:·;rm,g·.> .•... '. k"',e9 .(fi.·· .• ·o·~·-.'C ... · .. ' .. ·.··

........ " .. ' "V_ ~ .... ~--- -' ...... c:,'''-:'''' ';1' 1 . . .·UJ..J!.. ... b",,<l x.oay

,ser!' Neu dungthe, chung tot diA chotkham th~ 'truemg: theo :9 chnng ted. Olng c1a tbtiy rang chun,g, tied Uentvc ngofu 'oay, kh,ong gQid'i,en, khong 001 hanh vi bi an, khuJ'ng co tbu thuat nao",

"Cac anh :CO ID,ot co ch·e chten thang naodo, d.6 la Cal.

~. ' .. h .. ,~,t!;

'c'··"-'~[c·-··~ ~n -': IC"'1Q-""

.a" 'QJI;J. .... ... I I ' ••

~'I()ng da co met eo che cho cac khach hang thua cuoc.

HQ bi mat bet mcd . hQ!mat bien lot, Chung to:i aa ehm bangnhcmgquy tac .ay., Hay mua phieu nay v,M200 c:o; p,bancua. ,Ste'el!~.,

~'euung nhien ilia kbOln,g~,khong bao ,gla., Anh aft ep tot.

Hai ten kbcin ki,epe8.c anh ,daep tof~.

"Xem 'n,IO:V "tI'" 'L' ·~·~v·-:A;nn'''' "." nore ~l:'i.S'p·,

~: :_~'~ :',' .. _ .. Q:}' I~ !!I' ~ !I; ,____:_,I",' ~,~_: :_>~":" ,.,,-_,~_:.l ~ ilL. '~~ I, ,"!!!J

"Kh ",! on ••. ,." .. ,g.·.,,_· •• ".·,6 kh_IT:_!O_ 81'-"0' •. '.'".'.''''' x em •.• ··." .•. _· ' .• m.' .: """11. 'C •. '''.'a.-.'i.·.',.,._ H==,o.-.':"y" .. ,.· .. " .·~.' •• I'.ii, 11'",,-, 01.'''''.:.'1, kh •. no •. ~_ ••.. ·~.f"" g

" .1 • """""" ".0- - " ~,,,, - U Ul&,~ a ,,]Ii 'uay n:',ay

truoc ,khi tot n.~'i, nong",

HC'D Vie nhtr ,Ong ,ela, no,j nang".. Livermore n.(:1ii. kht thay netmat ong tacta cbuyen tu man ,do s;ang mau tta, 'lho,~ thlqC" chung t.om a,e dt".

~V'a ,U'Utl.g bao gia quay m~tU" .,Li:vern,lorengbe giQng het etta Q!ng takhi canh cUa de. clong;: sam 1Gilt sau lung"N,gUOl Iquanly ,dakh.onghoan toan sat trol'O,g s,uy doaneua mmh .

Livermore Ie fa, a,a 'ttm1Qihoc .. ~.hoc,cO! tai hoc

~ I~' '" L '!!' ,~i

Yrue,.Nhtm,g Livennor,e quan 'tam den mot trutmg d~ 'bQc

duy nhat .. Phd W,aIL

f)en gj,o' ,o'ng'oa mattrang haih1n, nhung ,oing b,i.et ring . do laeaeh duy ... ·.·•··· nhat mot 111m :coth.e hoc hOi trona. II:

:'. '!I' _ ,~, Ie] i,

dtiuca" B~ phai mat, bmVi no di\Y cho ban phm him gt va neu ban mat mot bmnu.a thl Inc Ido! ban Ii motke

",'" '.!!'

cham hi,~uva baneo Ute: se l~ml(it.D,en nay, o:ng aa phid

mal dithm ... ~nmQit nam do ao, lon,g co thmgian ,d',e S,UY" .•... ng .. ~-h.i venhfnlg··· ... · mOl. bim. ,da.micic plhm .

. ," ",I I,': ,I .,

- . , .

Ongtin rAnlg hie nay Q'n,g aa,sAn sang quay 'tra I~ New Y,ork,quay l@i Pha WalL

Trong hon 10 nam dau CO't' Livem.~ore da. hoe d'tft7ccac phuong phap cua ninrng nha chuyen men, nbung n,gum theo pbongtrao hb!n chuang va nhllng nha toan hoc, ta,L ,ea nheng iy thuy,etva ky thu~tgi,ao dieh duqc nhrm.,g

nguoo tot ng,hi'l~p tu cac truem__gky su thuong hang va nhtmg truong ky thuat phat trlen b My. IOlng tin, r.ang tal ea h:91 ,d:eu r,at xuat s.2lLC, nhung nhnng k,et luan cua 'Q'D,g:; d'eu duoc P'I -,hat tnen til: nhtmg g,~.',iao dtch thuc b~~ tu nh'Crng-;:

E . ":_. '.'-;-:: ''!!' III, . -1;

tham gta true nep vao thi· tru1ong: va nhung phan ttch lten

tuc, Phuong phapcuot eung cua ong d;a bat dau hmh thanh trong nao,

Ong Ga tin vao nhung di:eu co ban sau:

I: 'L' ·UI orr Iuon phan do an va danh g"~a~ 'c.'.-"a:IIC·' -1i~U kien

~ ~~. "-.:u I.,,", I. I, ",._ - I ,""',,,,' ._,'.' I ", .:.1 . ' .. '. '" . 1.:',: 'U',:_ .-~_ ~.:'":.:.: :. '_', ,JI:' . _:._' I -." _' U.I:~ I\J.\,(

chung truce va quyetdmh tuyen it batlei nhat, '£)01 la

mot thl trucng :e': ',A, 'x·'·u· 'h-"·~OTI·~.· g:; tang len hay o1·a?·m. - .. '

_._. ,,.,,.1 ... , ·'·'·.'.f' ,,-,'U'JLIl..:~.~: ··-.U """'''''~'_:-' ,:_ ..... y,I .. ....:. ... _ ... ~_,_.:' ''':_'''>:_'_<.~.' '~_:'_:":"_ ... ' .... _i!l;lj.._ ..... 0.::"""

xuong? Haydo lao tl:li truong bat bi'en ~ ,chuy~nd,Olng v:e mot phia, dang: CQ g~ang tu quyet dtnh?

• Neu xu huong chung eua tht truong khong theo y ban tht ban dang enOl a the hoan toan bat lQ1,. Hay nuong theo dong, c:h:uye'n 'thea. xu h·u6n.g va t1img: h .~', th . -~. tr- ,'- -_- .. - b ~

cl}eo ! •. uycn .·.·ongll.::ao.,

Livermore dang tim kiem. 8-\1' khae bi~t giua u chot bac' bang ,CO phan v,a "dau co" bang.c!6 phan, Va Qlng khong bao gia dung til '"thi tnrongdau co gi,a len;' bay "thi truong d,c}u '00' gta xu6ngi boo, vll nhan,g: thuat ngll n.ay se tao fa nhung dinhkien 118L,U dat ve. sau ..

·1 'II!

Bay .gJa Livermore chot I[} mot dau truongkhac hAn :C.J cac van phong ca ICUQ'C~ vaong biet ah!u ,a;o," ·d,o, la .I;y do. vi sao Ong da. ham lan hi tr.ang tay, Tho choi nay len hon rat nhieu va vi, v~y co nhteu rul ro han .. Truce khi Livermore giai quyetmot van Ide", ang, phai phat bU~u v,e van dee Ida va b)' dlnh nghta no mot each tru n,g thuc,

I '91

Die'u Ida,u nen Livermore phan ttch bay gia va, (~iln,g: chinh la ,dil~u 6ng Sf phan tich trong suet cuoc 001 con l~i - ,0:0 Ia pham trulithmg~an~'. Ong ket luan rang trong cuoe :s,on.g cO, cua 'Drng t~j, CBt,C vall p'ho:ng ca ,CUQ'C" olng, chi eo thot ,gian trong chcclat: nghla hi" Q:ng son,g trongkhoanh khac Ong co eft cuoc vaoktui nang n.hQng lue thi tru,fm"g Kay ra bien do,ng va phan tm"g vOi no tung phut, tfrnggiay.

Neu Cling muon th,a.ng u Ph~6 Wall" o:ng ,se ph,8.1 thayd'oi chien thu,a_tde neh luy'm't)t tam nhtn xa hon, ,o:e phan lln"g v,Ol tU011,g,IaL Oln,g sephai kien hi v,a tham gl,a vao th] truong ,. y ca kht gia ting hoacgtam ta,l y!eu, ong hanh Cf,Oin.g va sau do lalden nhan cho a~~i.

Ret luan cuo:i eungcua Livermore th~t ro, rang: tham gia van thi trutmg la tham gia chot bac: kien tri cho dQli, va phan Un,g:kbi, co 'tin hieu tham gia d,au eo' tu HI! truong,

Va ong ttn each duy nhat d~ thu bi:en phap nay va clnmg mmh cho chien thuat a Ph6 WaU1, la bang tten Livermore dla, dung trong cac hanh dong, nhung sat Vie thmdi~m .. , BaygiCr (Hlg thamgta tht tru,ong, vim mQt quan

d ~'.- _ .

. C'!i!em va phUOO1.g phap luan m.oo, ..

Ong da Iam ,dung mQi thu, nhungkhong ph,al, tot nlnr Q'n,g mong ,oQ1, vi hat ],y do sau: Co che aa,u (';0' eua ong van khOiIlg gJ:6n,g nhung gl olng mucin va ,ong van phai nghe thea nhQn,g ng~da.u co' Kung quanh khacThay vi cha rden mot 'Vii the chlenth,ang '()'n;g ]~i ban sau khl chi ,QuQ!C 1Q1i v,ai dIem. Ong chap nhanly thuy,et cua cbu nghm.a Mac: ~~AnhkhOn~g thle' phi, san ma phaiktemlot' nhu ]8; ttiet ly cua jninh. Ong cilngptull ehtu anti hui:tn,g b) nhUng

'918 I CH :ftT vi GH llNG KHOAN

phuong phap dau eo' ell ke tu nhung ng:ay ongeon chot theo Jdeu danh nhanh roi chuon, kiem 101 nhuan tnroc

'. ;t;

kJli thi 'truOn,g chong b;dong.Nbun"g can ban (16, la do rao

can ve thong tin tu nhang ngum ,daucO' khae anh h'uimg' ,de:n, phan dean cua ,D,.ng; nhung thu thuat trten mien, d,<1ic blet 1(\ tir nhung ngutri, ma ong nght lit nhang ngum GaU eo' '00 hteu bie't va ktnh nghtem.

Co mot nguOi dau ce, :mQt nguOi chan Ion nguM me. ICing d~c biet ngUCnlg mIQ". Ngum dau ca nay kh6ng ICO meo nao va ehidua ra mot l!(ri khuyen cho b,at kyai id~t cau hloi: Uf)lo ma mot th] trmJng: dan co theo gbi,le:nu hay UE]6 lamot th,l

truen ,"'" -'g", A'~,,'I'''I! C:'r'IJ' th neo rn,'-',·.:i, xuon "tt',':"" h" a'y" ~~,I::'\o· '11'). m,C'~,p.'t' thi '#'-""00" "g'" 1LJ..IU:Ull"!LI~,.~,, IUIClLu . _,-Vi :_,.: ,1.,,_;1yl b,~jQl, ,~:-:-, .. ~,.,: -"--'-'~~6 I ':'~. __ .~.~" LI,. - .. m ,I. ,ly1 _' ._; ::1. IU Ui~' ... II,~~ .. ,

mot phta, van chua quyet dmh oi theo huongnao", Bay ehmhla nhQng Uri khuyen ma SB'U nay Ltvermore 'van giu.

B,tty gto ong biel dw;i'C fang vtecdau tien can lam truce klu chot la phai X8,C Id!jnh xu huong chung cua thitruong .

. ~ M·~tkhac" mot khi da choi thi phat tinh den ketqua cua cuoc chot .. B,At buoc khOng duoc ban eho d,enkhi ong thay ICO ]y do ,d,e ban .~ neu xu huang chung ella thitruong 'ling hQOng va neu khong C:Oi nhtmg tmh hu6ng: g1am, nhe khae thl ' r 1f'- ~1o~ 'o~,n"c ,g,~,: ,·S" 'Ie- p h a':. i ehoi

_ ,. .J\J.l.l1, u,·... . .... "' __ ~., __ - _- :_.' :-- .. JL. 1IL..r., ... ~ .. .-.;.!Ii

,Olng, eun,g nghi1en ciru nhung n,gum thua 10,. Ong' chia nhungga khlCl nay thanh ba loai:

1. Nheng ngum moo, vao nghe ngu ngo c.han.g biel gl va hlp ,cfin,g tu nhan th~y, nhimg ho van, chot clnmg khoan, HQI chiu dllqt tir .8 den ,30 thang ..

2. Nhrmg g,a kho lo~i2 ,_ theo each g,Q'i cua Ltvermore 18. nhtmg ke khu kho nua mua - la nhung nguirt nhan

thong tin tit, nhrmg ke tham cht kho honmot bac, Ho aadi q ua g,-.llr:'iai doan kho khao ,d,8U nen va hten d'a

!!l _ •. -', '." !. --

chuyen sang ,gmai doan thu 2. H,9 tnch dannhUi1,g, cau each 'nl:'g .. ~;.o'~n-·- Vi(t.. thl ti.ru··~·.~,m,D'.··· va" nh nm . g.' ',i .. 'lim.:·i" d:i1a-:'y.""" eua

- ' _ _': _- __ '-- '_"'w"""'_'--' .,~ ""!fl' -_ .. , . 'I~I ,_" 11 •.. _ J I ..11....-., """',' .. " ,.,a,

cac bac hien trtet. HQ ,du thong mmh de chot lau hen so vCri, nhung :ngU':Oi khu kho lo,~ 1., H'Q chtu cluqc den khoang 42 thang,

3. Nlnmg k:e: khu khe loat 3. Ia ngum ho mong Idgi nhung mon boo, khi homua v,M gla re nhat va cho den kh:i ICOI phan phuc h.oi gja.HQ' v,an ,On cho den khi ho mua phat mot loai ,c6ph,an 'kholng, bao ,gjl(J phuc h!oli ,gla hay glfi cuglam mal.

M'Qt quy tac rna nhtmg k;e khu kho va phan Ion nhun,g k,e ,da.u cc khong bao gi,a' h9C"d'o, 18: khongla mot g,akh"o!

Livermore cam th,ay rAn.g a 'lhm I(U~m naytrong 9.U nghtep cua mmh thi (j;ng:vfut, la 'mot ga kho, nhung long lei mot g~a kh:u thuoc loai dlac biet, Ong tu g.'_·.Qi, mlnh lamot g.·· .. ·-a,

• ". .' Ii I' " __ ',!! I,_:__ II'

khoco da,u oc ,can than (a careful mike sucker] .. N'hOngga.

kho ca.n than nghetheo ng,UOi khac v,a ban kh6:ng ,de thu i'Qj,., D'e tranh ru'i ro, h'Q pih,ai thayduQC phan bi,en,d:'Qn,g ~tm, nhat cua eo, phan die:n ra khong theo y ho, H'Q cho ,d'e'n kht tut gi,a nhung die'u nay ,kh()ng bao gto xay ra hoac x~y fa qua nhanh ma he :ebuaiQp hanh ,dong hoac chi don thuan trong suy nght eua ho bi cd phan trio nen qua t. ,die mua Uep.,

Livermore da quy'et dtnh do 1,;1 nhon,g bien d"Qng ]00 rna.

O() th,e ,Idem duoe rat nhteu tlen .. N,eu o.ng dling va kj,(~:n

100 I CHET vi CHONG K,.HO.AN

nhan cho choden khi bat lQic'ua nhQng dao ,d'Q,ng va die'u chinh tleu c~c qua G'i thiong Sf: chien th,ang. Tat nhien IdH~u nay khong co nghla 'hi 'on,g se cUng nhac v,auI~]cho 'Qieukhi ghl th~ tru,imgg1lam manh, Quy t.a,c 10°/0 ,cr' cac van phong ca. cuoc theoong suot euoc dOl con l~i: nell ong mat 1,09(0 so vOl gjamu.a vao ban u, tht sau ,d~o (ling se khcd phuc lal vJ th:e eua rmnh,

'Dan dan" qua nhung phan tich sau va kY lu6ng"Uen tuc sua chua va true ttep tham gia mua ban cd ph an , Ltvermore ,d,ll miD' ra va ph at tnen cac quy talc .. nhungly thuyet co ban cua o'n,g ve th~ truUng: ehung khoan va th] (rulfmg hang hoa,

Sau ·do ong pha va mQ,i quy tac cua mlnh va g~y dung nen mot gia tai khon,g lQ~

~)ng ,gQ1i. dOl la (:SLU ehuyen rna. quai eua mmh. Olng rat thjchke, cau ehuyen nay cho caceon trat va cac ban be' eua mmh.

DOI]8 VElO mila xuan nam 1'9016" Livermore 29 tUOi dang, dr nghi bid thanh pho Atlantic. 'Ong 'O,a tfr bioI tat ca nheng 'Vi tn cua mmh tren th] truOng chung khoan v,a ng,hi ngot tat be bilen Jlersey vm mot ng'um, ban ,~ mQ,t nha dauco' khac, Tat nhien, 'ong van eo tat khoan a van phong cua

~

E.F'.Hutton. a do", 'o:n,g da mua mot so lugng lion. khoang

3 . .000 den 4.000 ,cO, phan ehenh leeh, vm gia trung btnh la 100 d]'o lao Die'u nlay nghia la ong ICOI :khd na,ng chiem duq:c tht phan v6i400.000d6 la .. Do la met tht truong co xu the phat trien a rmrctrung bmh bien Id!Qng cung Vl61 51) 'tang, lenmot each deu d~n cua eac iC,o phan.

M'Qt b·uoi. sang Livermore va ban ,ong cam tb,ay hot buon nen lang thang tDimQt chi nhanh cua :E,.F.Hutton tat thanh ph6 Atlantjc ,d,~ kii!'m tra th] truong .. Thi truong dang phat tri:en va ban ong co mot Vj tri thuanloitren th'i truong dau cogia len ..

"Thay chua, th~ truong 'vfmg gliB, dung nhu to,i o·a. noi, Haymua Cal gi do ,eI:] J.,L'~ .. Ban ,o:ng, not

Livermore im 12,'tng Idutl,g nhm eat bang gl.ay kht no luM qua eac ngon tay on,g.

"Anh theo chung bJ,l ehu J,.L?' Anh co nghe tOi noi, ,gl khong?"

Livermore nhu quen di ban mmh, Ong ttep tuc tm [~ng quan sat cai bang g'i.ay.,Trong, suet cucc dot da,u 00 cua mtnh, Livermore hiem kht b~ tac d!Qlng bai str bee ,d'o'='··,-n·lg.j- cac '1"· 1·'. n rh c ,,';,'m" nh ,ui':'·-n·g2 thol thu r. true 'g)l'a" c rna .o"'.ni!g~'

',_:- -_,'-', -,." !\",r,_, .. , ".- ~.' ·_,a,~,_" .!L,.IL __ ~~"-'_:-;-_·I '_ :__~,., - . .11_.-"",,, .,.'y.> ,-."""> -- ".u ',_, __ :',<,

kh,Ong hieu ro, Trong hall het cac truong hop, ongdeu khong theo eac cam gb3LC d,o, nhimg o!n,g luon theo do,i! ehung va hall nhu chung ell' dten ra, Ong khOng 'bh!t lteu (to co phai la sv: thieu minh man kbong kht dua ra nhtrng lua chon dua vaoktnh nghtem ttch luy ,dU9C sau kht .(1, I'a~d: d,U" !tr"O,N h ang t 'r1:'e-' ~ 'c',olfp,h-" .a1:: n h .0.' "a'"' , 'C""11'1· e: u lid,' A co nh ,6"i

. ,.1 '_ "1'- 'a,-', ~u , LQ.,Jl.I:::: '~ I ,Jl",,!_ UJ ',- "~,'':__' I,-~ '_.~,:__ _,:__.~ .,' ,- JL _ _; .. ~- ,~., '.- v _:_:_, ....:_.' Lr,,:_,~~a.l

18 m'Ot kh~u thuc gh,1C cua tam lmh hay khong, Co ·the do chi don glanla ban nang cua nguOri cboi bac, Ong bletno1khong tuan theo cac quy tac rna. olngda tung, nghien cuu va ap dung can than .. Nhung cam gisc ,ay khOng, tuan theo log,i.c: hay 811 ,giai thich. nhung ehung lUIQn ghlP (lng k·~~m. tten. Then thuc te~ ong khong biet do la cad quai quygm nhung no la mot d.'Qlng l\1'C ro, rang

A,a 'h';i,QIO·'·' h ,f1',o".n.'I.iO'.,' •. '. V,~; ··v'.,t"y·' •. - mot 'ni.·.·.g .• __ ;.'.,a>.'t.7.' •. , mua xuan nam 1,.'9· .•• ··".0,-;.··6."·"

u,"C '" Ol" _,'" _ U,.-O. 11:. . i;tl, ,. .' .' J ,'..', a, A" '" ,a , .'. "

O'""·n-·"g'.·· ,d···.··'·a .. 'i hanh ,d·,',:'o ... n"g··'····,

_ ,', :'.- -'-:' ,.'"_ ' I r 'L .[c;:_lI.,L~ .. I .. _'", "_' __ ""'-~~.' J' '.; __ ,:I~

Dng bUQ1c too ben vlen thuq: "Ban kh6n"g 1.0'00 ,cd phan Union Pactfte".

Ban ion__g tung 'bu,Crc too ben ,on,g: '~,J.,L~ sao anh lqJl, ban kh6ng?Thi trUOng ,da'ng tang: gla ca rna",

Livermore earn to" phieu Ienh va quansat ban long truce khi tra LM,: ~l(d k:h:Ong bielchfnhxac la vi. aao. '-;01 chi. ' 11 lamnhu vfl.y la dung".

"Anh btet di'eu gi d,a" phat .kh,Q'Ilg,?" Ban onghot,

"

Livermore biel ran,g neuong 1'10,1 cho ban btet hi ong eo,

11 t]oo mach nuoc thi bGtoO,ng se au too va lam, nhnng gl. ,Ong ,da lam .. " "Ban than 'men" tot d,a n'D'I ro]", toi khong co' ]y do r{) rang nao khi lam nhu v~y~'.

"Tot bietanh ,chA:ngbao gja lam vi,'~(! ,gl 'rna. khong (;0' .ly dc.Tren thuc 'te~ .anh '0.81 bao tOli la nn011g .ai d.au CO'ki1H)ng co mot k~ehoaeh phu h,rm. thldo, la mot 'keng:6c. B,ay.·· ... ····· g.;-i(J

~, "!'. y';~'~ ., I ,- ,

,.. - '. '.--: -_'-::.

anh lal bao tO'l lei anh kho,n.g co 19 do gi, (Ie ban cio phan

ngan han cua Union Pacific, ~., ban D,ng not, "Anh dang pha V{Y cae quy 'tae cuaehtnhmmh, riD rang: la. nhu v~y~t~

Livermore khongno; gtO'ng quay ng:uoo lat va buoc ted cno nguOO thu 'k:Y:!~B!an kh,Ong 1.,000 ,co, phan Union

P'Bl:cifm,c nua",

"Anh Bien n~dLivennore:. B,angay tfun. nang.th~t tho khong . khidai duon,g-.·· Iam anh dang .•. bi su.y··· ... r nhuoc tmh than r6iM•

I~ - - .• ~-. - - - - -- - - : , __ "."' I ~ - - " ~

uehling ta sf: di truoc khi anh lammet dleu gi khac ngu ngoe" .. Ban Q,ngnam canh tay on.g.

"Chc mot gia.y,,'~ Livermore noi .. Ongquay lal va ban khong 1.000. e,(l· phan lan thir ba.Oing bo phh~u lenh vao ttl] va theo b~no:ng ra ngoa,i phot nang: ..

Sau bu.6i chteu dio,ldd th~ tnrong .s.ap d,o'ng eua, iong quay 1~1 van phong mc)['i, diekH~~m tra gja, 100 ph cua Unton Paciftc, ·GIaaa tang gan hal dH~m so vm th01l altern

'. .. . ~

,Ong ban. khong, co phan ..

"!Thay chua J ~L .. TO] da bao anh rna, th] truo-n.g de. tang gI,a va anhda mat '6 ... 000 d,o la VI S\f n.go- . n eua mtnh" ..

Ngay horn sau'o,og (~uay lai vao (f,au g~a ehjjeu. C,Q,ph,an aA ta:ng nh~ cung vOi th] trtIDng nhun.g g .. ~. too lue d(j,ng cua thi ,06 phannay bat. dau ha gia. Livermore ban th~p 2 .. 000 co phan mra.

"Anh hoan toan ,dien rot, ,J.L""B,~n ongnot

uTOl ngh[ anh not dung." b,oo vi bay glo' to] phiU q;uay ]~i New York, TOil vim vuot 'q'U8! bien kn va toi can quan sat

it; . J it; ",

khoan da'U tu !(;ua to:i. Ky nghi cua tOi k.tet thuc fo,iu .•.

Livermore quay lat New York vao bUQlj, tti] do.

Bemd'o" ngay 18 thang Tunam 19,06, luc 5gia sang, trong '. kht L ii've;rm!'IIOlf",e- n hanh ch lo~,nlg':' dJi]i vao .•. g' iia~,c·.···· n .g .. CU·~' ry New

__ " "_.'~-' , __ = .. Jt _.J'.',_ JL_ ", •••• , ," •• L,'_,L.'J.!L. ", ']"'J"",':_." ',.J', ,_,Q, _ .. ~ '- '-',:-~ .. i .. -- V' '_"_" __ ".

_. .. _.-

York thl long d.at a San .Franciseo chuyen aQl1g.M,m dau

cham cham . ken am am, saudo la rung· •• :' oo'nO' d,ong' .. ' aat

••• ",,_'·.: ••• L ' .,~l ",;.'. ,H 'tji 1,".', •• I ',., , "I J L ,. " I'" . "'. , " , .. "" ,L" I" '. ,1,.'::"" ' "'",,' I.,I",E;,'~ "'~',~.'" '.',:_-::::: ,_"',, .'"

V'O' V1Jln lIDi motcon s,on,g ehan dong dum, :Iong (bit b,a,t.d·Au him, thanh phd rung chuyen, Nh1lng ke nmu San Andreas dang tudieu chinh va nhteu hnh hon khcngmay man ,oa hj wi lap trong chtec da d,ay dang co bopma hien chi con la (jail IQ,l,\C .• Nh1lng ngoi nhacao tang b:j rungchuyen, sup (1li, va roo Xllon,g .. KIln vue tat c'hinhgitJ chnn trong nhnng man 'he vu ' ..... n n on .0: bon ()j .,(f..:ri ·x<.e··~"li\l]f'a···' gtn.. b ,J san ·b.,ang···.. va .d-·11~I.g.,

I ... L I " •. ~ ,.1,.1, L" . "'-""6 - . ····~=O', oQ '= '_. LJ),~i_ .. :.~.'r=V' ... ~ ... QJ_.-- .. --.---~.,'_-_._.:--.! .. '_.-, .. __ U:V.iL,J.:,._:::.

raybixoan b~ti va be cong nhu nhfmg ehiec banh quy mem Xf)!an lai, Ti,eng ehuongnha tho" .. ' Ee nhirxa tan Palo Alto.Kh'u d~l hoc Stanford b!:l I, !. i. ,dQ,ng ,d.at [am S\lP Old. Rat nhieu nguoo. thtetmang.

B,u!O!i s,a,n,g hom sau Livermore IQQC: dong ttt tren baa "Tham boa !d,on:d.~.·c .. • d,at ,(J Sa'D Francisco". Ong ..• · ... ' doc tiep': "Hten

., '.' ,:5, :' ·1 !I' I, ;to;

't~£gia thitruang !d',agtam, v,w d.i~mu.

Livermore bH!t r,a:ng ttn xa,u vexuhu6ilg ehung cua thi truong dau,cQ' tang gta con laumot phai nhat trong long cong chuna so .. v0rii ttn 'x,.a~'u.1 'C·:U"'.:i1 tbi truenz dau co ,t1~:q, YU'I-01,n-H!1

U " ,:_:_ ~'i ~, - ... " '~I ~ - ," - V"Jj, '~. ~.~. '. -, .. ",. . - . - la, ', ... =L~' ., I ' , .Vi'~'LIO' U,Q - _J, ,v' !~I~aJ A- .. , _., 'Ie!

vi! XU hUOOlgwong tht trunng nay la tieu cue, Tren th1lJC te, tfuoc kht th] .trucmg a,ong ella th) 06 phan aa phuc hOii lai

.~ __ ,"",,_. _ _ __ , ,, __ ~ _ ", ,_, -: ":":.' ', __ :.. ;,' _ '_ _ '-! .. , ~ : __ , I ~,_ ;- __ .:fti!"J __ , ',,' -~.''- ',_-: ", . ,_,.' 2 • ,_' -_ ,,~J

ve cac muc cu LIvermore ban .khong ·0,.000 co phan

h •......••...•..... ~' •....... hoa vd . t •..•.• ....•..• •...•...•. d ·h"'" ·0-· ... khc .•...... l ... ;:'"

.nmmg on,g ._,._~(),a vontronggiao "~I .. ~C.·::. ,ay .. ' .. ':n.g .. i"ong ruem

d' ti""

, UO'C· •. ', ie'n.

- ;ii'

Ban D,ng cung !oa quay lam New York. Ong ta not "Anh eta dun,g ve cal ttn xau dang Id,enn'hung ted! da bao anh r,an.ganh khong {h,e ,oi nguoc hUIQn,g gl,O .. , Va d:ay la met

eon d~,r., co YU!I h I·]~!g ... !- '~',o"":t·I' r::;;:, 'r.o:I1 anh ,f!~ nen nghe It',A~ .JI 'L-;'

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~'Gio OQ,1 ehteu ,1~ Livermore nol khi dang doc f!a~ b,a,ng glLay" tha,n,S nguoc len nhm,

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