Jake's View | Why China’s market regulators love to hate George Soros so much
Casting blame is convenient for the China’s state apparatus
In his speech to senior CSRC officials, [new chief securities regulator Liu Shiyu] said the commission’s main tasks included... checking for market manipulation, as well as actively guiding funds into the stock market...
Business, February 24
If you have not heard it from me before, the absolute classic on playing the market is Reminiscences of a Stock Operator by the early twentieth century American speculator, Jesse Livermore.
Livermore is otherwise famous as the man who, on being mistakenly invited to a distinguished literary event and asked what he thought of the French novelist, Honoré de Balzac, replied, “Dunno, m’am. Never deal in them penny stocks.”
Livermore’s forte was the bear raid. He was dubbed the Great Bear of Wall Street and he did indeed make a great deal of his money by shorting the market, sometimes very heavily.
But he rarely, if ever, did it to manipulate the market. He was simply better than most other players at foreseeing which way the market would go and taking advantage of this insight to place his bets that way before others did so. Today we would just call him a very big day trader.