Addison Cammack
Pseudonym in Reminiscences: "Ursa Major" (the Great Bear) Active: 1860s–1890s, New York
The greatest bear operator of the 19th century. Cammack made his fortune repeatedly on the short side of the market, developing techniques that were decades ahead of their time.
His most sophisticated maneuver: accumulating a large short position in a stock, then staging an artificial rally by buying aggressively. This rally attracted public shorts who thought they were getting a good entry against an overextended move. Their eventual covering (buying to close shorts) would push prices higher — allowing Cammack to exit his long at a profit. He then reversed and shorted again from the higher price, with a larger public short base below him to cover against.
A second technique: using insider selling as a signal to go long. If corporate insiders were known to be selling a stock, the incoming supply would be absorbed by general market buyers. Cammack would position long, knowing the insider distribution would tighten the short-term supply/demand balance and allow him to exit profitably before the selling overwhelmed demand.
Cammack is cited in reminiscences-of-a-stock-operator as an example of a trader who operated from genuine understanding rather than tips or luck. He read conditions, understood who was on the other side, and made his plays accordingly.