Livermore fascinates me, even though he is largely forgotten today. There is no better book on the real operations of the stock market than "Reminiscences of a Stock Market Operator"by Edwin LeFebre. I re-read it at least every two years or so and I always learn something new. Yes, he did commit suicide, but that in no way diminishes the lessons in the book; actually, it makes them more poignant.
SO he bought into a dying business like railroads. It's kind of like investing into Garmin today. Company that has nothign to offer for upside. If your smart and invest in solid companies with a variety of revenue sources you will see profits from long term investments.
So yes you need to do your homework and not be lazy.