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| Title | : | Fooling Some of the People All of the Time, a Long Short (and Now Complete) Story, Updated with New Epilogue |
| Author | : | David Einhorn |
| Book Format | : | Paperback |
| Book Edition | : | Anniversary Edition |
| Pages | : | Pages: 426 pages |
| Published | : | December 7th 2010 by Wiley (first published May 27th 2007) |
| Categories | : | Economics. Finance. Business. Nonfiction |
David Einhorn
Paperback | Pages: 426 pages Rating: 4.01 | 3246 Users | 140 Reviews
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A revealing look at Wall Street, the financial media, and financial regulators by David Einhorn, the President of Greenlight CapitalCould 2008's credit crisis have been minimized or even avoided? In 2002, David Einhorn-one of the country's top investors-was asked at a charity investment conference to share his best investment advice. Short sell Allied Capital. At the time, Allied was a leader in the private financing industry. Einhorn claimed Allied was using questionable accounting practices to prop itself up. Sound familiar? At the time of the original version of "Fooling Some of the People All of the Time: A Long Short Story" the outcome of his advice was unknown. Now, the story is complete and we know Einhorn was right. In 2008, Einhorn advised the same conference to short sell Lehman Brothers. And had the market been more open to his warnings, yes, the market meltdown might have been avoided, or at least minimized.Details the gripping battle between Allied Capital and Einhorn's Greenlight CapitalIlluminates how questionable company practices are maintained and, at times, even protected by Wall StreetDescribes the failings of investment banks, analysts, journalists, and government regulatorsDescribes how many parts of the Allied Capital story were replayed in the debate over Lehman Brothers"Fooling Some of the People All of the Time" is an important call for effective government regulation, free speech, and fair play.
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| Original Title: | Fooling Some of the People All of the Time |
| ISBN: | 0470481544 (ISBN13: 9780470481547) |
| Edition Language: | English |
Rating Regarding Books Fooling Some of the People All of the Time, a Long Short (and Now Complete) Story, Updated with New Epilogue
Ratings: 4.01 From 3246 Users | 140 ReviewsAssess Regarding Books Fooling Some of the People All of the Time, a Long Short (and Now Complete) Story, Updated with New Epilogue
David Einhorn manages a hedge fund whose strategy partly consists of pinning incompetent or fraudulent companies and betting against them. This book centers on his fight with Allied Capital, one of the fraudulent companies. Fraudulent data turns Einhorn on like a full-fledged disco party turned on the Bee Gees. Seriously, you can feel his excitement about the numbers bubbling over on every page, and, to be honest, much of it is skim-worthy. Because it's just data data data.And still, this bookJesus Christ.This book is so good. Who knew David Einhorn was such a beast at writing? This is investing at its best. Unfortunately the outcome wasn't a quicker/cleaner one.This is a must-read if you are interested in:- hedge funds- short selling- investing in BDCs and specialty finance companies- what a shithole various US government agencies areMy version of the book was old and didn't have the epilogue... but the TLDR is basically: Allied Capital went BK and was acquired by Ares. BLX is still
To some, David Einhorn presents a convoluted argument regarding Allied Capital (the book essentially is a 400pg short investment thesis) - but I think if one takes the time and effort to digest and follow his train of thought (and read up on accounting theory), Einhorn's tenacity, intensity and research prowess shines through. He is incredibly thorough and detailed about the financial shenanigans that Allied Capital engages in, and to aspiring securities analysts, there is no better example for
Kind of boring since it's about forensic accounting and technical investing (ie shorting a stock). But, the stories about the practices companies will engage in to crush outside dissenters (ie Einhorn) and appear better financially to the general public is a warning to any investor. DYODD, Investors be wary of management.
The first part of the book was good.Note that I bought this book in hopes that I would learn some techniques on how to spot companies that are dishonest to their shareholders. I got a few information, but most of the book felt like it was either trying to be a mix between story telling, informative and a rant.Unfortunately, I got very few points from this book because the book was written (and structured) very poorly. The information inside this book is not friendly towards people who have no
The first part of the book was good.Note that I bought this book in hopes that I would learn some techniques on how to spot companies that are dishonest to their shareholders. I got a few information, but most of the book felt like it was either trying to be a mix between story telling, informative and a rant.Unfortunately, I got very few points from this book because the book was written (and structured) very poorly. The information inside this book is not friendly towards people who have no
An historic account of how Einhorn shorted a stock and then went through the lengthy process of proving that the company was in bad shape. When everyone has a vested interest in looking the other way, it can be difficult to prove that a company is mismanaging its finances and lying to its customers. That is exactly what was happening and the company deserved to be shorted. The read itself is full of minute details, hence it takes some focus to chew through this interesting, but at times a little
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