Fooling Some of the People All of the Time: A Long Short Story

Fooling Some of the People All of the Time: A Long Short Story

3.8 9
by David Einhorn
     
 

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A revealing look at Wall Street, the financial media, and financial regulators by David Einhorn, the President of Greenlight Capital

Could 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

Overview

A revealing look at Wall Street, the financial media, and financial regulators by David Einhorn, the President of Greenlight Capital

Could 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 Capital
  • Illuminates how questionable company practices are maintained and, at times, even protected by Wall Street
  • Describes the failings of investment banks, analysts, journalists, and government regulators
  • Describes 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.

Editorial Reviews

From the Publisher
"Instead of stewing in private, Einhorn wrote a book "Fooling Some of the People All of the Time" about his six-year ordeal with Allied." (Daily Mail, September 18, 2008)

Product Details

ISBN-13:
9780470073940
Publisher:
Wiley
Publication date:
05/02/2008
Pages:
380
Product dimensions:
6.20(w) x 9.10(h) x 1.50(d)

Meet the Author

DAVID EINHORN is the President and founder of Greenlight Capital, a long-short value-oriented hedge fund, which started with $1 million under management in 1996. Over the ensuing years, Greenlight has generated greater than a twenty-five percent annualized net return for its partners. Einhorn is the Chairman of Greenlight Capital Re, Ltd. (Nasdaq: GLRE) and serves on the boards of the Michael J. Fox Foundation for Parkinson's Research and Hillel: The Foundation for Jewish Campus Life. Einhorn has pledged his entire personal share of the profits from Greenlight's short-sale of Allied and this book to charity.

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Fooling Some of the People All of the Time 4.1 out of 5 based on 0 ratings. 11 reviews.
Guest More than 1 year ago
Fooling Some of the People All of the Time catalogs the incredible events that followed the author's fast rising hedge fund and the investment community that attacked him after sticking his neck out in a speech. The investment community attached to protect its interests, which provides a good lesson in today's financial crisis. The book gives an informative look at the ins and outs of wall street, and the lengths people there will go to attack companies and individuals who attempt to uncover untoward behavior. It's a very interesting, if detailed, read and necessarily so. As an investor and fan of the financial markets, I don't typically read psychology books, but a colleague passed along The Emotional Intelligence Quick Book to me this week when we were discussing the chaos that has befallen the financial markets of late. I devoured that book! It's really great at revealing the role emotions play in ANY decision you make, and I'm a smarter investor for having read it.
Anonymous More than 1 year ago
Two sides to every story. However, have to admire Mr. Einhorn. Some bad guys in the mix but not all those involved with Allied and BLX deserve to be burned at the stake. If you know any of the players, it makes even more fun reading.
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