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

( 9 )

Overview

"This book is a must-read for any investor who wants to know how far some companies will go in their quest to keep the real story from coming out."
Herb Greenberg, Senior Columnist, MarketWatch.com

"In Fooling Some of the People All of the Time, David Einhorn, one of the great investors of all time tells one of the great investment tales of all time. This is a book in which you will learn about investing, short selling, and the politics of business. David is not only a great ...

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Fooling Some of the People All of the Time, A Long Short (and Now Complete) Story, Updated with New Epilogue

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Overview

"This book is a must-read for any investor who wants to know how far some companies will go in their quest to keep the real story from coming out."
Herb Greenberg, Senior Columnist, MarketWatch.com

"In Fooling Some of the People All of the Time, David Einhorn, one of the great investors of all time tells one of the great investment tales of all time. This is a book in which you will learn about investing, short selling, and the politics of business. David is not only a great investor, but a wonderful storyteller. I recommend it wholeheartedly for your brain and your pocketbook."
William A. Ackman, Pershing Square Capital Management, L.P.

"In the world of finance, as in the worlds of politics or science, free speech and open debate are essential. Sadly, our current system is rigged against bearers of bad news, and short sellers are an oppressed minority. David Einhorn's amazing story of scam artists, corporate doubletalk, clueless regulators, and sleazy lawyers is a gripping narrative. A great read."
Owen Lamont, Fellow, International Center for Finance, Yale School of Management

An unscrupulous company has cost the U.S. taxpayers hundreds of millions of dollars. As it has happened, our government regulators have been at best derelict and at worst complicit. The company is headquartered in the political power center of Washington, D.C., where it has established enormous influence that has protected it. It is a large customer of Wall Street, which predictably lends it strong support.

In Fooling Some of the People All of the Time, David Einhorn—founder of the successful hedge fund Greenlight Capital—takes you on a fascinating journey that begins with his discovery that Allied Capital's accounting appeared corrupt. This led to Einhorn describing his hedge fund’s short position in the company at a charity speech (go to www.foolingsomepeople.com to watch), and what follows is a battle for the truth that continues to this very day. The story would make for a great forensic financial mystery novel—except it’s all true.

If you think we're past the days of corporate corruption and financial fraud, think again. Fooling Some of the People All of the Time details the harsh reality of how the current environment on Wall Street not only allows for such behavior, but how it protects the companies that participate in such activities and attacks those who attempt to uncover them. This is a story about investing, business ethics, and how our government should—but often doesn’t—protect investors and taxpayers.

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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)
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Product Details

  • ISBN-13: 9780470073940
  • Publisher: Wiley
  • Publication date: 5/2/2008
  • Edition number: 1
  • Pages: 380
  • Sales rank: 484,943
  • 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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Table of Contents

Foreword.

Acknowledgments.

Allied Capital Stock Price Chart.

Who’s Who.

Introduction: The Spark of a Speech.

Part One: A Charity Case and Greenlight Capital.

Chapter 1 Before Greenlight.

Chapter 2 Getting the "Greenlight".

Chapter 3 Greenlight's Early Success.

Chapter 4 Value Investing through the Internet Bubble.

Chapter 5 Dissecting Allied Capital.

Part Two: Spinning So Fast Leaves Most People Dizzy.

Chapter 6 Allied Talks Back.

Chapter 7 Wall Street Analysts.

Chapter 8 The You-Have-Got-to-Be-Kidding-Me Method of Accounting.

Chapter 9 Fact—Or Maybe Not.

Chapter 10 Business Loan Express.

Chapter 11 Disengaging and Re-engaging.

Chapter 12 Me or Your Lyin’ Eyes?

Chapter 13 Debates and Manipulations.

Chapter 14 Rewarding Shareholders.

Chapter 15 BLX Is Worth What, Exactly?

Part Three: Would Somebody, Anybody, Wake Up?

Chapter 16 The Government Investigates.

Chapter 17 A Tough Morning.

Chapter 18 A Spinner, a Scribe, and a Scholar.

Chapter 19 Kroll Digs Deeper.

Chapter 20 Rousing the Authorities.

Chapter 21 A $9 Million Game of Three-Card Monte.

Part Four: How the System Works (and Doesn’t).

Chapter 22 Hello, Who’s There?

Chapter 23 Whistle-Blower.

Chapter 24 A Naked Attack.

Chapter 25 Another Loan Program, Another Fraud.

Chapter 26 The Smell of Politics.

Chapter 27 Insiders Getting the Money Out.

Part Five: Greenlight Was Right . . . Carry On.

Chapter 28 Charges and Denials.

Chapter 29 Charges and Admissions.

Chapter 30 Late Innings.

Chapter 31 The SEC Finds a Spot under the Rug.

Chapter 32 A Garden of Weeds.

Chapter 33 A Conviction, a Hearing, and a Dismissal.

Chapter 34 Blind Men, Elephants, Möbius Strips, and Moral Hazards.

Glossary.

About the Author.

Index.

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Customer Reviews

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Sort by: Showing all of 11 Customer Reviews
  • Anonymous

    Posted October 3, 2008

    A shocking expose

    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.

    2 out of 2 people found this review helpful.

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  • Anonymous

    Posted August 24, 2012

    Great book and makes easy reading

    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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