Fooling Some of the People All of the Time: A Long Short (and Now Complete) Story

Fooling Some of the People All of the Time: A Long Short (and Now Complete) Story

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Overview

Fooling Some of the People All of the Time: A Long Short (and Now Complete) Story by David Einhorn

In 2002, David Einhorn-one of the country's top investors-was asked at a charity investment conference to share his best investment advice. His response: short sell Allied Capital. At the time, Allied was a leader in the private financing industry with a reputation that had never been questioned. But Einhorn claimed Allied was using murky accounting practices to prop itself up. At the time of the original version of Fooling Some of the People All of the time, the outcome of his advice was unknown. Now, the story is complete and we know Einhorn was right. He was right again when in 2008 Einhorn advised the same conference to short sell Lehman Brothers. With a new and substantial epilogue, the paperback edition of Fooling Some of the People All of the Time provides a detailed conclusion to the gripping battle between Allied Capital and Einhorn's Greenlight Capital and describes how many parts of the Allied Capital story were replayed in the debate over Lehman Brothers.

Product Details

ISBN-13: 9780470481547
Publisher: Wiley
Publication date: 12/07/2010
Edition description: Updated
Pages: 448
Sales rank: 383,555
Product dimensions: 5.90(w) x 8.90(h) x 1.20(d)

About the Author

DAVID EINHORN is the president of Greenlight Capital, which he cofounded in January 1996. Greenlight Capital is a value-oriented investment advisor whose goal is to achieve high absolute rates of return while minimizing the risk of capital loss. Einhorn is the Chairman of Board of Greenlight Capital RE and also serves on the boards of Hillel; The Michael J. Fox Foundation for Parkinson's Research; and of the Robin Hood Foundation.

Table of Contents

Foreword xi

Allied Capital Stock Price Chart xiv

Who's Who xvii

Introduction to This Edition xxi

Introduction The Spark of a Speech 1

Part 1 A Charity Case and Greenlight Capital

Chapter 1 Before Greenlight 9

Chapter 2 Getting the "Greenlight" 13

Chapter 3 Greenlight's Early Successes 23

Chapter 4 Value Investing through the Internet Bubble 33

Chapter 5 Dissecting Allied Capital 43

Part 2 Spinning So Fast Leaves Most People Dizzy

Chapter 6 Allied Talks Back 55

Chapter 7 Wall Street Analysts 65

Chapter 8 The You-Have-Got-to-Be-Kidding-Me Method of Accounting 73

Chapter 9 Fact-or Maybe Not 81

Chapter 10 Business Loan Express 97

Chapter 11 Disengaging and Re-engaging 105

Chapter 12 Me or Your Lyin' Eyes? 111

Chapter 13 Debates and Manipulations 121

Chapter 14 Rewarding Shareholders 127

Chapter 15 BLX Is Worth What, Exactly? 135

Part 3 Would Somebody, Anybody, Wake Up?

Chapter 16 The Government Investigates 145

Chapter 17 A Tough Morning 157

Chapter 18 A Spinner, a Scribe, and a Scholar 165

Chapter 19 Kroll Digs Deeper 171

Chapter 20 Rousing the Authorities 179

Chapter 21 A $9 Million Game of Three-Card Monte 193

Part 4 How the System Works (and Doesn't)

Chapter 22 Hello, Who's There? 213

Chapter 23 Whistle-Blower 223

Chapter 24 A Naked Attack 237

Chapter 25 Another Loan Program, Another Fraud 245

Chapter 26 The Smell of Politics 255

Chapter 27 Insiders Getting the Money Out 265

Part 5 Greenlight Was Right ? Carry On

Chapter 28 Charges and Denials 275

Chapter 29 Charges and Admissions 283

Chapter 30 Late Innings 297

Chapter 31 The SEC Finds a Spot under the Rug 311

Chapter 32 A Garden of Weeds 319

Chapter 33 A Conviction, a Hearing, and a Dismissal 331

Chapter 34 Blind Men, Elephants, Möbius Strips, and Moral Hazards 351

Part 6 Epilogue

Chapter 35 Looking Back: As the Story Continued 359

Chapter 36 The Lehman Brothers Saga 361

Chapter 37 If They Asked Me, I Could Write a Book 367

Chapter 38 Just Put Your Lips Together and Blow 377

Chapter 39 Some Final Words to and from the SEC 387

Chapter 40 The Last Word 397

Glossary 401

Acknowledgments 407

About the Author 409

Index 411

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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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