- Gebundene Ausgabe: 400 Seiten
- Verlag: Wiley; Auflage: 1 (27. Mai 2008)
- Sprache: Englisch
- ISBN-10: 0470073942
- ISBN-13: 978-0470073940
- Größe und/oder Gewicht: 16,1 x 3,6 x 23,6 cm
- Durchschnittliche Kundenbewertung: 3 Kundenrezensionen
- Amazon Bestseller-Rang: Nr. 117.531 in Fremdsprachige Bücher (Siehe Top 100 in Fremdsprachige Bücher)
- Komplettes Inhaltsverzeichnis ansehen
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Fooling Some of the People All of the Time: A Long Short Story (Englisch) Gebundene Ausgabe – 27. Mai 2008
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"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)
"Fooling Some of the People All of the Time" is the gripping chronicle of the ongoing saga between author David Einhorn's hedge fund, Greenlight Capital, and Allied Capital, a leader in the private finance industry. Page by page, it delves deep inside Wall Street, showing why the $6 billion hedge fund decided to short shares of Allied Capital and how Allied responded with a Washington, D.C. - style spin-job-attacking Einhorn and disseminating half-truths and outright lies.Alle Produktbeschreibungen
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This book describes six years of battling to get the story out of what he had learned, to persuade regulators to crack down on Allied Capital so the rules would be followed, and to stop any illegal activities at Allied Capital. The book is written from Mr. Einhorn's perspective.
Along the way, Allied Capital decided that it had to discredit Mr. Einhorn's allegations and his motives.
After many years of battling, Mr. Einhorn learned a number of important lessons:
1. Policing small capitalization companies is a low priority for reporters, analysts, institutional investors, and regulators.
2. If a company keeps paying a dividend (even if it's not smart to do so), many individual investors will be attracted and will be loyal.
3. The Small Business Administration is more interested in shoveling out money to small businesses than it is in ensuring that fraud isn't being perpetrated on the tax payers.
4. Wall Street investment banks will help defend any company that pays a lot of fees.
5. With enough new capital, large mistakes can be smoothed over.
I'm sure that if he were faced with the same investment opportunity today, Mr. Einhorn would run rather than take a short position.
I highly recommend this book to people who learned about perfectly efficient markets and active, honest regulators in school. "Let the investor watch out for himself or herself" would be a better motto in describing the capital markets.
This book will be boring to those who want to a quick take. But you need to read all of the misrepresentations, misstatements, and personal attacks to get a true sense of how the game is played.
If you want a more recent version of this problem, just look at securitized mortgages.
Thanks for sharing, Mr. Einhorn!
Sehr empfehlenswert wenn auch manchmal sehr spezifisch in Bezug auf amerikanische Aktiengepflogenheiten...
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The value of the book, is not actually the tale of accounting fraud at Allied Capital (ALL-ARCC was/is the ticker symbol for Allied), but the larger tale of corporate malfeasance in the years after 2000. Of course, there are some political aspects to this (not emphasized by Mr. Einhorn). The general shift towards deregulation of Wall Street, played a major role in this disaster. Of course, Wall Street deregulation started before Bush (under Clinton), but Bush embraced "Wall Street Crazy" and took America over a cliff. Sadly, any number of politicians (from both parties) protected both Allied Capital and Allied's "borrowers". An astute reader will even find miserably predictable stories of immigration fraud in this book.
Toward the end of the book, Mr. Einhorn recognizes the big picture and sees that Allied Capital was just the smallest part of a larger decline in prevailing standards of corporate conduct. The big picture (as outlined by Mr. Einhorn) is real value of this book. Perhaps the greatest disappointment is that Allied was never held accountable for its misdeeds (by the government), nor have the much bigger players since the crash of 2007/2008.
That being said this book was just ok and could've been better. The book starts off with a few chapters of background info on Mr. Einhorn. his early years, his entry into finance and the founding of his hedge fund Greenlight Capital. All good so far. Then he gets into his short on Allied. It starts off just fine as Einhorn goes into his speech the response back and forth from Allied and his investigations into the fraud. Then about 40% into the book the tedium sets in. The book goes from being a good read on the events between Allied and Einhorn to a highly detailed documentation of the fraud. And when I say detailed I am talking a mind-numbing level of minutia. Halfway through the book the fraud is already well evidenced and yet he continues to provide loan level examples of Allied's misdeeds. You really don't need to know about every loan to vietnamese shrimp boat operators or fraudulent Detroit small businesses to understand that Allied was doing bad things here. One or two examples and you quickly get the point.
And I get it, the book was written when Einhorn was still getting criticized over his long running battle with Allied. And so Einhorn must have felt that he needed to provide a ton of evidence to prove his claim. But that still doesn't stop you from thinking "I GET IT THESE LOANS SUCK LETS MOVE ON!!". And this is coming from a guy who works in the financial markets who deals with massive spreadsheets daily.
Despite the massive level of detail, this is still a good book for those who actively invest in stocks (or those who like to read about fraud). The levels management will go through to protect their own interest is spelled out in this book. Also complicit in this case is investors who willingly turned a blind eye as long as their dividend payments came through. This book is a great example of why due diligence should always precede the purchase of a stock, and just because someones opinion or position runs contrary to your own don't ignore it, look deeper
I wish I could give this book more stars but the overly detailed account drags down the good story. To be fair the subtitle of the book is "A LONG short story"
Since their arrival, hundreds of years ago, the capital markets have evolved organically as generations of humans have gradually built the markets to transfer the ownership of the world's resources from the few, privileged families who once controlled the world, to the many. In the process, these markets have improved the visibility and transparency with which we are all able to observe, understand and influence the critical decisions which result in the eventual allocation of resources. As a result, the improvement in allocation of resources toward serving us all as individuals has delivered previously unimaginable improvements in human well-being and freedom from oppression and exploitation by those few at the top of the pyramid. And yet, while these improvements are real and remarkable, the progress made possible by the organic evolution and functioning of these capital markets continues to be held back by people who claim to be protecting us and serving us.
I've long wondered whether those people, who work in the many organizations and agencies identified in this book, are inherently 'evil' and desire to prevent humanity from obtaining the benefits which could be made available to all by enabling the ongoing development and expansion of capital markets in the developed and undeveloped world as they regulate the few who seek to control and regulate the many, or are simply 'clueless' and fail to understand and recognize the role that capital markets play in bringing these benefits (in spite of overwhelming evidence visible to anyone who travels from the developed (where capital markets have grown and evolved) to the undeveloped countries (where the power-hungry have successfully fended of the organic development and influence of local and international capital markets)). With this book, I now see that it is a combination of both, but there is much more of the former behavior than I suspected in the journalists, analysts, regulators, supervisory organizations, and throughout the government in the USA.
Given the evident greatness of the US economy and society in relation to so many other countries, I can only conclude that these problems are even more pronounced in many other countries. Only by exposing this behavior, and demonstrating how it undermines the functioning of the capital markets upon which so much of our modern material well-being depends, can we hope to continue to progress and enjoy the phenomenal benefits that await us as these markets deepen and improve. David Einhorn's contribution to this ongoing improvement is enormous, and yet will go almost entirely unnoticed by the billions of beneficiaries of his efforts. Even more unjust, a very vocal few of those beneficiaries will continue to declare him and other similar hedge fund activists to be the villains, while they themselves hypocritically work against us all in the name of 'protecting' us.
(Typed on a phone, please excuse the typos)