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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)
"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)
-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)
Synopsis
"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.
David Einhorn is a man who believes in checking out companies carefully. When he saw that Allied Capital wasn't following accounting rules and was making lots of bad loans, he smelled an opportunity to make money as the company collapsed. After investing, he had an opportunity to share his idea at a charity event. Allied Capital's stock quickly dropped in response.
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.Lesen Sie weiter... ›
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„short seller“ sind ja eher als Buhmann bekannt und werden mit Krisen an den Finanzmärkten in Verbindung gebracht. David Einhorn stellt in wunderschönen Kleinigkeiten dar, dass diese Spezies offenbar zu den wenigen Menschen auf diesem Finanzplaneten gehören, die noch rational denken und handeln können. Das Buch gibt einen sehr guten Einblick in die Details überforderter Regulierungsbehörden. Die Lektüre ist jedem zu empfehlen, der verstehen will, warum wir nicht mehr Regulierung sondern kompetentere Regulierung brauchen.
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1 von 1 Kunden fanden die folgende Rezension hilfreich
4.0 von 5 SternenThis is a brilliant book and an excellent story12. September 2016
Von
Peter Schaeffer
- Veröffentlicht auf Amazon.com
Format: Taschenbuch
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This is a brilliant book and an excellent story. However, to understand the story, the reader needs a background in corporate accounting, SEC rule-making, securities valuation, hedge funds, etc. David Einhorn is actually a very talented writer. However, the book may not be comprehensible without the required background knowledge.
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.
1 von 1 Kunden fanden die folgende Rezension hilfreich
3.0 von 5 SternenGood but LONG (and overly detailed) account of Einhorn-Allied battle11. Dezember 2014
Von
Banquero
- Veröffentlicht auf Amazon.com
Format: Kindle Edition
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Full disclosure: I am a big David Einhorn fan. I have followed his career from Allied to Lehman to Green Mountain Coffee Roasters, and I listen to or actively search for transcripts of his speeches at investor events/conferences.
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"
1 von 1 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 SternenMust read for young accounting/finance professionals1. Mai 2016
Von
x0nalo
- Veröffentlicht auf Amazon.com
Format: Kindle Edition
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It simply linked up everything that I learned back in college to conquer the exam but never really appreciated: fair value accounting, held to maturity, loan provision, internal control, tone at the top, tax distribution. I smile when those nerdy words sparkled in the book and caught my eyes.
This book demonstrated the bad part of the system: firms with dishonest culture, ineffective regulators, reporters and analysts who are either incapable to figure out the truth before giving out some B/S or simply simply don't care. And it makes me to appreciate the opportunity to work in a company with a positive culture.
It also raises question for any responsible citizens: how had the government agencies and financial markets improved over this past decade? Should we be satisfied with the seemingly peaceful daily life? Or should we always take precaution against some of the systematic and idiosyncratic risks that never got resolved?
Thanks the author for all his efforts writing this book. The feeling I have now after finishing reading?
It was bad, but there's still hope. Because the truth is under the sunshine.
2 von 2 Kunden fanden die folgende Rezension hilfreich
"Fooling Some of the People All of the Time" is an eye-opening book that tells the story of hedge fund manager David Einhorn, Greenlight Capital, high profile short position in Allied Capital and the drama that resulted from it. The book is highly technical and not intended for an audience unfamiliar with financial statement analysis and accounting standards. There are a few reviews that state that Mr. Einhorn failed to make his case of Allied Capital's fraud, but I vehemently disagree, I though Mr. Einhorn discussed the inconsistencies and fraud he found in great detail.
The book itself is like watching a car wreck, you just can't look away. Despite its highly technical nature, I couldn't put the book down and finished it in only 3 days. Given the events of 2008 and 2009 the author sheds light on the many flaws with our regulatory system and the generous treatment of companies that invest significant amounts of money to lobbying efforts. Honestly it's disturbing. The book really opened my eyes to how often time these big collapses, failures, and frauds do get detected early but are often suppressed by the very agencies we expect to regulate these events. I highly recommend this book to anyone who invests in the market and is interested in understanding the nature of hedge funds and short sellers beyond how they are portrayed (often inaccurately) by the media.
5.0 von 5 SternenVery important book for people to read16. Juni 2017
Von
Leigh Banuelos
- Veröffentlicht auf Amazon.com
Format: Kindle Edition
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I liked all of the detail -well most of the detail -some of it was a little hard for me to follow because I'm not a short seller. It was a real eye-opener though about how our capital markets seem to be becoming more and more corrupt. It is very concerning, and I think that the more people that are made aware of it the better. This book is a good start.
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