- Gebundene Ausgabe: 400 Seiten
- Verlag: John Wiley & Sons; 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. 394.610 in Fremdsprachige Bücher (Siehe Top 100 in Fremdsprachige Bücher)
- Komplettes Inhaltsverzeichnis ansehen
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)
"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)
"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
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... ›
Sehr empfehlenswert wenn auch manchmal sehr spezifisch in Bezug auf amerikanische Aktiengepflogenheiten...
Die hilfreichsten Kundenrezensionen auf Amazon.com (beta) (Kann Kundenrezensionen aus dem "Early Reviewer Rewards"-Programm beinhalten)
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"
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.
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.