The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History
| Author | : | |
| Rating | : | 4.88 (611 Votes) |
| Asin | : | 0385529945 |
| Format Type | : | paperback |
| Number of Pages | : | 320 Pages |
| Publish Date | : | 2013-07-01 |
| Language | : | English |
DESCRIPTION:
Fantastic Read! This is an incredible book about John Paulson, and in general, the trade against the housing market. This is a great read for anyone who is interested in how an investment thesis is constructed and executed.There were two pleasant surprises of the book:1. Cast of Characters - How different investors, besides John Paulson, also saw the similar trade opportunity and went for it. As the crisis unfolded John . "Greatest Tome On the Subprime Anti-Heroes" according to Paige Turner. "Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally." - John Maynard Keynes.If "The Big Short" theme was that Wall Street bond traders were corrupt and stupid and it was inevitable that they would blow up, "Greatest Trade Ever" covers the same ground but instead argues that it is nearly impossible to profit from a wildly out of consensus trade. . "Awesome read" according to blackpacific capital. Loved it. Finished it in a few days and looked forward to picking it up and enjoy the stories of what was happening behind the scenes of the Great Recession. Inspiring also to stick with your gut and research.
Initially, Paulson and the others lost tens of millions of dollars as real estate and stocks continued to soar. But others who got the timing wrong met devastating failure, discovering that being early and right wasn't nearly enough. Written by the prizewinning reporter who broke the story in The Wall Street Journal, The Greatest Trade Ever is a superbly written, fast-paced, behind-the-scenes narrative of how a contrarian foresaw an escalating financial crisis--that outwitted Chuck Prince, Stanley O'Neal, Richard Fuld, and Wall Street's titans--to make financial history.From the Hardcover edition.. He just wasn't sure how to do it. Colleagues at investment banks scoffed at him and investors dismissed him. Even pros skeptical about housing shied away from the complicated derivative investments that Paulson was just learning about. But Paulson and a handful of renegade investors such as J
The book is compulsory reading for those looking for exceptional insights on the complex forces that interconnect Wall Street, hedge funds and Main Street."--Mohamed El-Erian, Chief Executive Officer of Pacific Investment Management Co. It is also a surprisingly dramatic workIn The Greatest Trade Ever, Zuckerman skillfully shows how Paulson and a few cohorts anticipated a disaster and figured out a way to profit.”--BusinessWeek"More than a cinematic narrative of how Paulson and others figured out how to short the market. We’re also reminded of how opaque and illiquid some financial instruments are, how little Wall Street executives understood them, and how difficult it was for more knowledgeable bankers to say that the subprime emperor had no clothes."--Bloomberg"Zuckerman has a story to tell, a thread to follow, and it just happens to turn out that by following the saga of John Paulson, Zuckerman reveals all kinds of fascinating pe
GREGORY ZUCKERMAN is a senior writer at the Wall Street Journal, where he has been a reporter for twelve years. Zuckerman appears on CNBC twice a week to explain complex trades. He is a two-time winner of the Gerald Loeb Award for coverage of the credit crisis, the demise of WorldCom, and the collapse of hedge fund Amaranth Advisors, and he is a recipient of other awards. From the Hardcover edition.