[Ebook] ➩ Fooling Some of the People All of the Time ➯ David Einhorn – Buyprobolan50.co.uk


  • Fooling Some of the People All of the Time
  • David Einhorn
  • 14 May 2018

10 thoughts on “Fooling Some of the People All of the Time

  1. says:

    David Einhorn manages a hedge fund whose strategy partly consists of pinning incompetent or fraudulent companies and betting against them This book centers on his fight with Allied Capital, one of the fraudulent companies Fraudulent data turns Einhorn on like a full fledged disco party turned on the Bee Gees Seriously, you can feel his excitement about the numbers bubbling over on every page, and, to be honest, much of it is skim worthy Because it s just data data data.And still, this book had me sitting upright the whole way through because Einhorn s fight with Allied gets pretty heated From flat out lying to journalists about their numbers, to breaking into Einhorn s private phone data, Allied pulls some crazy stunts to keep afloat.Einhorn s argument in this book is twofold One, it s that ...


  2. says:

    This is either a very in depth case study or a tedious recounting of someone s side of the argument in a years long battle to expose a company s wrongdoing, depending on whether or not you are interested in the topic and very familiar with how businesses and investing work It s the story of a battle between a hedge fund manager who short sold a company s stock and publicized it and that company s reaction The author is extremely detail oriented, which means that every time the company fails to discount the value of debt it carries and continues to list the value of the debt at cost, you are going to hear the details, even if similar things happened earlier in the story and the similar events could be summarized.This means that if you want to know exactly what happened, you ll get the details you re looking for However, if you re looking for a compelling story that helps you to understand and evaluate what s going on then you re better off looking for a book by Michael Lewis The Big Short, Liar s Poker There s a good story here, but David Einhorn is not a professional author and it shows as the reader must gather the story arc from the mass of detail So the three star rating is really a four star rating if you re a student of business or investing averaged with a two star rating if you re a reader with a casual interest in the business world.It s too bad the story is longer and detailed than it needs to be to get its me...


  3. says:

    I m a big fan of David Einhorn, both his investing skill and his integrity And I m sure he is somewhere between 90% and 100% right on his fight with Allied Capital But in general, what is the purpose of reading an extremely detailed account of a years long scuffle between two parties which is authored by one of the parties A book like this just cries out to be written by a third party It might say exactly the same things, but it would be different coming from someone not in the fight Also it was basically just boring at times as ...


  4. says:

    Jesus Christ.This book is so good Who knew David Einhorn was such a beast at writing This is investing at its best Unfortunately the outcome wasn t a quicker cleaner one.This is a must read if you are interested in hedge funds short selling investing in BDCs and specialty finance companies what a shithole various US government agencies areMy version of the book was old and didn t have the epilogue but the TLD...


  5. says:

    This book is really two disparate parts welded together.The first, quite enjoyable, section of the book describes Einhorn s start in the hedge fund business If you have an interest in fund management, you ll get a lot out of how he put his first fund together and quickly rose to prominence with spectacular performance out of the gates The book provides a detailed behind the scenes narrative on his early investment decisions and how each investment unfolded in the context of the overall fund The main takeaway for me was the importance of gauging roughly where in the cycle the overall market is based primarily on valuation and confidence levels and positioning one s long short ratio accordingly Note that doesn t imply taking an all or nothing stand on the direction of the market which can easily become irrational in the short term but it does imply overweighting the part of your portfolio which is most attractive i.e the longs during times of panic and the shorts during times of exuberance By keeping both long and short exposures, the investor is still able to profit if the market moves against him This thinking helped Einhorn do well during the dot.com bubble years and the subseque...


  6. says:

    I loved this book.This book is not just a book It is a public service It is very eye opening and disheartening and heroic look at corporate greed, market manipulation, colossal regulatory and media failure, all at the same time.If you have a naive view of the virtue of the free markets, especially as they exist in the form of publicly traded corporations, and you don t want your naivete spoiled, then don t read this book This is a story of a real stinker of a publicly traded corporation, Allied Capital and the long term effort of David Einhornm, principle partner at Greenlight Capital another investment firm , to shed some light on the flimsy accounting behind its vapor success I don t mean to imply that all publicly traded corporations are filled with crooks but only to imply that the corporations that are front loaded with crooks are able to avoid a day of reckoning through public and strongly asserted lies, intimidation of critics, opaque record keeping which means that they can persist in there profligacy for a very long time For a shorter text on how this can happen here is a sample articlehttp www.nytimes.com 2009 01 04 opiThe book is just as damning of the watchdogs that are supposed to protect us from the villains namely, the S.E.C and the financial media Because Greenlight Capital...


  7. says:

    It started out so promising The first 50 or 60 pages are really great They lay out a classic David v Goliath tale of an investor who is challenging a large and successful company with the belief that the company is engaging in accounting fraud The challenge, raised by the author as CEO of hedge fund Greenlight Capital is one of the classic tales in hedge fund lore where a company goes out of its way to attack and discredit an individual Einhorn, who was betting against the company, spent the next 6 years in an on and off battle trying to prove to everyone the SEC, the department of justice, other investors, the public that the company was a fraud Nobody, it seemed, would listen Sounds interesting, right Well, it is, to a point But Einhorn, seemingly trying to make his case to the reader, goes into excruciating detail into what he considered the fraudulent activity The book gets lost in these weeds Further, Einhorn s conviction in 2012 well after the book was published for market ab...


  8. says:

    To some, David Einhorn presents a convoluted argument regarding Allied Capital the book essentially is a 400pg short investment thesis but I think if one takes the time and effort to digest and follow his train of thought and read up on accounting theory , Einhorn s tenacity, intensity and research prowess shines t...


  9. says:

    David Einhorn is not only a hedge fund manager with an impressive track record, he is also an incredibly clear writer Fooling Some of the People All of the Time is a book that reveals much about both his investing process in general and his experience shorting Allied Capital in particular Despite his ultimate success in shorting Allied Capital, Einhorn s story strengthens my conviction that investors should stay away from short selling Greenlight s investment process could be described as similar to value investing From a high level, Einhorn focuses on many of the same things as other value investors 1 There were three basic questions to resolve First, what are the true economics of the business Second, how do the economics compare to the reported earnings Third, how are the interests of the decision makers aligned with the investors 2 The trick is to avoid losers Losers are terrible because it takes a success to offset them just to get back to even There are a few things that Einhorn does believe Greenlight does differently, however 1 Greenlight takes the opposite approach We start by asking why a security is likely to be misvalued in the market Once we have a theory, we analyze the se...


  10. says:

    I get a lot of books handed or recommended to me, most of which seem to miss what I actually enjoy in books This one seemed one of the most egregious examples a book about details behind short selling positions and market failure Queue the confetti While I had enjoyed Einhorn s takedown of GMC, this didn t seem like it would do anything for me.I was wrong.Halfway through, I had to stop and thank my friend for the recommendation This is an interesting inside view of corporate dys function and the business environment While at times it gets a bit esoteric or bogged down in details, the author always did an excellent job making sure that the reader could grasp the enormity of what he and his confederates had found.Like many people, I found the initial discussion of his past, the fund, and their first positions to be surprisingly engaging He s pretty upfront about the successes, as well as the failures, and that honesty humanizes what might otherwise seem to be a dry, financial story When the story shifts to his investment and engagement with Allied Capital, at first it seems a bit overdramatic And then he starts to unfold the mystery More and Until what you get a chance to see is a surprising and disturbing look at how a perverse set of incentives can distort the free function of a market How the economic incentives of a bank change ...


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Fooling Some of the People All of the TimeA Revealing Look At Wall Street, The Financial Media, And Financial Regulators By David Einhorn, The President Of Greenlight CapitalCould 2008 S Credit Crisis Have Been Minimized Or Even Avoided In 2002, David Einhorn One Of The Country S Top Investors Was Asked At A Charity Investment Conference To Share His Best Investment Advice Short Sell Allied Capital At The Time, Allied Was A Leader In The Private Financing Industry Einhorn Claimed Allied Was Using Questionable Accounting Practices To Prop Itself Up Sound Familiar At The Time Of The Original Version Of Fooling Some Of The People All Of The Time A Long Short Story The Outcome Of His Advice Was Unknown Now, The Story Is Complete And We Know Einhorn Was Right In 2008, Einhorn Advised The Same Conference To Short Sell Lehman Brothers And Had The Market Been Open To His Warnings, Yes, The Market Meltdown Might Have Been Avoided, Or At Least Minimized Details The Gripping Battle Between Allied Capital And Einhorn S Greenlight Capital Illuminates How Questionable Company Practices Are Maintained And, At Times, Even Protected By Wall Street Describes The Failings Of Investment Banks, Analysts, Journalists, And Government Regulators Describes How Many Parts Of The Allied Capital Story Were Replayed In The Debate Over Lehman Brothers Fooling Some Of The People All Of The Time Is An Important Call For Effective Government Regulation, Free Speech, And Fair Play.


About the Author: David Einhorn

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