Fooling Some of the People All of the Time is the gripping chronicle of the ongoing saga between author David Einhorn’s hedg 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 ...
Fooling Some of the People All of the Time is the gripping chronicle of the ongoing saga between author David Einhorn’s hedg 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.
It's quite a long story for a short position, even for a long one actually. More than 6 years have passed since David Einhorn shorted Allied in 2002 where it was traded at $26. Still his call is dead right. Although the company is still in existence today ...
(展开)
A Review by Squared Pages Chinese companies listed in the US may now be better prepared for short-selling reports and accusations of fraud after a spate of such “attacks”in the past five years. There is, however, still a lot to learn about the rules of t...
(展开)
The Byrne performance reminded me of something Warren Buffett once told me about the difficulty f shorting the stocks of companies run by crooks, because they'll fight dirty to save themselves. "The crook's life depends on it," Buffett said.
2014-05-08 10:38
The Byrne performance reminded me of something Warren Buffett once told me about the difficulty f shorting the stocks of companies run by crooks, because they'll fight dirty to save themselves. "The crook's life depends on it," Buffett said.引自第243页
As Joel Greenblatt pointed out in You Can Be a Stock Market Genius Even If You’re Not Too Smart: Uncover the Secret Hiding Places of Stock Market Profits, holding eight stocks eliminates 81 percent of the risk in owning just one stock, and holding thirty two stocks eliminates 96 percent of the risk. Greenblatt concludes, “After purchasing six or eight stocks in different industries, the ben...
2012-01-31 11:20
As Joel Greenblatt pointed out in You Can Be a Stock Market Genius Even If You’re Not Too Smart: Uncover the Secret Hiding Places of Stock Market Profits, holding eight stocks eliminates 81 percent of the risk in owning just one stock, and holding thirty two stocks eliminates 96 percent of the risk. Greenblatt concludes, “After purchasing six or eight stocks in different industries, the benefit of adding even more stocks to your portfolio in an effort to decrease risk is small. ” 引自第19页
...we avoid “evolving hypotheses.” If our investment rationale proves false, we exit the position rather than create a new justification to hold. We exit when our analysis is wrong or we just can ’ t stand the pain, rather than when the market simply disagrees longer than we had imagined. 简单的讲 就是要正视自己的错误 错不可怕 可怕的是错上加错
2012-01-31 11:07
...we avoid “evolving hypotheses.” If our investment rationale proves false, we exit the position rather than create a new justification to hold. We exit when our analysis is wrong or we just can ’ t stand the pain, rather than when the market simply disagrees longer than we had imagined.引自第17页
It would be foolish to assume that our counterparty is uninformed or unsophisticated. In most circumstances, today’s seller has followed the situation longer and more closely than we have, has previously been a buyer, and has now changed his mind to become a seller. Even worse, the counterparty could be a company insider or an informed industry player working at a key supplier, customer or com...
2012-01-31 10:55
It would be foolish to assume that our counterparty is uninformed or unsophisticated. In most circumstances, today’s seller has followed the situation longer and more closely than we have, has previously been a buyer, and has now changed his mind to become a seller. Even worse, the counterparty could be a company insider or an informed industry player working at a key supplier, customer or competitor. Some investors believe they have an advantage trafficking in stocks that have minimal Wall Street analyst coverage. We believe it doesn't matter if a stock is “underfollowed” because the person we are buying from probably has followed the stock and we need to have a better grasp on the situation than he does. Given who that may be, our burden is high. 引自第15页
If we are uncomfortable with the risk in a position, we simply reduce or eliminate it. By having a portfolio of worthwhile longs and worthwhile shorts, we achieve a partial market hedge without having to spend capital on negative-expected-return propositions.
2012-01-31 11:02
If we are uncomfortable with the risk in a position, we simply reduce or eliminate it. By having a portfolio of worthwhile longs and worthwhile shorts, we achieve a partial market hedge without having to spend capital on negative-expected-return propositions.引自第16页
...we avoid “evolving hypotheses.” If our investment rationale proves false, we exit the position rather than create a new justification to hold. We exit when our analysis is wrong or we just can ’ t stand the pain, rather than when the market simply disagrees longer than we had imagined. 简单的讲 就是要正视自己的错误 错不可怕 可怕的是错上加错
2012-01-31 11:07
...we avoid “evolving hypotheses.” If our investment rationale proves false, we exit the position rather than create a new justification to hold. We exit when our analysis is wrong or we just can ’ t stand the pain, rather than when the market simply disagrees longer than we had imagined.引自第17页
As Joel Greenblatt pointed out in You Can Be a Stock Market Genius Even If You’re Not Too Smart: Uncover the Secret Hiding Places of Stock Market Profits, holding eight stocks eliminates 81 percent of the risk in owning just one stock, and holding thirty two stocks eliminates 96 percent of the risk. Greenblatt concludes, “After purchasing six or eight stocks in different industries, the ben...
2012-01-31 11:20
As Joel Greenblatt pointed out in You Can Be a Stock Market Genius Even If You’re Not Too Smart: Uncover the Secret Hiding Places of Stock Market Profits, holding eight stocks eliminates 81 percent of the risk in owning just one stock, and holding thirty two stocks eliminates 96 percent of the risk. Greenblatt concludes, “After purchasing six or eight stocks in different industries, the benefit of adding even more stocks to your portfolio in an effort to decrease risk is small. ” 引自第19页
The Byrne performance reminded me of something Warren Buffett once told me about the difficulty f shorting the stocks of companies run by crooks, because they'll fight dirty to save themselves. "The crook's life depends on it," Buffett said.
2014-05-08 10:38
The Byrne performance reminded me of something Warren Buffett once told me about the difficulty f shorting the stocks of companies run by crooks, because they'll fight dirty to save themselves. "The crook's life depends on it," Buffett said.引自第243页
As Joel Greenblatt pointed out in You Can Be a Stock Market Genius Even If You’re Not Too Smart: Uncover the Secret Hiding Places of Stock Market Profits, holding eight stocks eliminates 81 percent of the risk in owning just one stock, and holding thirty two stocks eliminates 96 percent of the risk. Greenblatt concludes, “After purchasing six or eight stocks in different industries, the ben...
2012-01-31 11:20
As Joel Greenblatt pointed out in You Can Be a Stock Market Genius Even If You’re Not Too Smart: Uncover the Secret Hiding Places of Stock Market Profits, holding eight stocks eliminates 81 percent of the risk in owning just one stock, and holding thirty two stocks eliminates 96 percent of the risk. Greenblatt concludes, “After purchasing six or eight stocks in different industries, the benefit of adding even more stocks to your portfolio in an effort to decrease risk is small. ” 引自第19页
...we avoid “evolving hypotheses.” If our investment rationale proves false, we exit the position rather than create a new justification to hold. We exit when our analysis is wrong or we just can ’ t stand the pain, rather than when the market simply disagrees longer than we had imagined. 简单的讲 就是要正视自己的错误 错不可怕 可怕的是错上加错
2012-01-31 11:07
...we avoid “evolving hypotheses.” If our investment rationale proves false, we exit the position rather than create a new justification to hold. We exit when our analysis is wrong or we just can ’ t stand the pain, rather than when the market simply disagrees longer than we had imagined.引自第17页
0 有用 Holden 2017-01-18
像小说一样精彩
0 有用 Townsquare 2011-09-12
kindle版本真便宜
0 有用 目送飞鸿 2017-06-20
做空不容易!只有偏执狂才能坚持下来。记述得太过琐碎,实在不推荐读。
1 有用 Mr. L 2018-04-17
不得不承认艾洪很聪明,但把自己的一次做空连篇累牍地上升到政策高度却显得有些哗众取宠。对每个月表现的过度关注以及做空联合资本雷曼兄弟等经历让他和真正的企业家投资者分道扬镳,前几年对苹果发iPref和近两年GM分拆流通股的建议都非常短视,而不是从真正把企业做大做强来解决股价低迷的根本原因。整本书的内容很简单:50年代建立的小企业管理局为了完成上面派下来的指标而对大量不合格的债务进行担保,最后这些不合格... 不得不承认艾洪很聪明,但把自己的一次做空连篇累牍地上升到政策高度却显得有些哗众取宠。对每个月表现的过度关注以及做空联合资本雷曼兄弟等经历让他和真正的企业家投资者分道扬镳,前几年对苹果发iPref和近两年GM分拆流通股的建议都非常短视,而不是从真正把企业做大做强来解决股价低迷的根本原因。整本书的内容很简单:50年代建立的小企业管理局为了完成上面派下来的指标而对大量不合格的债务进行担保,最后这些不合格债务违约造成纳税人资本的损失。小企业管理局本身人手和经费有限不可能对借款人进行尽调,只好依赖私有企业。本身小企业债务和股权不透明,更加增加了作弊的风险和监管的难度。对于贷款的私有企业即业务发展公司来说,增加贷款额度能够增加放贷人的收入,因此政商两边的重心就都放到了尽量放贷而放任违约,情节如此简单。 (展开)
0 有用 CrazyEdward 2015-04-16
商业的书 好无聊 平白直叙
0 有用 Han 2020-11-29
调查深入,论证严谨,分析深入浅出。让看世界又多出一个视角。
0 有用 Shizuku 2018-10-20
为了坑爹的IB课
0 有用 J.X 2018-05-24
对手,估计同一类人,拿着同样的剧本搞了次贷危机😜 读到70%的时候还以为,坏人要出事,结果是我太年轻了,不过2002∽2006年,六年的缠斗也没白费,2007年搞定了雷曼,可以说天道酬勤?……
1 有用 Mr. L 2018-04-17
不得不承认艾洪很聪明,但把自己的一次做空连篇累牍地上升到政策高度却显得有些哗众取宠。对每个月表现的过度关注以及做空联合资本雷曼兄弟等经历让他和真正的企业家投资者分道扬镳,前几年对苹果发iPref和近两年GM分拆流通股的建议都非常短视,而不是从真正把企业做大做强来解决股价低迷的根本原因。整本书的内容很简单:50年代建立的小企业管理局为了完成上面派下来的指标而对大量不合格的债务进行担保,最后这些不合格... 不得不承认艾洪很聪明,但把自己的一次做空连篇累牍地上升到政策高度却显得有些哗众取宠。对每个月表现的过度关注以及做空联合资本雷曼兄弟等经历让他和真正的企业家投资者分道扬镳,前几年对苹果发iPref和近两年GM分拆流通股的建议都非常短视,而不是从真正把企业做大做强来解决股价低迷的根本原因。整本书的内容很简单:50年代建立的小企业管理局为了完成上面派下来的指标而对大量不合格的债务进行担保,最后这些不合格债务违约造成纳税人资本的损失。小企业管理局本身人手和经费有限不可能对借款人进行尽调,只好依赖私有企业。本身小企业债务和股权不透明,更加增加了作弊的风险和监管的难度。对于贷款的私有企业即业务发展公司来说,增加贷款额度能够增加放贷人的收入,因此政商两边的重心就都放到了尽量放贷而放任违约,情节如此简单。 (展开)
0 有用 cniL 2018-04-02
展现股权投资路数的巅峰之作 从中可以窥见如何调用各种资源 各方利益诉求和反应 不过话又说回来 光知道也没啥用 Active Investing只能是少数玩家的游戏 就这例子来说 虽然Allied最后重组了 不过这6年的时间和利息支出都导致这笔“成功做空”算不过帐