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 for some curious reason, at $3.20, its stock price says something more alarming than itself. Without trumpeting a hot short story, the book focuses on how bad management can persistently keep raking in millions of dollars in compensations, how regulators can persistently turn a blind eye to fraudulent lendings and inflated accountings, and how retail investors can persistently be fooled by seemly consistent cash distributions and symbolic insider buyings.
Warren Buffet once told Einhorn about the difficulty of shorting stocks of companies run by crooks. Buffet reasoned that the short position is only a portion of his whole portfolio while the crook's life depends on it so they'll fight dirty to save themselves. Despite the wise advice from the wise Buffet, Einhorn carried on his conviction, a journey not short of personal attacks from Allied management, oddly investigations by SEC and Attorney General Elliot Spitzer, and even caused his wife to lose her job. His persistence, which he took from his father, however, wins him money and my respect.
What made me notice Einhorn was his another short trade, Lehman, a much shorter and equally compelling story. He started short Lehman in Jul 2007 when it was traded at $70 and we all know the rest of the story, Lehman went bankruptcy in Sep 2008. Einhorn says he never underestimate those who trade against him and always strives to find out if he has an edge over them. George Soros turned out to be one of them, who picked up Lehman just a quarter before its bankruptcy and lost millions.
In a cartoon, the boss says on a management meeting, "Remember, you can fool some of the people all of the time. Those are the people we need to concentrate on." Ergo investors who kid due diligence can be fooled all of the time. If they haven't found themselves fooledyet, just wait till the tide recedes.
To be fooled all of the time. Yes, you can.
《一路骗到底》热门书评
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侦探小说
4有用 0无用 Robot Chicken 2012-10-29
可以说,这是一本不折不扣的侦探小说。作者是大名鼎鼎的绿光资本创始人David Einhorn,现代投资行业里被认为最接近沃伦巴菲特的人。我必须要说明的是他不是一本小说,但它的情节跌宕起伏让你觉得这应该是虚构的情节,你在这本书里面会看到唯利是图和颠倒黑白的媒体记者(包括我们所熟知的媒体:华尔街日报,华...
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宣传的威力
2有用 2无用 Princess 2009-10-26
我会花五十几新币去买这本书,主要是因为我的职业习惯。那时候我刚离开公司并购咨询没多久,之前最喜欢做的就是给目标公司挑刺,恨不得把它的sustainable earnings或者是transferable assets一砍再砍。当然我不会从这种变态的行为中多得到一毛钱的好处,不过就是职业习惯而已。话题...
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绩优还是绩差?
2有用 1无用 子曰 2009-06-15
这本书其实很简单就是和联合资本斗争的书。看书时重点必须关注联合资本如何将企业的亏损隐匿的,因为这次金融危机后,中国的银行会面临巨大的坏账,银行会想方设法隐匿坏账,看了这本书后,你就会对银行股将来是绩优还是绩差有一个基本认识。我用四天时间(12个小时)在新华书店将书看完,明白书非借不能读的道理,以往从...
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你迷信华尔街吗?
2有用 0无用 漫慢MAN 2010-11-08
如果答案是肯定的,请看看这本书。一家富可敌国的对冲基金经理,不移余力6年,仍然没能扳倒一家造假的公司。这家公司发放假贷款的低劣手法和多年以来把谎言说得比真理还响亮的做法,令人叹为观止;而众多监管部门的官僚和不作为,某种程度上远胜中国。不过,即便如此,我们的资本市场效率仍远低于华尔街。另外,我觉得对冲...
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不高的骗术,却长久有效
2有用 0无用 之江 2012-07-21
自从公司可以上市以来,公司尤其是控制者生财的方式开拓为两种:更普通公司一样买产品,服务;另外一种:就是将股市当成提款机。以前一直被人教导:外国人诚信 ; 以为这是这时中国A股特有的现象;实际则不不然,越来越来越多的材料说明外国公司玩这一套已经成为家常便...
书名: 一路骗到底
作者: [美] 大卫·艾因霍恩
出版社: 机械工业出版社
原作名: Fooling some of the people all of the time
出版年: 2009-3
页数: 322
定价: 48.00元
装帧: 平装
ISBN: 9787111263609