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 the US capital markets.
So when an industry insider is talking, particularly in the form of an over-400-page book regarding a nearly ten-year-old feud between a short-seller and reputable financial institution, anybody that has an interest in that industry had better listen.
In this case it is David Einhorn, president and co-founder of the hedge fund Greenlight Capital and author of Fooling Some of the People All of the Time: A Long Short Story
The book title comes from the famous quote by Abraham Lincoln.
The feud began in 2002 when Mr. Einhorn made a speech on why he would advise to short-sell Allied Capital, then the second-largest publicly traded BDC (Business Development Company).
Warren Buffett remarked a year later that “it was tough to win” as Allied Capital was defending their “whole ballgame”, while they were just “one position of Greenlight Capital”.
In 2009 when Allied’s position was cleared, Greenlight made profits exceeding $35 million.
What is most intriguing about the book is not how Mr. Einhorn won; rather, it is those moments when it seemed that he was fighting a losing battle.
In the book he depicts how on Wall Street the regulators, media, security underwriters, stock analysts, credit rating agencies, auditors, managers and directors of public companies fail to perform their responsibilities and how change is only galvanized by crises.
The message is sarcastically put by Joel Greenblatt in the Foreword to the book: “In the short run, the good guys may get dragged through the mud and the bad guys may get away with millions. But in the long run, the good guys may get dragged through the mud and the bad guys may get away with millions. ”
做空十年 A Ten-year Feud
《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