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Publisher | John Wiley & Sons Inc (US) |
Author(s) | David Einhorn / Joel Greenblatt |
Edition | 1 |
Published | 19th November 2010 |
Related course codes |
Could 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 more open to
his warnings, yes, the market meltdown might have been avoided, or
at least minimized.
Fooling Some of the People All of the Time is an
important call for effective government regulation, free speech,
and fair play.