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Fooling Some of the People All of the Time

by David Einhorn

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2334114,569 (3.76)None
A revealing look at Wall Street, the financial media, and financial regulators by David Einhorn, the President of Greenlight Capital 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. 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.… (more)
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Showing 4 of 4
Received from Boris
  LOM-Lausanne | Mar 19, 2020 |
well written with a lot of amazing revelations. A really inspiring read. The quality of this guy's research is mind-boggling ( )
  manishch | Aug 2, 2016 |
somewhat repetitive but a detailed forensic study of horrible people trying to steal from shareholders ( )
  lincolnpan | Dec 31, 2014 |
David Einhorn is a bright guy in re: investment matters. And, I was one of the fools referred to in the book title. I had owned a small position in Allied Capital for quite some time and it had performed quite well, price gains, good dividends... After his comments on Allied came my way, I delayed - for a bit too long - in dumping it. Costly.

The book is interesting, well written and covers Allied's duplicitous ways. I'd like to say that I "enjoyed" the book, but heart burn prevents me from doing so. Actually, it truly is interesting, instructive and thought provoking. It may not teach you how to fudge on income tax (not that I recommend that in case the IRS is reading), but it will open your eyes a bit on corporate flexing on the truth.

I kind of wish that he would do a regular newsletter ala Bill Gross of PIMCO or Jeremy Grantham of GMO (you can get a password to get into this). ( )
  bookblotter | Mar 20, 2013 |
Showing 4 of 4
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A revealing look at Wall Street, the financial media, and financial regulators by David Einhorn, the President of Greenlight Capital 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. 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.

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