Since we are on this thread, I take liberty of posting a link to this blog which reproduces a WSJ article of May 2008. It may encourage you a bit more to buy the book.
http://eclectic-
Regards
Ray
On Thu, Nov 12, 2009 at 8:18 AM, Ray Seth <rayseth@gmail.com > wrote:
Just a word of caution:
Past performance is no indicator of future performance.
I did read about John Paulson in 2008. It was an incredible trade indeed.
Regards
RayOn Wed, Nov 11, 2009 at 5:49 PM, BALAJI Jayaraman <bctbalaji@gmail.com > wrote:
Dear Friends,
Take a few moments away from Charts...
I strongly suggest everyone in the group to read this book...How hedge fund manager John Paulson bet against real estate bubble and made $15 billion in a single year. John Paulson is perceived as, for lack of a better term, a financial rock star. Young traders, analysts, and fund managers alike dream of the day they can emulate him, pocket billions, exclaim "F**k you!" to the markets and then bask in the fame of those worshiping their every move. Many investors idolize him. Mainstream America now relishes his genius in predicting the crisis.
I just cannot pen down my thoughts. All I can say is, WoW, Incredible!!! I am enjoying the book thoroughly & you will too!!! BTW, Paulson is back again this time.... His latest bet? The demise of the US Dollar. Paulson says, "It's like Wimbledon. When you win one year, you don't quit; you want to win again."
The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History by Gregory Zuckerman
Heres a snippet of the book:
In 2006, hedge fund manager John Paulson realized something few others suspected--that the housing market and the value of subprime mortgages were grossly inflated and headed for a major fall. Paulson's background was in mergers and acquisitions, however, and he knew little about real estate or how to wager against housing. He had spent a career as an also-ran on Wall Street. But Paulson was convinced this was his chance to make his mark. He just wasn't sure how to do it. Colleagues at investment banks scoffed at him and investors dismissed him. Even pros skeptical about housing shied away from the complicated derivative investments that Paulson was just learning about. But Paulson and a handful of renegade investors such as Jeffrey Greene and Michael Burry began to bet heavily against risky mortgages and precarious financial companies. Timing is everything, though. Initially, Paulson and the others lost tens of millions of dollars as real estate and stocks continued to soar. Rather than back down, however, Paulson redoubled his bets, putting his hedge fund and his reputation on the line.
In the summer of 2007, the markets began to implode, bringing Paulson early profits, but also sparking efforts to rescue real estate and derail him. By year's end, though, John Paulson had pulled off the greatest trade in financial history, earning more than $15 billion for his firm--a figure that dwarfed George Soros's billion-dollar currency trade in 1992. Paulson made billions more in 2008 by transforming his gutsy move. Some of the underdog investors who attempted the daring trade also reaped fortunes. But others who got the timing wrong met devastating failure, discovering that being early and right wasn't nearly enough.
Written by the prizewinning reporter who broke the story in The Wall Street Journal, The Greatest Trade Ever is a superbly written, fast-paced, behind-the-scenes narrative of how a contrarian foresaw an escalating financial crisis--that outwitted Chuck Prince, Stanley O'Neal, Richard Fuld, and Wall Street's titans--to make financial history.
From the Hardcover edition.
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Trading at all skill levels evokes emotions that generate great illusions.
Today's excitement won't move tomorrow's markets
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Trading at all skill levels evokes emotions that generate great illusions.
Today's excitement won't move tomorrow's markets
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