Fooling Some of the People All of the Time: A Long Short Story | 
| Author: David Einhorn
Creator: Joel Greenblatt
Publisher: Wiley
Category: Book
List Price: $29.95
Buy New: $16.77
You Save: $13.18 (44%)
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Avg. Customer Rating:  3 reviews
Sales Rank: 122
Media: Hardcover
Number Of Items: 1
Pages: 380
Shipping Weight (lbs): 1.5
Dimensions (in): 9.2 x 6.2 x 1.4
ISBN: 0470073942
Dewey Decimal Number: 332
EAN: 9780470073940
ASIN: 0470073942
Publication Date: May 2, 2008 (New: Last 30 Days)
Availability: Usually ships in 1-2 business days
Shipping: International shipping available
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Product Description
A rare look inside the world of hedge funds from one of this country’s top investors David Einhorn is one of the investment community’s fastest rising stars. He founded his hedge fund, Greenlight Capital, at the age of 27, and now has $5 billion under management. In Fooling Some of the People All of the Time, Einhorn offers readers insights into the battles surrounding hedge funds. In 2002, Einhorn spoke publicly about Allied Capital–a leader in the private finance industry–presenting it as an excellent short opportunity. This book will describe the incredible events that followed Einhorn’s speech and how Allied and the investment community attacked him to protect the company–and its stock price. Informative and intriguing, Fooling Some of the People All of the Time details how the current environment on Wall Street not only allows for such behavior, but how it protects the companies and attacks those who attempt to uncover them.
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| Customer Reviews:
Gripping story, well narrated May 1, 2008
3 out of 4 found this review helpful
A fascinating story told at the intersection of investing, accounting, regulation, business interests, greedy management, private investigators and government malfeasance.... A tale of how the real world works and how there are a few souls fighting on our behalf.
Einhorn's pain is our gain April 30, 2008
1 out of 1 found this review helpful
In a world where the answer to every vexing economic problem seems to be "Deregulation" (if not lower taxes!) here comes a wildly successful hedge fund manager (of all things!) to show us that in a world where the current crop of referees are either incompetent, asleep or bought off, the solution is hardly to wish for a world with no referees and/or no rules. Indeed, a Wall Street world with proper rules and vigilant rule-keepers is a scary and dangerous place--as the current Credit Crisis makes well clear. If this book was only about one duplicitous company called Allied Capital and Einhorn's awful experience shorting its stock, it would still be a provocative and insightful read by an unusual insider-as-outsider. But it is more than that. It is the story of the how truly skewed things can get when our government chooses to look the other way. Einhorn doesn't start the story as a true-innocent--no hedge fund titan, however young, is that--but it is amazing what happens once his speech about the company (for a charity, no less!) starts this book, and his world, spinning: it is as if he's fallen down a rabbit hole and finds himself on some surrealistic, subterrean level beneath Wall Street. Nothing like being investigated by the S.E.C. for having the termerity to short a stock and the "unpatriotic" cojones to talk about it. Einhorn points out that free speech, in certain circumstances, is not so very free but gets quite expensive...so much so that it gets quashed.
The book might have more accounting arcana than some readers would wish, but one can easily fast-forward through those sections and still get the meat of Einhorn's argument. Since hedge fund managers are being blamed for everything from the housing bust to raising the price of high-art (sharks in formaldehyde) and other assorted commodities (corn, oil, Ferraris) it's a bracing surprise to be presented with a book that is as useful, as righteous, and as necessary as this one.
Einhorn's pain is our gain.
Among the best investment books I've ever read April 25, 2008
15 out of 22 found this review helpful
David Einhorn's new book about his long-running battle with Allied Capital is an amazing book. More than just an investing book, it's an investing novel, with good guys and bad guys and clueless, gullible and conflicted investors, regulators, Wall St. "analysts" and media. I stayed up all night to read it.
The review by George Anders in the Wall St. Journal recently missed the point. Anders focused on Einhorn, highlighting his tremendous track record and saying he's gutty, tenacious, patient and disciplined, but that's not the story! The real story is what Allied Capital has done and the utter failure of regulators, investors and the media to do anything about it. I don't see how it's possible to read this book and not come to the conclusion that this company has done -- and continues to do -- all sorts of terrible things, but rather than expressing an opinion on this, Anders makes it seem like a he-said-she-said tempest in a teapot and, reading between the lines, seems to be saying that because the stock hasn't plunged, that Einhorn's investment thesis has been proven wrong. It hasn't -- but it can sometimes take many years.
(Full disclosure: Funds I manage are short the stock of Allied Capital and I'm mentioned briefly in the book.)
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