The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History
by: Gregory Zuckerman

: The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History
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Binding: Hardcover
Dewey Decimal Number: 332.645092
EAN: 9780385529914
ISBN: 0385529910
Label: Broadway Business
Manufacturer: Broadway Business
Number Of Items: 1
Number Of Pages: 304
Publication Date: November 03, 2009
Publisher: Broadway Business
Release Date: November 03, 2009
Studio: Broadway Business

Features:
  • ISBN13: 9780385529914
  • Condition: NEW
  • Notes: Brand New from Publisher. No Remainder Mark.


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Product Description:
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.



Customer Reviews
Average Rating: out of 5 stars

Rating: 5 out of 5 stars - Fascinating
I loved this book.It is an absolutely fascinating look at the backdrop of the financial meltdown of 2008.Great story, great characters.It should be required reading.


Rating: 2 out of 5 stars - Did Paulson Himself Charter this Book?
This book is a 30k foot level view of the financial crisis, poorly conceived, poorly executed.I've read just about all of Michael Lewis's books and articles covering the financial crisis, and he did a piece for Portfolio Mag. before it went under about the same topic.By the end of that article I was on the edge of my seat because he took you INTO the action, you were sitting there making a trade.I still remember Lewis's description of the traders in his article sitting in Sept. 08, shaking, ... Read More


Rating: 5 out of 5 stars - Good for Somebody
After reading so many books of the recent economic tsunami this approaches the subject from a different direction, those who successfully profited on a large scale.Now, this is particularly painful as a Mortgage Trader who began giving speeches in 2004 of "The Coming Crash in Home Prices".Unfortunately my largest bond fund was heavily invested in BBB tranches of mortgage securitizations and I was too bull headed/stubborn to exit this tragic occurrence. But this book also shows the mechanism that ... Read More


Rating: 5 out of 5 stars - Great Book
This book tells the story of several hedge fund and real estate investors who made a fortune by shorting collaterized debt obligations (mostly mortgage-backed)and companies, banks and hedge funds who delt in them.It explains how these instruments were structured, how they were sold, and how they were shorted, in plain language that anyone can understand.In almost every case these people had little or no experience with these instruments but just used their common sense in the face of all the highly ... Read More


Rating: 4 out of 5 stars - Surprisingly Good
I read a LOT of these books more for educational reasons as I do not expect to enjoy them and hardly ever do.This, however, was an exception.Cliched and corny as it might sound, this book read more like a novel and actually developed some real tension.It this genre is you bag, this is a MUST read.

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