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

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Editorial Review:

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.




Rating: - Short this book
This book appears to have received some of the finest reviews among the financial press, and I cannot understand why.The subject is worthy of a serious treatment, but Zuckerman writes as if he is a high school junior trying to please his English teacher.His analysis is simplistic, his characterization of Paulson is superficial, and he really doesn't have much in the way of behind the scenes information.All in all, you may want to spend a couple of hours with it, but no more.

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Rating: - Gobsmacked... Wow
As I turned the last page I noticed my mouth wide open in disbelief. An amazing, financial roller coaster ride I didn't want to end. Don't hesitate, just read it.

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Rating: - Do Yourself a Favor, Get This Book!
I really enjoyed this book. I read it in an afternoon, couldn't put it down. Reminded me of a Ben Mezrich book but I actually liked this author's style better. Amazing story about a little understood, huge event in the world of finance. I came away with a much clearer understanding of why the financial crash occured (and I thought I had understood it fairly good previously). I was really glad the author was even-keeled in his account (many financial books I read seem to have a political axe to grind) ... Read More

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Rating: - Beating the odds
There are only a handful people like John Paulson that can beat the odds and pursue investments expecting the housing market to plunge while the market is still surging upward.And it earned him billions of dollars beating George Soros by a mile.The book illustrated the intense pressure that John experienced thinking what if he had made a mistake in anticipating the future housing plunge.

In the end the money he got in billions of dollars was a sweet vindication

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Rating: - From the Perspective of a Finance Geek - Go For It
I work in finance, and when I judge finance books, I'm not necessarily looking for objective reporting or flowery wording. Rather, I like getting the inside story, learning things that the WSJ and Dealbreaker won't tell me.

On that front, this book delivers.

You get information about who Paulson was before he became the Paulson we know, we find out the truth about Pellegrini's role in the fund. We find out what other bankers thought of Paulson and the funds strategy. You get ... Read More

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