Fooling Some of the People All of the Time Updated and Revised: A Long Short Story
by: David Einhorn
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Product Description:
A rare look inside the world of activist hedge funds from one of this country's top investors
In 2002, David Einhorn, the President of Greenlight Capital, gave a speech at a charity investment conference and was asked to share his best investment idea. He described his reasons why Greenlight had sold short the shares of Allied Capital, a leader in the private finance industry.
What followed was a firestorm of controversy. Allied responded with a Washington, D.C. style spin-job-attacking Einhorn and disseminating half-truths and outright lies. Undeterred by the spin-job and lies, Greenlight continued its research after the speech and discovered Allied's behavior was far worse than Einhorn ever suspected. Fooling Some of the People All of the Time is the gripping chronicle of this saga, and this edition contains all new updates from the author. Page by page, it delves deep inside Wall Street, showing how the $6 billion hedge fund Greenlight Capital conducts its investment research and detailing the maneuvers of an unscrupulous company. Along the way, you'll witness feckless regulators, compromised politicians, and the barricades our capital markets have erected against exposing misconduct from important Wall Street customers.
At its most basic level, Allied Capital is the story of Wall Street at its worst. But the story is much bigger than one little-known company. Fooling Some of the People All of the Time is an important call for effective law enforcement, free speech, and fair play.
A rare look inside the world of activist hedge funds from one of this country's top investors
In 2002, David Einhorn, the President of Greenlight Capital, gave a speech at a charity investment conference and was asked to share his best investment idea. He described his reasons why Greenlight had sold short the shares of Allied Capital, a leader in the private finance industry.
What followed was a firestorm of controversy. Allied responded with a Washington, D.C. style spin-job-attacking Einhorn and disseminating half-truths and outright lies. Undeterred by the spin-job and lies, Greenlight continued its research after the speech and discovered Allied's behavior was far worse than Einhorn ever suspected. Fooling Some of the People All of the Time is the gripping chronicle of this saga, and this edition contains all new updates from the author. Page by page, it delves deep inside Wall Street, showing how the $6 billion hedge fund Greenlight Capital conducts its investment research and detailing the maneuvers of an unscrupulous company. Along the way, you'll witness feckless regulators, compromised politicians, and the barricades our capital markets have erected against exposing misconduct from important Wall Street customers.
- Goes behind the scenes to detail the truth about investing, short selling, and the politics of business
- Shows the failings of Wall Street: its investment banks, analysts, journalists, and especially our government regulators
- Offers insights into the battles surrounding hedge funds
- Reveals the immense difficulties that prevent the government from sanctioning politically connected companies
At its most basic level, Allied Capital is the story of Wall Street at its worst. But the story is much bigger than one little-known company. Fooling Some of the People All of the Time is an important call for effective law enforcement, free speech, and fair play.
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Customer Reviews
Average Rating:
Rating: 
- One of the best investment books I've ever read, if not the best
Perhaps the only honest modern book on investments I have read.Also gives a limited insight into Einhorn's mind and way of thinking as an investor.
Einhorn masterfully tells the true tale of his battle against stock manipulation, corrupt and lax government, unscrupulous management, fee-hungry and conflict-laden investment banks, and careless and lazy long investors.
In the foreword, Greenblatt says something to the effect that he doesn't want his kids to read this book, ... Read More
Rating: - Inside the Mind of an Exceptional Investor
Many well-respected money managers -- some of them with track records that spanned decades -- saw their reputations utterly destroyed in 2008. One manager who came through the carnage with reputation intact, and even enhanced, was David Einhorn (the author of this book). In addition to anticipating the fall of Lehman Brothers, Einhorn's fund, Greenlight Capital, significantly outperformed the S&P (though still ended up down on the year).
I am not an investor in Greenlight (Einhorn's fund), ... Read More
Rating: 
- Excellent Book
This is an excellent book that gives you a view into the hedge fund world.Einhorn speaks in depth about proper valuation while criticizing the government agencies that are supposed to be regulated corporations.
While Einhorn does a superb job explaining his analysis, he does not complete the "long short-story" with the actual outcome.The reader much research further in order to determine the true outcome to his short sale of ALD.
Rating: 
- The Good and the Bad
I have mixed emotions about this book.I enjoy finance books and this book fits the bill with an author that understands finance, companies and investing quite well.BUT, this book is somewhat of a vindication about an investment he made as a short sale (betting the stock would go down) where he became convinced the stock should go down.Unfortunately, management fought this premise diligently and the stock rose drastically for many years.Eihorn mentions early that had he to do it again, he wouldn't. ... Read More
Rating: 
- Ghost Written Book!
Nice book but it was not written by Mr. Einhorn.It was ghost written by someone else. At least, Mr. Einhorn could have given credit to the real author.
- One of the best investment books I've ever read, if not the bestPerhaps the only honest modern book on investments I have read.Also gives a limited insight into Einhorn's mind and way of thinking as an investor.
Einhorn masterfully tells the true tale of his battle against stock manipulation, corrupt and lax government, unscrupulous management, fee-hungry and conflict-laden investment banks, and careless and lazy long investors.
In the foreword, Greenblatt says something to the effect that he doesn't want his kids to read this book, ... Read More
- Inside the Mind of an Exceptional InvestorMany well-respected money managers -- some of them with track records that spanned decades -- saw their reputations utterly destroyed in 2008. One manager who came through the carnage with reputation intact, and even enhanced, was David Einhorn (the author of this book). In addition to anticipating the fall of Lehman Brothers, Einhorn's fund, Greenlight Capital, significantly outperformed the S&P (though still ended up down on the year).
I am not an investor in Greenlight (Einhorn's fund), ... Read More
- Excellent BookThis is an excellent book that gives you a view into the hedge fund world.Einhorn speaks in depth about proper valuation while criticizing the government agencies that are supposed to be regulated corporations.
While Einhorn does a superb job explaining his analysis, he does not complete the "long short-story" with the actual outcome.The reader much research further in order to determine the true outcome to his short sale of ALD.
- The Good and the BadI have mixed emotions about this book.I enjoy finance books and this book fits the bill with an author that understands finance, companies and investing quite well.BUT, this book is somewhat of a vindication about an investment he made as a short sale (betting the stock would go down) where he became convinced the stock should go down.Unfortunately, management fought this premise diligently and the stock rose drastically for many years.Eihorn mentions early that had he to do it again, he wouldn't. ... Read More
- Ghost Written Book!Nice book but it was not written by Mr. Einhorn.It was ghost written by someone else. At least, Mr. Einhorn could have given credit to the real author.
