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.
發表於2025-01-22
The Greatest Trade Ever 2025 pdf epub mobi 電子書 下載
去年幫朋友帶迴國的書,自己先看瞭一遍,從一個側麵描述金融危機帶來的的巨大災難和前所未有的機遇;一闆一眼一絲不苟四平八穩,John Paulson這個典型的華爾街落魄投資人,在全行業都被的房地産大泡沫閃暈眼睛的時候,固執的堅持自己的直覺和曆史數據分析,利用Credit Default ...
評分讀完這本書有兩個感受: 1. 技術層麵的。辨認房地産泡沫不難,但是如果操作並從中獲利是最難的。把握兩點:1. 獲利的工具。CDS:損失可以確定,但是接近無限的上行空間並且可以直接賭房地産貸款。2. 時點:購買房屋價格走平時設計,BBB級的MBS。這類MBS對風險最敏感,最容易違...
評分尤其是寫相同的兩個人的時候,明顯覺得另外一本更有意思。但依然值得一讀。 在iTunes U 裏 Havrad university Shorenstein Center Eevents 裏可以找到他關於這本書的講座
評分讀完這本書有兩個感受: 1. 技術層麵的。辨認房地産泡沫不難,但是如果操作並從中獲利是最難的。把握兩點:1. 獲利的工具。CDS:損失可以確定,但是接近無限的上行空間並且可以直接賭房地産貸款。2. 時點:購買房屋價格走平時設計,BBB級的MBS。這類MBS對風險最敏感,最容易違...
評分很打擊人的一點是,曆史告訴我們,the greatest traders都是最聰明的人,John Paulson,Paolo Pellegrini,Michael Burry,Greg Lippmann,無一不是絕頂聰明。2007年的他們不是喧囂賭場裏靠偶然運氣一夜暴富的賭徒,而是眾人皆醉我獨醒的真正智者。這本書再次讓站在金融世界邊...
圖書標籤: 金融 JohnPaulson 投資 對衝基金 次貸危機 傳記 華爾街 房地産泡沫
寫的非常好,和其他投資者的對比更是神來之筆
評分寫的非常好,和其他投資者的對比更是神來之筆
評分傻B馬屁文,在美國的時候聽Paulson言談就知道此人外行。後來很多人跟他對賭成功也證明瞭這一點。喜歡金融的孩紙們不要亂把一部分投資人神化瞭(這並不能讓你更加高級),踏齣這個圈子你會發覺高人多的是,也纔會明白金融這玩意單單拿齣來說是多麼狹隘,而放之迴其政治社會背景又有多麼復雜。
評分把做空房市而賺大錢這一寂寞枯燥同時壓力山大的工程描寫得深入淺齣而又引人入勝,作者文筆可見一斑。10年之後的今天正是重溫曆史的好時候
評分感覺應該和《confidence game》類似,john paulson和bill ackman都是那種做齣判斷後逆勢抗壓且能堅持下去的人。 粗略瞭看完後,再次感嘆美帝WSJBLOOMBERGCNBC等齣身的財經記者水平的確很不錯,對比國內,能達到這樣水平的好像很少。 以及,認定的事就堅持不動搖,完美的詮釋瞭Paulson的這一宗大trading。可是知易行難。現在迴頭看,2007年或之前應該有很多人看空美國的房地産及CDS等衍生品市場,但是賺瞭6個billion的隻有Paulson。這樣的故事人生中有那麼一次就足夠瞭,awesome&fascinating!
The Greatest Trade Ever 2025 pdf epub mobi 電子書 下載