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Fooling Some of the People All of the Time: A Long Short Story
David Einhorn

Wiley, 2008 - 380 pages

average customer review:based on 18 reviews
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   highly recommended  highly recommended





A Super Investment Read

I have not read an investment related book since Liar's Poker which I wanted to keep reading and finish in a single day. I liken this book to Michael Lewis' work only in that it will likely stand as equally as much of a "must read," however one important distinction should be made - this book dives much deeper into the actual investment premise and process of a position. It is just as much educational as it is truly entertaining. For anyone in the investment business, you will get something out of it above the inevitable a laugh or gasp at some of what went on at Allied Capital. I found myself exclaiming out loud that some of what went on was just too ridiculous to be true. Unfortunately it did indeed happen, and the book is full of supporting evidence. Further, it details a culture of inaction at regulators, which comes at the expense of taxpayers. The combination of dishonest management and lapses on the part of the watchdogs is enough to make anyone mad.

David's writing style and voice are excellent. The story told was exciting. I would recommend this book strongly to anyone who has ever looked at investing in a company in any capacity, especially those who have sat through the conference calls and taken management at face value. It inspires a healthy dose of skepticism which we should all have when we make investment choices, and as I see ALD indicated to open near to its lows seen since the Fall '07 credit crisis, it shows that real digging and sweating over research can result in picking the right names to be long or short in.



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Valuing securities

Real eye opener...makes you question the value of your IRA / 401 K nest egg

Jim T.










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Excellent and Thought Provoking

Einhorn's book is an excellent walk through investment analysis, critical thinking, and common sense. Whether you side with him or not, there is certainly much to be learned. That Einhorn released this book in the middle of the saga is a major plus. We can continue to follow the story in the news, on the message boards, and of course by watching ALD's stock price.






A "must read" for all individual investors

If you manage your own investments, and especially if you buy individual stocks, this book is a "must read" for you. It will open your eyes about the risks of owning individual company stocks. Few people have the ability to research a company the way the author's hedge fund can. Even with those resources Greenlight hasn't been able to force Allied Capital to come clean about their dishonest accounting practices. The only hope individual investors have is to stay clear of companies like this.


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Fooling Some of the People All of the Time

Fooling Some of the People All of the Time takes one on a remarkable journey through the failures of some of the financial institutions we rely upon. This is a wakeup call that now is the time to rejuvenate these agencies. While Enron spurred new laws, it turns out that enforcement of existing laws may be of greater significance. This book is both enjoyable and a must-read for all long and short investors. This is a great ride, and the story is not yet complete.


reviews: page 1, 2, 3, 4



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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