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Fooling Some of the People All of the Time: A Long Short Story (Hardcover)

by Joel Greenblatt (Foreword), David Einhorn (Author)

5.0 out of 5 stars See all reviews (1 customer review)

RRP:	�19.99
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Product details

Hardcover: 380 pages
Publisher: John Wiley & Sons (27 May 2008)
Language English
ISBN-10: 0470073942
ISBN-13: 978-0470073940
Product Dimensions: 23.4 x 15.7 x 3.6 cm

Average Customer Review: 5.0 out of 5 stars See all reviews (1 customer review)

Amazon.co.uk Sales Rank: 32,607 in Books (See Bestsellers in Books)
Popular in this category:
#13 in Books > Business, Finance & Law > Small Business & Entrepreneurship > Accounting & Finance

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Product Description

Review
"Instead of stewing in private, Einhorn wrote a book "Fooling Some of the People All of the Time" about his six–year ordeal with Allied." (Daily Mail, September 18, 2008)

Review
“…a welcome antidote to the thousands of books written for investors that paint a sunny picture of companies”. FT.com Tuesday 10 June 2008

“Mr Einhorn’s book recounts behind–the–scenes details of the sort that are seldom made public…an instructive guide for general investors…” Financial Times Tuesday 16 June 2008

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5.0 out of 5 stars A Revelation for Those Who Believe Efficient Markets and Good Regulation Exist, 31 Jul 2008

By	Professor Donald Mitchell "Jesus Makes Me a P... (Boston) - See all my reviews (TOP 10 REVIEWER)

David Einhorn is a man who believes in checking out companies carefully. When he saw that Allied Capital wasn't following accounting rules and was making lots of bad loans, he smelled an opportunity to make money as the company collapsed. After investing, he had an opportunity to share his idea at a charity event. Allied Capital's stock quickly dropped in response.

This book describes six years of battling to get the story out of what he had learned, to persuade regulators to crack down on Allied Capital so the rules would be followed, and to stop any illegal activities at Allied Capital. The book is written from Mr. Einhorn's perspective.

Along the way, Allied Capital decided that it had to discredit Mr. Einhorn's allegations and his motives.

After many years of battling, Mr. Einhorn learned a number of important lessons:

1. Policing small capitalization companies is a low priority for reporters, analysts, institutional investors, and regulators.

2. If a company keeps paying a dividend (even if it's not smart to do so), many individual investors will be attracted and will be loyal.

3. The Small Business Administration is more interested in shoveling out money to small businesses than it is in ensuring that fraud isn't being perpetrated on the tax payers.

4. Wall Street investment banks will help defend any company that pays a lot of fees.

5. With enough new capital, large mistakes can be smoothed over.

I'm sure that if he were faced with the same investment opportunity today, Mr. Einhorn would run rather than take a short position.

I highly recommend this book to people who learned about perfectly efficient markets and active, honest regulators in school. "Let the investor watch out for himself or herself" would be a better motto in describing the capital markets.

This book will be boring to those who want to a quick take. But you need to read all of the misrepresentations, misstatements, and personal attacks to get a true sense of how the game is played.

If you want a more recent version of this problem, just look at securitized mortgages.

Thanks for sharing, Mr. Einhorn!

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