Acharya sascha steffen january 14, 2014 abstract we show that eurozone bank risks during 200720 can be understood as a form of carry trade behavior. Conversely, one incredibly dumb trade can set a franchise back years. John paulson, the subject of the new book the greatest trade ever, posted his new f filing on friday. The behind the scenes story of how john paulson defied wall. One of the biggest attractions of trading for most people is the amount of. The team was old in too many places, especially quarterback and in need of new blood. More than a cinematic narrative of how paulson and others figured out how to short the market. The principal characters in the books drama are the following.
Pdf the greatest trade ever download full pdf book. The behindthescenes story of how john paulson defied wall street and made financial history is a debut nonfiction book by american journalist gregory zuckerman. Bloomberg in his new book, the greatest trade ever, gregory zuckerman, a reporter at the wall street journal, examines how the unlikely team of paulson and assistant paolo pellegrinias well as a few other investorsbucked conventional wisdom and saw through the housing hype. In 2006, hedge fund manager john paulson realized something few others suspectedthat the housing market and the value of subprime mortgages were grossly inflated and headed for a major fall.
In addition to detailing what the books title deems, the behindthescenes story of how john paulson defied wall street and made financial history, zuckerman manages to humanize paulson through his insider look. Veneziani, a trader and writer on markets, financial news, hedge funds, and economics for financial publisher markets media, describes how top traders made huge profits during the most. The greatest trader who ever lived when jesse livermore made his first stock trade at the tender age of 15, he didnt hedge his bets. The greatest trade for every nfl team in history page 3. The greatest trade for every nfl team in history page 11. Bank equity returns load positively on peripheral greece, italy, ireland, portugal, spain, or giips bond returns and negatively on german government bond returns, which generated carry until the deteriorating giips bond returns adversely affected bank balance sheets. He consulted the charts hed compiled working as a chalkboard runner in a boston brokerage firm, and when the figures for the company in question, burlington, checked out, he went all in. This book covers the same subject that michael lewis covers in the big short inside the doomsday machine and most of the same characters. The greatest trade ever audiobook by gregory zuckerman.
In short, this book is a five star read on many dimensions. The greatest trade of all time on its way to becoming the worlds greatest superpower, the united states pulled off some truly remarkable trades. The greatest trade ever the case of the journalist who didnt bark. Profiting from the crash in his 2009 book, wall street journal reporter greg zuckerman was the first to lay out how mr. We show that eurozone bank risks during 200720 can be understood as carry trade behavior. Nov 19, 2009 if youve noticed the small size of this article, you may suspect that this article itself is not the greatest trading book ever. It was the fall of 1987, and the worlds securities markets were on a collision course with one of the most unforgettable moments in u. In the greatest trade ever, gregory zuckerman details. John paulson and paolo pellegrini, obscure wall street longtimers who had never had a big hit but. However, the book title is a bit of a misnomer in my mind. If youve noticed the small size of this article, you may suspect that this article itself is not the greatest trading book ever. In addition to detailing what the book s title deems, the behind the scenes story of how john paulson defied wall street and made financial history, zuckerman manages to humanize paulson through his insider look. The john elway trade sometimes it pays to be in the right place and the right time. I agreed, and we met for an hour over a couple of beers.
The michael vick trade by 2001, the final hopes created by the 1998 atlanta falcons who had reached the super bowl were evaporated. The scale of paulsons big bet, the greatest trade ever, as greg. His bearish view on the housing market was diametrically opposed by the street. One great trade can change the course of an nfl franchise forever. Jun 17, 2017 i got luger, flames, deathspeaker, hallows edge, nightblade, 7 seers, and spider. The foreign exchange market is the largest market in the world because currency is changing hands whenever goods and services are traded between nations. This makes this book one of the top ten trading books of all time.
Use features like bookmarks, note taking and highlighting while reading the greatest trade ever. Written by the prizewinning reporter who broke the story in the wall street journal, the greatest trade ever is a superbly written, fastpaced, behind the scenes narrative of how a contrarian foresaw an escalating financial crisisthat outwitted chuck prince, stanley oneal, richard fuld, and wall streets titansto make financial history. Rather than back down, however, paulson redoubled his bets, putting his hedge fund and his reputation on the line. Michael steinhardt michael steinhardt forged the model for making hedge fund billions before exiting the game. The behindthescenes story of how john paulson defied wall. The greatest trade ever by wall street journal reporter gregory zuckerman has been a book i had kept meaning to read, although i had initially assumed it was probably just another book on the. The greatest trade ever is an important book for understanding the mechanics of trading credit default swaps. Be the first to ask a question about the greatest trade ever. The book was released on november 3, 2009 by crown business. While the big short had michael burry as the central character and main point of view the greatest trade ever has john paulson at the center and the story is mostly his account of what happened.
The book provides good insight into why it is so hard to figure out whether or not a financial institution is sound. Paulson not only guessed way in advance that the housing boom was going to. The greatest trade ever gregory zuckerman special writer at. As i sip my morning cup of lombok coffee, now i have to figure out what it means.
Review to be honest, i was bit apprehensive when i started with this book. In the greatest trade ever, zuckerman skillfully shows how paulson and a few. This book really made me stop and think about the financial industry in more depth. Gregory zuckermans new book, the greatest trade ever, somewhat changes that. The greatest trade is the gripping true story of a cattle traders son, who begins adulthood by literally betting the family farmand losing it all in the futures market. The greatest trading book ever about 3 months ago, a 22 yearold friend of a friend well call him mike asked if he could sit down with me and pick my brain about stock trading. With wisdomtree, hes back to upend wall street againthis time, with the littleguy investor at his side. The book investigates the reasons and consequences of the subprime mortgage crisis and the role that hedge fund manager john paulson played in.
Gregory zuckerman has produced an eminently readable story about the wall street winners and losers in the financing of the recent housing bubble. Oct 12, 2015 the greatest trade ever by wall street journal reporter gregory zuckerman has been a book i had kept meaning to read, although i had initially assumed it was probably just another book on the. Aug 23, 2011 the greatest trade of all time on its way to becoming the worlds greatest superpower, the united states pulled off some truly remarkable trades. The behindthescenes story of how john paulson defied wall street and made financial history, a new york times and wall street journal best seller. Dec 07, 2010 written by the prizewinning reporter who broke the story in the wall street journal, the greatest trade ever is a superbly written, fastpaced, behind the scenes narrative of how a contrarian foresaw an escalating financial crisisthat outwitted chuck prince, stanley oneal, richard fuld, and wall streets titansto make financial history. The behindthescenes story of how john paulson defied wall street and made financial history. It is also a book that considers the ethical dilemmas we are faced with in business. Written by the prizewinning reporter who broke the story in the wall street journal, the greatest trade ever is a superbly written, fastpaced, behindthescenes narrative of how a contrarian foresaw an escalating financial crisisthat outwitted chuck prince, stanley oneal, richard fuld, and wall streets titansto make financial history. Over time, the paulson trade gained a second moniker one besides the greatest trade ever.
This article will explain exactly how you can create the greatest trading book ever. The book investigates the reasons and consequences of the subprime mortgage crisis and the role that hedge fund manager john paulson played in those events. Acharya sascha steffen june 10, 2014 abstract we show that eurozone bank risks during 200720 can be understood as carry trade behavior. This book tells the story of one such refusenik, hedge fund manager john. Written by the prizewinning reporter who broke the story in the wall street journal, the greatest trade ever is a superbly written behindthescenes narrative of how a contrarian foresaw an escalating financial crisis. This copy is for your personal, noncommercial use only. Download it once and read it on your kindle device, pc, phones or tablets. Bank equity returns load positively on peripheral greece, italy, ireland, portugal.
Gregory zuckerman is a special writer at the wall street journal and the author of the greatest trade ever. Hedgefund manager john paulsons greatest trade ever. Paulsons involvement in the abacus2007ac1 deals resulted in goldman. The behind the scenes story of how john paulson defied wall street and made financial history is a debut nonfiction book by american journalist gregory zuckerman. The author spends most of the book talking about whether someones mother grew up in a poor.
Everyday low prices and free delivery on eligible orders. Top traders making big profits from the crash of 1929 to today wiley. The greatest trade of all time the daily reckoning. The greatest trade ever is a fascinating and entertaining read, fully comprehensible for those nonwall street insiders, exposing the underbelly of the financial industry in the midst of the bursting housing bubble. The behindthescenes story of how john paulson defied wall street and made financial history kindle edition by zuckerman, gregory. In 2006, hedge fund manager john paulson realized something few others suspectedthat the housing market and the value of subprime mortgages were grossly inflated. By purchasing this title, you may be eligible to receive an ebook credit toward. Paulsons background was in mergers and acquisitions, however. The greatest trade ever is aptly titled, for it is possibly the greatest book to come out of the financial crisis of 2007 2008, and its certainly up there in the top 3. The behind the scenes story of how john paulson defied wall street and made financial history kindle edition by zuckerman, gregory.
The longer you trade, the more relevant this book becomes. Its a tale of folly and wizardry, individual brilliance versus institutional stupidity. The story of one mans refusal to believe in the health of the housing boom tells. In his new book, the greatest trade ever, gregory zuckerman, a reporter at the wall street journal, examines how the unlikely team of paulson and assistant paolo pellegrinias well as a few. I met some friendly roleplayers and made a great deal with them. The greatest trade ever by gregory zuckerman waterstones. Thanks to a bestselling book about the mortgage crisis that was written by michael lewis, the. The greatest trade ever is a candy store for those with an interest in finance, the politics of making money, and the study of risk and return. Paperback trade fiction february 14, 2016 paperback trade fiction february 14, 2016. This was 4th book in quick succession on the same topic for me and i feared it may not capture my interest. Paulson approached banks, including goldman and bear stearns among others. In smalltown wyoming, steven meyers enjoyed a carefree childhood, rooted in the sound tradition of faith and oldfashioned hard work.
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