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The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History Kindle Edition
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"Mr. Zuckerman is a first-rate reporter who is also able to explain the complexities of real estate finance in layman’s terms. At times, The Greatest Trade Ever reads like a thriller."
--The New York Times
“How Paulson and a handful of contrarian investors pulled off this once-in-a-lifetime coup is the subject of The Greatest Trade Ever ... a fascinating and believable counter-narrative to the growing pile of books recounting the disastrous mistakes made by many of the supposedly smartest minds on Wall Street. It is also a surprisingly dramatic work...In The Greatest Trade Ever, Zuckerman skillfully shows how Paulson and a few cohorts anticipated a disaster and figured out a way to profit.”
"More than a cinematic narrative of how Paulson and others figured out how to short the market. We’re also reminded of how opaque and illiquid some financial instruments are, how little Wall Street executives understood them, and how difficult it was for more knowledgeable bankers to say that the subprime emperor had no clothes."
"Zuckerman has a story to tell, a thread to follow, and it just happens to turn out that by following the saga of John Paulson, Zuckerman reveals all kinds of fascinating perspectives on complex finance, the real estate bubble and Wall Street and Washington's difficulties in putting the two together.”
“A magnificent insider look at how Paulson and others profited off of subprime’s demise, detailing both the formulation and implementation of such a trade…Zuckerman’s work is both insightful and gripping.”
"Greg Zuckerman was the first to tell the world about John Paulson's sensational trade…He's written...
About the Author
- ASIN : B002UBRFFU
- Publisher : Currency (October 26, 2009)
- Publication date : October 26, 2009
- Language : English
- File size : 1464 KB
- Text-to-Speech : Enabled
- Enhanced typesetting : Enabled
- X-Ray : Enabled
- Word Wise : Enabled
- Print length : 322 pages
- Lending : Not Enabled
- Best Sellers Rank: #187,261 in Kindle Store (See Top 100 in Kindle Store)
- Customer Reviews:
Top reviews from the United States
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Interesting that at least one of the people responsible for the debacle walked away with a nine figure pay out.
The authors research, verification and "novel" like delivery makes for an intriguing "who dunnit." The folks who saw the disaster coming years before it happened and were able to profit HUGELY from it is a testimonial to the American entrepreneur.
Zuckerman's skill in presenting arcane, complicated and obfuscating financial "mumbo jumbo" is brilliant--this stuff can be mind numbing in its complexity. It should be a business school required reading as well as critical to every Americans financial health.
What you don't know will financially RUIN you!!
On the other hand, the book leaves me more troubled and disenchanted with the financial industry..... and I'm a bullish believer in the free market. Reading this book left me even more jaded of much of the financial industry and their ability to create negative global impact greater than the benefit they deliver. Sure, there are aspects of the industry that serve useful purposes --- i.e., helping companies raise capital to finance growth. However, much of the industry seems like cess pool of individuals who've never created innovative products or services to sell to consumers or businesses. Or taken an innovative idea and created and/or revolutionized categories or industries. They are big time gamblers, playing mostly with house money and limited accountability (unless things go well) usinge opaque and risky investment instruments. John Paulson was wildly successful by those measures, but probably wouldn't last a day running a Fortune 100 company, leading tens of thousands of employees or being one of the millions of individuals with an idea and a dream that are the true engines of the American economy.
"The Greatest Trade Ever" was a fantastic read even if the characters and their industry leave little to respect or admire.
It is ironic that the corrupt actions of Congress that failed to protect the common citizen, held hearings to question the risk takers that beat the system! I share John Paulson's future vision of an inflation bubble coming.
Top reviews from other countries
That said, it could have majored more on the background and some of the complex derivatives and investments involved at the expense of irrelevant deep biographical background on some of the minor "characters" involved. Equally, Zuckerman omits detail where it was required towards the end, such as with his investing strategies after the Great Trade.
If, like me, you suspected that trouble was brewing from unsustainable consumer borrowing in the mid noughties, then the book will resonate well. If you are looking for an account of the credit crunch, try Too Big to Fail or Masters of Nothing before tacking this one as it will make more sense.
All in all though, it is still an informative and compelling read.