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![The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History by [Gregory Zuckerman]](https://m.media-amazon.com/images/I/51nVkFua0JL._SY346_.jpg)
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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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Gregory Zuckerman
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LanguageEnglish
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PublisherCurrency
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Publication dateOctober 26, 2009
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File size1464 KB
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Editorial Reviews
Review
"Simply terrific. Easily the best of the post-crash financial books."
--Malcolm Gladwell
"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.”
--BusinessWeek
"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."
--Bloomberg.com
"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.”
--TheDeal.com
“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.”
--Marketfolly.com
"Greg Zuckerman was the first to tell the world about John Paulson's sensational trade…He's written...
--Malcolm Gladwell
"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.”
--BusinessWeek
"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."
--Bloomberg.com
"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.”
--TheDeal.com
“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.”
--Marketfolly.com
"Greg Zuckerman was the first to tell the world about John Paulson's sensational trade…He's written...
About the Author
GREGORY ZUCKERMAN is a senior writer at the Wall Street Journal, where he has been a reporter for twelve years. He pens the widely read “Heard on the Street” column and writes about hedge funds, investing, and other Wall Street topics. Zuckerman appears on CNBC twice a week to explain complex trades. He is a two-time winner of the Gerald Loeb Award for coverage of the credit crisis, the demise of WorldCom, and the collapse of hedge fund Amaranth Advisors, and he is a recipient of other awards.
--This text refers to an out of print or unavailable edition of this title.
From AudioFile
John Paulson took home $4 billion in 2007 as his share of the deals his firm made in anticipation of a mortgage crisis. Wall Street Journal reporter Gregory Zuckerman profiles Paulson and others who saw the economic disaster coming. Narrator Marc Cashman reads with a blend of sound journalism and admiring astonishment as Zuckerman casts Paulson as an underdog of high finance. That part might be an exaggeration--Paulson was savvy enough to see what others missed and had enough money to place bets that would reap billions--but Zuckerman's detailed analysis of Paulson's thought processes provides a valuable look at financial indicators that should interest any investor. J.A.S. © AudioFile 2010, Portland, Maine
--This text refers to an out of print or unavailable edition of this title.
Product details
- 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)
- #145 in Economic History (Kindle Store)
- #158 in Biographies of Business Professionals
- #362 in Finance (Kindle Store)
- Customer Reviews:
Customer reviews
4.6 out of 5 stars
4.6 out of 5
483 global ratings
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Top reviews
Top reviews from the United States
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Reviewed in the United States on June 1, 2019
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Verified Purchase
I’ve been reading a lot of books over the past several years starting with the Great Depression and spanning most of the economic histories to the present. This is a hobby, but one that’s been highly gratifying. I find Mr. Zuckerman to be a highly readable author, extremely talented in his ability to convey the messy complexities of the markets and economy. He also has the skill to provide developed descriptions and motivations of the players. This is one I’ll be reading again. Much thanks to the author.
8 people found this helpful
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Reviewed in the United States on June 23, 2019
Verified Purchase
Remembering that every trade requires someone on the other side to transact with, the reader will understand that for everyone who lost money, someone made money. Those shrewd players (like Paulson) who made money in this disaster proves that Wall Street doesn't generally move in lockstep, It's a good, fast read.
6 people found this helpful
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Reviewed in the United States on July 2, 2019
Verified Purchase
This is a well written book, primarily regarding the complex financial world of mortgages and mortgage derivatives.
Interesting that at least one of the people responsible for the debacle walked away with a nine figure pay out.
Interesting that at least one of the people responsible for the debacle walked away with a nine figure pay out.
6 people found this helpful
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Reviewed in the United States on February 20, 2015
Verified Purchase
Excellent insight into the greatest criminal economic travesty ever visited on the American people. The $7,000,000,000 (trillion) loss is second only to Bernie Madoff and the cumulative Ponzi schemers. The revelation of the inept complicity of the U.S. governments actions/inaction visa vie the SEC is not surprising. However, it is stunning in its scope and duration.
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!!
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!!
10 people found this helpful
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Reviewed in the United States on May 4, 2011
Verified Purchase
"The Greatest Trade Ever" is a fascinating and entertaining read, fully comprehensible for those non-Wall Street insiders, exposing the underbelly of the financial industry in the midst of the bursting housing bubble. However, the book title is a bit of a misnomer in my mind. This book would have been best titled "the most profitable Wall Street" bet ever made. John Paulson and his team certainly had the foresight to dig deep and smell the rotten filth of sub-prime lending crisis. While I don't share the lionization of him the way Zuckerman's title and much of the book portrays, this still was a very fast moving and inside story that can't be conveyed in a NYT or WSJ article. On that level, this books works well for me.
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.
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.
12 people found this helpful
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Reviewed in the United States on January 23, 2019
Verified Purchase
Good book, the wisdom of going against the tide....
2 people found this helpful
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Reviewed in the United States on August 26, 2013
Verified Purchase
A very easy and complete read illustrating John Paulson, Michael Burry, and Gregg Lippman's hugely successful parts in the Housing Crisis Of 2008. Although we know the ending, this book reads like a thriller forcing the read! It provides valuable insight as to what happened with the synthetic mortgage creations MBS and CDO's and how savvy ordinary individuals learned, studied, bet on, and ultimately succeeded in obtaining billions legally, holding CDS, mortgage protection.
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.
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.
2 people found this helpful
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Reviewed in the United States on July 25, 2017
Verified Purchase
Great Book, many details of the financial fiasco of 2007 and 2008! Read and learn exactly how STUPID our own government was and is on the subject of bank regulation and mortgage stupidity! Does not give enough credit to Dr. Michael Burry, who FIRST discovered this!
4 people found this helpful
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Top reviews from other countries

Jeremy
5.0 out of 5 stars
A very good read
Reviewed in the United Kingdom on November 23, 2020Verified Purchase
This is a great book for understanding the events leading up to the financial meltdown of 2008/9, explaining the key people that foresaw the problems and the financial instruments that were the root of the problem
One person found this helpful
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Pete Farmer
3.0 out of 5 stars
Compelling, but could be told better
Reviewed in the United Kingdom on October 1, 2011Verified Purchase
The Greatest Trade on Earth succeeds, like Andrew Ross Sorkin's tome "Too Big to Fail" in making a difficult and complex subject relatively accessible by writing it in the format of a novel.
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.
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.
2 people found this helpful
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john akwils
3.0 out of 5 stars
Informative but too technical
Reviewed in the United Kingdom on December 25, 2017Verified Purchase
We always enjoy reading a success story through the life of a celebrated protagonist told with suspense. However the narrative is repetitive. Adding to that too much technicalities for a larger audience makes you feel like skipping pages.
One person found this helpful
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Rod1000
5.0 out of 5 stars
As good as Big Short but a different set of characters and story line
Reviewed in the United Kingdom on June 20, 2020Verified Purchase
Another fascinating page-turner on the financial crisis. Focused on character portraits in much the same style as Michael Lewis. If you enjoyed the Big Short, you'll love this.

Sandie Clark
5.0 out of 5 stars
The Greatest Trade Ever book
Reviewed in the United Kingdom on March 8, 2020Verified Purchase
I bought this for a. Christmas present and I’ve been told that it was a good read.
One person found this helpful
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