A rare look inside the world of activist hedge funds from
one of this country''s top investors In 2002, David Einhorn, the
President of Greenlight Capital, gave a speech at a charity
investment conference and was asked to share his best investment
idea. He described his reasons why Greenlight had sold short the
shares of Allied Capital, a leader in the private finance industry.
What followed was a firestorm of controversy. Allied responded with
a Washington, D.C. style spin-job-attacking Einhorn and
disseminating half-truths and outright lies. Undeterred by the
spin-job and lies, Greenlight continued its research after the
speech and discovered Allied''s behavior was far worse than Einhorn
ever suspected. "Fooling Some of the People All of the Time" is the
gripping chronicle of this saga, and this edition contains all new
updates from the author. Page by page, it delves deep inside Wall
Street, showing how the $6 billion hedge fund Greenlight Capital
conducts its investment research and detailing the maneuvers of an
unscrupulous company. Along the way, you''ll witness feckless
regulators, compromised politicians, and the barricades our capital
markets have erected against exposing misconduct from important
Wall Street customers. Goes behind the scenes to detail the truth
about investing, short selling, and the politics of business Shows
the failings of Wall Street: its investment banks, analysts,
journalists, and especially our government regulators Offers
insights into the battles surrounding hedge funds Reveals the
immense difficulties that prevent the government from sanctioning
politically connected companies At its most basic level, Allied
Capital is the story of Wall Street at its worst. But the story is
much bigger than one little-known company. "Fooling Some of the
People All of the Time "is an important call for effective law
enforcement, free speech, and fair play.
關於作者：
DAVID EINHORN is the president of Greenlight Capital, which he
cofounded in January 1996. Greenlight Capital is a value-oriented
investment advisor whose goal is to achieve high absolute rates of
return while minimizing the risk of capital loss. Einhorn is the
Chairman of Board of Greenlight Capital RE and also serves on the
boards of Hillel; The Michael J. Fox Foundation for Parkinson''s
Research; and of the Robin Hood Foundation.
目錄：
Foreword
Acknowledgments
Allied Capital Stock Price Chart
Who''s Who
Introduction: The Spark of a Speech
Part One: A Charity Case and Greenlight Capital
Chapter 1 Before Greenlight
Chapter 2 Getting the "Greenlight"
Chapter 3 Greenlight''s Early Success
Chapter 4 Value Investing through the Internet Bubble
Chapter 5 Dissecting Allied Capital
Part Two: Spinning So Fast Leaves Most People Dizzy
Chapter 6 Allied Talks Back
Chapter 7 Wall Street Analysts
Chapter 8 The You-Have-Got-to-Be-Kidding-Me Method of
Accounting
Chapter 9 Fact-Or Maybe Not
Chapter 10 Business Loan Express
Chapter 11 Disengaging and Re-engaging
Chapter 12 Me or Your Lyin'' Eyes?
Chapter 13 Debates and Manipulations
Chapter 14 Rewarding Shareholders
Chapter 15 BLX Is Worth What, Exactly? Part Three: Would Somebody,
Anybody, Wake Up?
Chapter 16 The Government Investigates
Chapter 17 A Tough Morning
Chapter 18 A Spinner, a Scribe, and a Scholar
Chapter 19 Kroll Digs Deeper
Chapter 20 Rousing the Authorities
Chapter 21 A $9 Million Game of Three-Card Monte
Part Four: How the System Works and Doesn''t
Chapter 22 Hello, Who''s There?
Chapter 23 Whistle-Blower
Chapter 24 A Naked Attack
Chapter 25 Another Loan Program, Another Fraud
Chapter 26 The Smell of Politics
Chapter 27 Insiders Getting the Money Out
Part Five: Greenlight Was Right
Carry On
Chapter 28 Charges and Denials
Chapter 29 Charges and Admissions
Chapter 30 Late Innings
Chapter 31 The SEC Finds a Spot under the Rug
Chapter 32 A Garden of Weeds
Chapter 33 A Conviction, a Hearing, and a Dismissal
Chapter 34 Blind Men, Elephants, Mobius Strips, and Moral
Hazards
Glossary
About the Author
Index.
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