Download The Greatest Trade Ever: How John Paulson Defied Wall Street and Made Financial History AudioBook Free
In 2006, hedge fund supervisor John Paulson realized something few others suspected--that the housing market and the worthiness of subprime home loans were grossly inflated and headed for a significant semester. Paulson's qualifications was at mergers and acquisitions, however, and he understood little about real real estate or how to wager against real estate. He had spent a profession as an also-ran on Wall Road. But Paulson was convinced this is his chance to make his symbol. He just wasn't sure how to do it. Co-workers at investment bankers scoffed at him and investors dismissed him. Even advantages skeptical about real estate shied away from the complicated derivative ventures that Paulson was just learning about. But Paulson and a handful of renegade investors such as Jeffrey Greene and Michael Burry started out to bet intensely against risky home loans and precarious financial companies. Timing is everything, though. Initially, Paulson and others lost tens of huge amount of money as real real estate and stocks continuing to soar. Instead of back off, however, Paulson redoubled his wagers, putting his hedge fund and his reputation on the line.
In the summertime of 2007, the marketplaces started out to implode, delivering Paulson early earnings, but also sparking efforts to rescue real real estate and derail him. By year's end, though, John Paulson acquired pulled off the greatest trade in credit history, generating more than $15 billion for his firm--a amount that dwarfed George Soros's billion-dollar currency trade in 1992. Paulson made billions more in 2008 by transforming his gutsy move. Some of the underdog investors who attempted the daring trade also reaped fortunes. But others who acquired the timing wrong met devastating failing, obtaining that being early on and right wasn't almost enough.
Written by the prizewinning reporter who broke the story in The Wall Road Journal, The Greatest Trade Ever is a superbly written, fast-paced, behind-the-scenes narrative of how a contrarian foresaw an escalating financial crisis--that outwitted Chuck Prince, Stanley O'Neal, Richard Fuld, and Wall Street's titans--to make credit history.
