GREATEST TRADE EVER, THE(ISBN=9780385529945) pmlz 2025 pdf 下载 kindle mobi docx 百度云

In 2006, hedge fund manager John Paulson realized something few

others suspected--that the housing market and the value of subprime

mortgages were grossly inflated and headed for a major fall.

Paulson's background was in mergers and acquisitions, however, and

he knew little about real estate or how to wager against

housing. He had spent a career as an also-ran on Wall Street.

But Paulson was convinced this was his chance to make his mark. He

just wasn't sure how to do it. Colleagues at investment banks

scoffed at him and investors dismissed him. Even pros

skeptical about housing shied away from the complicated derivative

investments that Paulson was just learning about. But Paulson

and a handful of renegade investors such as Jeffrey Greene and

Michael Burry began to bet heavily against risky mortgages and

precarious financial companies. Timing is everything, though.

Initially, Paulson and the others lost tens of millions of dollars

as real estate and stocks continued to soar. Rather than back down,

however, Paulson redoubled his bets, putting his hedge fund and his

reputation on the line.

In the summer of 2007, the markets began

to implode, bringing Paulson early profits, but also sparking

efforts to rescue real estate and derail him. By year's end,

though, John Paulson had pulled off the greatest trade in financial

history, earning more than $15 billion for his firm--a figure 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 got the timing wrong met

devastating failure, discovering that being early and right wasn't

nearly enough.

Written by the prizewinning reporter who

broke the story in The Wall Street 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 financial history.

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世界上的麻醉物，最危险的当属低息贷款和超额信用。---本杰明•安德森，1929年

我甚至都没有思考这些东西。如果早就有人这样，那么负债的价格就会高一些，事情也不会失控。要是早就多点人卖空，世界就更加美好。业主们现在的困境，跟我们没有任何关系。

他只和不到100名投资商做生意，而且仅接受富裕的客户，这样就无需在政府注册成为投资公司。收取20%的佣金；而共同基金经理受法律所限，不太可能收取如此大比例的佣金。

2002年后，全球经济回暖，资金迅速涌入对冲基金，养老基金、人身保险和个人理财基金都势头猛涨

对冲基金对客户收取高额手续费，通常是投资额的2%左右，加上所获收益的20%或更多。但这就好像城市高档住宅区的上流俱乐部一般，即便收费不菲，让大部分潜在客户望而却步，仍有很多投资商跑来砸门，央求着让他们收下大把大把的银子

“波士顿咨询公司，说白了就是大家凑一块儿，看谁更精明，保尔森性子都磨没了。...”

1977年，华尔街创造出“证券化”，就是把贷款包装成债券，出借人可以把它们的贷款出售给投资商，收取盈利，然后用赚到的钱为消费者和公司提供更多的贷款。

书籍介绍

In 2006, hedge fund manager John Paulson realized something few others suspected--that the housing market and the value of subprime mortgages were grossly inflated and headed for a major fall. Paulson's background was in mergers and acquisitions, however, and he knew little about real estate or how to wager against housing. He had spent a career as an also-ran on Wall Street. But Paulson was convinced this was his chance to make his mark. He just wasn't sure how to do it. Colleagues at investment banks scoffed at him and investors dismissed him. Even pros skeptical about housing shied away from the complicated derivative investments that Paulson was just learning about. But Paulson and a handful of renegade investors such as Jeffrey Greene and Michael Burry began to bet heavily against risky mortgages and precarious financial companies. Timing is everything, though. Initially, Paulson and the others lost tens of millions of dollars as real estate and stocks continued to soar. Rather than back down, however, Paulson redoubled his bets, putting his hedge fund and his reputation on the line.

In the summer of 2007, the markets began to implode, bringing Paulson early profits, but also sparking efforts to rescue real estate and derail him. By year's end, though, John Paulson had pulled off the greatest trade in financial history, earning more than $15 billion for his firm--a figure 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 got the timing wrong met devastating failure, discovering that being early and right wasn't nearly enough.

Written by the prizewinning reporter who broke the story in The Wall Street 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 financial history.

From the Hardcover edition.