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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 prize-winning reporter who broke the story in The Wall Street Journal, The Greatest Trade Ever is a superbly written behind-the-scenes narrative of how a contrarian foresaw an escalating financial crisis.
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By David on 05-02-11
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This book may have been a decent report when it was published but it has since been overtaken by more complete or better written accounts. "All the Devils are Here" is an amazing comprehensive tome on the financial crisis and 30 years of policies that got us there. "The Big Short" focuses, like this book, on people who shorted the housing market but it more insightful and better written.
16 of 16 people found this review helpful
By michael a delaney on 04-25-10
if you have read the big short by lewis don't bother reading this book as there is nothing new. if you have a choice between the two books go with michael lewis. he is a better writer and the narration is also better.
16 of 18 people found this review helpful