Fooling Some of the People All of the Time

  • by David Einhorn
  • Narrated by L. J. Ganser
  • 13 hrs and 24 mins
  • Unabridged Audiobook

Publisher's Summary

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.
Minute by minute, 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.


What the Critics Say

"[A] welcome antidote to the thousands of books written for investors that paint a sunny picture of companies.... Mr Einhorn's book recounts behind-the-scenes details of the sort that are seldom made instructive guide for general investors." (Financial Times)


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Customer Reviews

Most Helpful

where's the epilogue?

A wonderful, albeit heavily detailed account, of Einhorn's search for corporate justice. Given what has happened in the capital markets the past several years, it is easier now to understand the incompetence of regulators. Still, it is a little curious that Einhorn found so few takers of his perspective among what would have appeared to be unbiased professionals (journalists, professors, investors). Also disappointed how casually he dismissed the abusive and illegal tactics of naked short selling. But he does tell a convincing tale and one that should make us think every time we read a glowing account from a Wall Street analyst.

My biggest disappointment was the absence of the epilogue that is included in the newly published book version. Since Allied hit the wall after the completion of this book, I was very much looking forward to hearing how the market finally caught on to the systematic fraud and deception. It would be nice if could offer this add-on to its customers who bought this book.
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- James Klein

Einhorn and Cramer are one in the same

They are both masters of deception. I find it hard to believe that David Einhorn, the owner of a large hedge fund, is so ignorant with technology and so naive with government policy. Anyone with a conflict of interest is always questioned. The people he is involved with in his industry makes me question his integrity as well. He plays dumb and innocent, but as a hedge fund manger I seriously doubt he is.
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- John

Book Details

  • Release Date: 02-01-2010
  • Publisher: Audible Studios