The greatest trade ever : How John Paulson bet against the markets and made $20 billion

Autori

• Zuckerman Gregory

Parametri

• Biografie e pensieri
• Commercio e vendita
• Economia e affari
• Saggistica
• Storia

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In 2006, hedge fund manager John Paulson recognized that the housing market and subprime mortgages were grossly inflated and on the brink of collapse. Despite his background in mergers and acquisitions and limited knowledge of real estate, Paulson saw this as his opportunity to make a significant impact on Wall Street. Initially met with skepticism from colleagues and investors, he persisted in his belief that risky mortgages would fail. Alongside renegade investors like Jeffrey Greene and Michael Burry, Paulson began to bet heavily against these precarious financial instruments. However, timing proved challenging; early on, Paulson and his peers faced substantial losses as the housing market continued to rise. Undeterred, Paulson increased his investments, risking both his hedge fund and reputation. By the summer of 2007, the market began to collapse, leading to significant profits for Paulson, while also prompting efforts to stabilize the failing real estate sector. By the end of that year, he executed one of the most remarkable trades in financial history, earning over $15 billion for his firm, surpassing even George Soros's famed currency trade. While some investors thrived, others who miscalculated their timing suffered devastating losses. This compelling narrative, crafted by a prizewinning journalist, chronicles how a contrarian foresaw a major financial crisis and outsmarted Wall Street's elite.

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Lingua: Inglese

Pubblicato: 2010