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Back in 2006, hunched over spreadsheets, hedge fund titan John Paulson realised that the housing market was vastly overstretched. Fuelled by sub-prime mortgages, it was a classic bubble ready to burst. He had waited his whole life for this perfect trade.
Paulson, who had never dealt in real-estate before, struggled to convince bullish Wall Street investors about the coming crash. But as house prices began to falter and the financial system collapsed, he reaped the rewards. He made a now-legendary series of trades, executed with technical skill and perfect timing.
The results were spectacular. In a single morning in late 2007 Paulson made $1.25bn from a five-point fall in the markets. Across the year he earned $15 billion for his fund, including $4 billion for himself - more than the incomes of J.K Rowling, Oprah Winfrey and Tiger Woods put together. It was the largest trading windfall in history by far, securing his place in the history books alongside Warren Buffet and George Soros.
Written with the exclusive co-operation of the highly secretive Paulson, The Greatest Trade Ever tells the full story of his trade for the first time. Like Barbarians at the Gate 20 years ago, it also tells a wider story of staggering wealth accumulation, hubris and financial whizzery. It is essential reading for anyone seeking to understand the inner workings of the markets - and trying to spot the next bubble.
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Review:
Simply terrific. Easily the best of the post-crash financial books. Rarely in human history has someone made so much money in so short a time. (Malcolm Gladwell)
Greg Zuckerman was the first to tell the world about John Paulson's sensational trade... He's written the definitive account of a strange and wonderful subplot of the financial crisis. (Michael Lewis, author of Liar's Poker)
Zuckerman takes us to Wall Street's heart of darkness, where mushroomed a $1 trillion subprime mortgage market that only the few, the brave, the smart dared short. This is at once a great page-turner and a great illuminator of the market's crash. (John Heylar, co-author of Barbarians at the Gate)
Much, much more than a brilliant account of Paulson's trade of the century; this book also provides a highly enjoyable and lucid journey through the analytical and emotional maze that constituted the financial markets on the eve of the Great Recession. Compulsory reading. (Mohamed El-Erian, CEO of Pacific Investment Management Co and author of When Markets Collide)
A magnificent insider look at how Paulson and others profited off of subprime's demise... insightful and gripping. (Marketfolly.com)
More than a cinematic narrative of how Paulson and others figured out how to short the market. We're also reminded of how opaque and illiquid some financial instruments are, how little Wall Street executives understood them, and how difficult it was for more knowledgeable bankers to say that the subprime emperor had no clothes. (Bloomberg)
From the Back Cover:
Greg Zuckerman was the first to tell the world about John Paulson's sensational trade... He's written the definitive account of a strange and wonderful subplot of the financial crisis. (Michael Lewis, author of Liar's Poker)
Zuckerman takes us to Wall Street's heart of darkness, where mushroomed a $1 trillion subprime mortgage market that only the few, the brave, the smart dared short. This is at once a great page-turner and a great illuminator of the market's crash. (John Heylar, co-author of Barbarians at the Gate)
Much, much more than a brilliant account of Paulson's trade of the century; this book also provides a highly enjoyable and lucid journey through the analytical and emotional maze that constituted the financial markets on the eve of the Great Recession. Compulsory reading. (Mohamed El-Erian, CEO of Pacific Investment Management Co and author of When Markets Collide)
A magnificent insider look at how Paulson and others profited off of subprime's demise... insightful and gripping. (Marketfolly.com)
More than a cinematic narrative of how Paulson and others figured out how to short the market. We're also reminded of how opaque and illiquid some financial instruments are, how little Wall Street executives understood them, and how difficult it was for more knowledgeable bankers to say that the subprime emperor had no clothes. (Bloomberg)
'By 2006 John Paulson had reached twilight years in Wall Street-career time. As house prices kept surging and the financial markets boomed, the sceptical Paulson was being eclipsed by younger traders who amassed huge fortunes.
But beneath the market's surface the tectonic plates were shifting. Paulson heard rumblings that the hedge-fund heroes and frenzied home buyers ignored. He was sure that if the housing market unravelled the troubles could pull down the rest of the financial system, no matter what the experts said.
Paulson was just as certain that investors had underestimated him. He wasn't afraid of risk. Rather, he had been waiting all his life for the perfect trade . . .'
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- PublisherViking
- Publication date2010
- ISBN 10 0670918350
- ISBN 13 9780670918355
- BindingHardcover
- Number of pages304
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