Christine S. Richard
- Title: Confidence Game: How Hedge Fund Manager Bill Ackman Called Wall Street's Bluff
- Author: Christine S. Richard
- ISBN: 9780470873304
- Page: 383
- Format: ebook
An expose on the delusion, greed, and arrogance that led to America s credit crisis.The collapse of America s credit markets in 2008 is quite possibly the biggest financial disaster in U.S history Confidence Game How a Hedge Fund Manager Called Wall Street s Bluff is the story of Bill Ackman s six year campaign to warn that the 2.5 trillion bond insurance business wasAn expose on the delusion, greed, and arrogance that led to America s credit crisis.The collapse of America s credit markets in 2008 is quite possibly the biggest financial disaster in U.S history Confidence Game How a Hedge Fund Manager Called Wall Street s Bluff is the story of Bill Ackman s six year campaign to warn that the 2.5 trillion bond insurance business was a catastrophe waiting to happen Branded a fraud by the Wall Street Journal and New York Times, and investigated by Eliot Spitzer and the Securities and Exchange Commission, Ackman later made his investors than 1 billion when bond insurers kicked off the collapse of the credit markets Unravels the story of the credit crisis through an engaging and human drama Draws on unprecedented access to one of Wall Street s best known investors Shows how excessive leverage, dangerous financial models, and a blind reliance on triple A credit ratings sent Wall Street careening toward disasterConfidence Game is a real world Emperor s New Clothes, a tale of widespread delusion, and one dissenting voice in the era leading up to the worst financial disaster since the Great Depression.
Recent Comments "Confidence Game: How Hedge Fund Manager Bill Ackman Called Wall Street's Bluff"
Not an educational book, yet not a novel. Somewhere in between: well-researched, factual storytelling, not dull but also, thank God, without cheesy cliffhangers. Just really good journalism, basically.The book tells the story of Bill Ackman and his hedge funds, with the main focus being on the research he made on bond insurance company MBIA, starting in 2002 and going all the way to the end of 2008, after the bursting of the subprime bubble. You will get to know about all the tedious research th [...]
Perhaps this is only for those fascinated by the financial meltdown of 2007-2008, its origins and consequences, but for me -- this was terrific. I lived thru the details of this at work and even sat at a conference table with Bill Ackman. Very dense with details and somewhat arcane terms but sets out the mechanics of the process of failure in a chronology that hands out lots of blame. I certainly don't think Bill Ackman was then or is now a disinterested observer but he obviously did his homewor [...]
Similar to David Einhorn's Fooling Some of the People All of the Time, this recollects Bill's short position and investment in CDS's of MBIA. Legend has it that Bill read tens of thousands of pages of filings and documents regarding MBIA over the course of this multi-year position.I read this after reading about Mr. Ackman and Valeant, as well as having known Mr. Ackman from the time he spends at Columbia and involvement in the Graham & Dodd community.
Pretty fast paced and entertaining. I could draw parallels with a similar book titled fooling some of the people all of the time.
Man, the Financial Crisis never ceases to provide interesting stories about human misjudgment. The management of and investors in MBIA were either unaware or unwilling to admit that the company was totally impaired. Bill Ackman saw the problem and took out a short position. Much like with us current bet against Herbalife (which I believe he's spot on for doing, but "the market can remain irrational longer than you can remain solvent"), he had to endure years of mispricing, despite his efforts to [...]
It makes you stop and wonder how much of our economy is real, and how much is just speculation. And if our economic foundation isn't as solid as we like to believe, how much trouble are we really in?
Not succinct enough, but still a good story on Bill Ackman's investment style.
This is my review on dated March 20, 2012:This book is about the late 2000s financial crisis, revolving around the battle between MBIA, the largest and highly leveraged BOND INSURER, and Bill Ackman, a hedge fund manager, who in the course of several years has accumulated a huge SHORT position on MBIA.Other players involved include RATING AGENCIES (using different credit-rating scales for municipal and corporate bonds - not making any sense, and earning fees from those companies whose securitie [...]
Like how David Einhorn's book 'Fooling Some People All of the Time' gave me the idea of investing in Greenlight Capital Re, this book prodded me to look at Ackman's hedge fund vehicle and invest into Pershing Square Holdings (PSH) at a 16% discount to NAVrshingsquareholdingsbarrons/articles/how-tGotham Partner's report 'Is MBIA Triple A?'briem/files/Ackman_MBILetter to the rating agenciesgurufocus/news/21323/aMeet Mr Pressurebarrons/articles/SB113rrons/articles/SB113Bill Ackman vs Carl Icahn CNB [...]
This is an amazing story about a short seller who identified one of the major holes in the credit bubble - at least 5 years before the bubble finally burst! Bill Ackman ultimately earned over $1.1 billion for his hedge fund with his prophetic realization that the bond insurers' business model was faulty in the extreme. What was different about Mr. Ackman was that he was an activist short seller! There are many activist investors who try to pressure management to make better business decisions. M [...]
I first learned about Bill Ackman in 2013 through several interviews on Bloomberg TV. But it's only once I saw his Lemon Stand Video referring Benjamin Graham that I really got interested youtube/watch?v=WEDIj. This book is an impressively detailed description of his journey to become one of today's best value investors in the Graham and Buffet sense of the term. I have often read that being a value investor requires discipline but also the courage to stand by ones convictions. I am simply amaze [...]
"Confidence Game", written by financial journalist Richards, tells the story of hedge fund manager Bill Ackman, one of those incredible Cassandras who saw gross instability in the financial system years before its collapse. Ackman's crusade was against the bond insurers, and in particular the municipal bond insurer MBIA, whom he could see was hiding losses and smoothing results to maintain the appearance of absolute stability. Because he chose to approach the matter as a short-seller, he was wid [...]
A fantastic story but a book that's more like an action-packed, dramatic novel.It's a story book, but with some very good lessons for money managers or investors.A look at what happened when a short seller was being factual, and spoke to regulators - and nobody cared about a company that was definitely not AAA, and had indulged in questionable accounting practices.Beware of assets or liabilities - the value of which is determined based on discretion. Level 3 they call it.Also, cash flows can als [...]
20 years from now we may be looking at Bill Ackman with the same reverence as Warren Buffet. This book chronicles Ackman's rise from Harvard undergrad, Harvard MBA, and right after graduation starting this own hedgefund. It was not all smooth sailing as his first fund ultimately terminated. But Ackman, and the story in the book about his battle with MBIA shows a few lessons. One being that activist investing is a necessary entity in our economy. Another lesson is people may think you are dead wr [...]
I read this book in the middle of Ackman's short of Herbalife, as I was doing some writing on Seeking Alpha on that episode, as it unfolded.Reading this book helped a lot in understanding the character of the man, and the way he is able to truly do his own research and believe his eyes. There is a certain amount of independence needed to go against the 'accepted view,' but it is a highly necessary quality in investment research. Bill Ackman has got it, and reading about how the episode unfolded [...]
"Graham and Dodds' Security Analysis, Peter Lunch's One Up on Wall Street, Benjamin Graham's Intelligent Investor, Lawrence Cunningham's The Essays of Warren Buffett, and Thorton O'glove's Quality of Earnings These were Ackman's favorite books on investing""A worried capitalist is like a comet: He always presages some disaster for the world."--- The Count of Monte Cristo
A Tribute to Financial Analysis and GritThis is a well done dive into the value short investors bring to the financial system and the layers of inertia and herd thinking at regulatory agencies, rating agencies and the financial press and that they face in getting past interested management and their investment banks and at risk counterparts to find/expose underlying value. An excellent window into the 2008-2009 meltdown as well.
Amazing account of a determined analyst who was mostly misunderstood as just a short. All analysts should read this book to find out the real hard work that goes behind true analysis. Easy to read book because of its fiction oriented style.
The problem with this book is that the perspective is so narrow and the author is clearly the hero -- with Ackman a hero by virtue of his relationship to her.The unproblem with this book is that it is very interesting.
Really enjoyable Harry Bosch book. Pretty simple and not twisted like a lot of the other stories but enjoyable nonetheless.
After reading this you cannot question Ackman's resolve and level due diligence
This book was riveting. It provided an intriguing look into the thought process of Bill Ackman during his battle with MBIA.
skill, tenacity, confidence, luck too
must read for every financial analyst. Impressed with the way Bill ackman has taken his analysis forward. Really confidence matters in the financial world.
Fascinating If the causes and events of the 2008 financial crisis interests you, this is a must-read. Who would believe the topic of bond insurance could be gripping? It is.
One of the best books I have read. Excellent job by Christine I would recommend it to anyone I care about and want them to grow up to be able to see things be / for themselves
Reads like a financial thriller.
Excellent book on the sub-prime crisis.
↠ Confidence Game: How Hedge Fund Manager Bill Ackman Called Wall Street's Bluff || ↠ PDF Read by ↠ Christine S. Richard 383 Christine S. Richard
Title: ↠ Confidence Game: How Hedge Fund Manager Bill Ackman Called Wall Street's Bluff || ↠ PDF Read by ↠ Christine S. Richard