This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Hedge Fund Manager Tells All in New Book

The book is being marketed as a gripping John Grisham-style tale of Wall Street.

It is true that it takes place on Wall Street, but it could only be gripping for the most wonkish of investors. And it lacks the decisive ending of even the most rudimentary thriller, financial or otherwise. But Fooling Some of the People All of the Time (Wiley) is nonfiction -- and all active investors should read it.

The book's author, hedge fund manager David Einhorn, is emerging as the public face of an industry that is, by regulation and tradition, freakishly private. Writing this book -- about a years-long investment that hasn't worked out -- just might be the most bumptious thing I've ever seen a hedge fund manager do.

Hedge Fund Legend Writes Must-Read

Let me make clear that Einhorn's fund, Greenlight Capital (GLRE - Get Report), has been a top performer over the years, with big winners on the long side in addition to some highly successful shorts like Elan (ELN), Boston Chicken and Samsonite (SAMC). (Like anyone else with success, Einhorn is no pillar of perfection when it comes to recognizing trouble: He served on the board of subprime lender New Century (NCBC), quite a demerit to slap on his record.)

It is Einhorn's Allied Capital (ALD) short position that appears to be the sweat of his career. His obsessive, difficult experience with it began at a charity auction where several money managers were invited to introduce their best pick to the assembled donors. Einhorn spoke about shorting Allied, a private equity firm that, to Einhorn's eye, used fuzzy accounting. You can watch the speech at
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
ALD $43.55 0.65%
ELN $0.00 0.00%
GLRE $19.70 1.55%
NCBC $6.85 -2.42%
AAPL $93.99 0.31%


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs