Unlike most investors, who live in fear of failure, Scott Fearon actively seeks it out. He has earned millions of dollars for his hedge fund over the last thirty years shorting the stocks of businesses he believed were on their way to bankruptcy. In Dead Companies Walking, Fearon describes his methods for spotting these doomed businesses, and how they can be extremely profitable investments. In his experience, corporate managers routinely commit six common mistakes that can derail even the most promising companies: they learn from only the recent past; they rely too heavily on a formula for success; they misunderstand their target customers; they fall victim to the magical storytelling of a mania; they fail to adapt to tectonic shifts in their industry; and they are physically or emotionally removed from their companies' operations. Fearon has interviewed thousands of executives across America, many of whom, unknowingly, were headed toward bankruptcy – from the Texas oil barons of the 80s to the tech wunderkinds of the late 90s to the flush real estate developers of the mid-2000s. Here, he explores recent examples like JC Penney, Herbalife and Blockbuster Entertainment to help investors better predict the next booms and busts―and come out on top.
Short Selling: Finding Uncommon Short Ideas (Columbia Business School Publishing)
When an investor believes a stock is overvalued and will soon drop in price, he might decide to "short" it. First, he borrows an amount of the stock, and then sells it. He waits for the stock to tank before buying back the same amount of shares at a deflated price. After returning the shares to his lender, he pockets the difference―unless any one of several hard-to-predict variables interferes, and the stock fails to drop. Since these variables are so hard to predict, short selling is difficult for even seasoned investors. It takes great talent and experience to isolate the best short ideas for falling stocks―skills Amit Kumar developed and honed over decades of market analysis and trading. This book shares his short-selling framework, built on themes common to falling stocks and the market's endemic strengths and cycles. Featuring key case studies and exclusive interviews with successful fund managers Bill Ackman (Pershing Square Capital Management) and Mark Roberts (Off Wall Street Consulting Group), Kumar shows investors how to avoid traps and profit from well-researched short ideas. Investors may not always act on short ideas, but they can avoid losses by using Kumar's framework to identify overvalued stocks. Professionals and amateur investors alike will benefit from this fundamental research approach, which transforms short selling into a long-term strategy.
The Big Win: Learning from the Legends to Become a More Successful Investor
A rousing and practical look at the extremely successfulinvestments of top investors In his first book, The Billion Dollar Mistake, authorStephen L. Weiss showcased the biggest blunders of some of theworld's legendary investors—which lost them billions ofdollars on a single investment. Incredibly, the mistakes they madewere the same mistakes made by everyday investors but for themagnitude of the loss.Weiss's second book, The Big Win: Learning from the Legendsto Become a More Successful Investor, highlights financialsuccesses, explaining how the world's most successful investorsmake a fortune and how you can do the same. As with the misstepsWeiss profiled in his first book, the strategies used by theselegendary investors are available to all, regardless of size orsophistication.Profiles legendary investors and highlights their investmentstrategies—from finding the right investment to researchingto making a moveProbes each investor's personality and questions theirinvestment thinkingIdentifies and describes each investor's "big win" and why itbecame their most successful investmentThe Big Win is a primer on successful investing the wayit is really done by the people who do it for aliving—passionately and with extraordinary success. TheBillion Dollar Mistake told readers what not to do toget rich; The Big Win shows readers how to do it right forthe payoff of their lives.
The Most Dangerous Trade: How Short Sellers Uncover Fraud, Keep Markets Honest, and Make and Lose Billions (Bloomberg)
How short sellers profit from disasters that afflict individuals, markets, and nationsThe Most Dangerous Trade serves up tales from the dark side of the world marketplace to reveal how traders profit from the failure and, often, the financial ruin of others. In this book Richard Teitelbaum profiles more than a dozen short sellers to reveal how they employ the tactics, strategies, and various styles to zero in on their target, get the needed financing, and see their investment through to its ultimate conclusion.The short sellers profiled will include stories of both their successful investments as well as their disastrous ventures. The book will examine the different styles, strategies, and tactics utilized, looking at how each short seller researches his or her targets, obtains financing, puts on a trade, and sees the investment through to fruition—or failure. With the appeal of a well-written adventure novel, The Most Dangerous Trade reveals how these investors seek publicity to help drive down a stock and shows the often bitter and controversial battles that ensue.Includes profiles of well-know short sellers such as Jim Chanos, Steve Eisman, Manuel Ascencio, Doug Kass, and many moreDiscover how short sellers make the "puts" that make them billionsUncover the short selling controversies that make headlinesWritten by award-winning journalist Richard TeitelbaumDiscover what motivates investors who wager against the stock market and how they often profit from the misery of others.
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