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The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History
by Gregory Zuckerman (Author)
Hedge fund manager John Paulson came to the conclusion in 2006 that the housing market and the value of subprime mortgages were wildly inflated and on the verge of a significant decline, something that few others had suspected. However, Paulson had little experience with real estate or how to bet against housing because his background was in mergers and acquisitions. He had worked on Wall Street as an also-ran.
Paulson, however, was certain that this was his opportunity to leave his imprint. He simply didn’t know how to go about it. Investors shunned him, and his investment bank colleagues laughed at him. Paulson was just learning about complex derivative bets, which even housing-skeptic experts avoided. However, Paulson and a few outlaw investors, including Michael Burry and Jeffrey Greene, started placing large bets against unstable financial firms and hazardous mortgages. That being said, timing is crucial. As stocks and real estate prices continued to rise, Paulson and the others first lost tens of millions of dollars. But instead of backing down, Paulson increased his wagers, risking both his reputation and his hedge firm.
Paulson made early profits when the markets crashed in the summer of 2007, but it also sparked attempts to derail him and save real estate. However, by the end of the year, John Paulson had made the biggest trade in the history of finance, bringing in almost $15 billion for his company, which was far more than George Soros’s 1992 billion-dollar currency trade. By changing his bold move, Paulson made billions more in 2008. Several of the underdog investors who tried the risky transaction also made a lot of money. However, others who misjudged the moment met with disastrous disaster, realizing that being right and early wasn’t nearly enough.
The Greatest Trade Ever, written by the award-winning reporter who first reported the story in The Wall Street Journal, is a masterfully written, action-packed, behind-the-scenes account of how a contrarian predicted a growing financial crisis and outsmarted Wall Street’s titans, Chuck Prince, Stanley O’Neal, and Richard Fuld to create financial history.
Editorial Reviews
Review
“Simply terrific. Easily the best of the post-crash financial books.”
–Malcolm Gladwell
“Mr. Zuckerman is a first-rate reporter who is also able to explain the complexities of real estate finance in layman’s terms. At times, The Greatest Trade Ever reads like a thriller.”
–The New York Times
“How Paulson and a handful of contrarian investors pulled off this once-in-a-lifetime coup is the subject of The Greatest Trade Ever … a fascinating and believable counter-narrative to the growing pile of books recounting the disastrous mistakes made by many of the supposedly smartest minds on Wall Street. It is also a surprisingly dramatic work…In The Greatest Trade Ever, Zuckerman skillfully shows how Paulson and a few cohorts anticipated a disaster and figured out a way to profit.”
–BusinessWeek
Product details
Publisher : Crown Currency; NO-VALUE edition (December 7, 2010)
Language : English
About the author
Zuckerman, Gregory
Gregory Zuckerman works for The Wall Street Journal as a Special Writer. He is an investigative journalist who covers a range of business and financial subjects.
Greg is the author of A Shot to Save the World: The Inside Story of the Life-or-Death Race for a COVID-19 Vaccine, which was released in October 2021 by the Portfolio division of PenguinRandomHouse.
Greg is also the author of the New York Times and Wall Street Journal bestseller The Man Who Solved the Market: How Jim Simons Launched a Quant Revolution. The Financial Times/McKinsey and the Society for Advancing Business Editing and Writing recognized the book, which is being translated into 17 languages, as one of the top business books of 2019.
The Frackers: The Outrageous Inside Story of the New Billionaire Wildcatters, written by Greg, was published in October 2014 and is a national bestseller that tells the story of how a group of improbable people brought about an energy revolution in America that has driven OPEC to its knees. Forbes Magazine and The Financial Times ranked The Frackers as one of the top books of 2014. Greg previously authored The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History, which was published in December 2010 and became a New York Times and Wall Street Journal best seller.
The books Rising Above: How 11 Athletes overcome Challenges in Their Youth to Become Stars and Rising Above-Inspiring Women in Sports, written by Greg and his two kids, are meant to motivate young readers by sharing the experiences of athletes who overcome significant obstacles in their early years. In 2016 and 2017, Scholastic Teacher magazine named the books their top picks.
Greg has won the Gerald Loeb Award, the top accolade in business journalism, three times. In 2015, he received the Loeb Award for a series of pieces that exposed conflict between Pimco’s founder, Bill Gross, and other employees, ultimately resulting in his departure. Greg revealed in 2012 that the “London Whale,” a trader at J.P. Morgan, had made massive, disastrous trades that cost the bank $6.2 billion.
Greg frequently makes appearances on radio stations worldwide as well as on CNBC, Fox Business, and other networks.
After writing for the New York Post about media firms, Greg joined the Journal in 1996. In 1988, he received his degree from Brandeis University. Greg, his wife, and their two sons reside in West Orange, New Jersey, where they cheer for the Giants in the fall, watch the New York Yankees in the summer, and spend the winter remembering Linsanity.
