How top traders made huge profits during the most momentous market events of the past century Financial and commodity markets are characterized by periodic crashes and upside explosions. In retrospect, the reasons behind these abrupt movements often seem very clear, but generally few people understand what's happening at the time. Top traders and investors like George Soros or Jesse Livermore have stood apart from the crowd and capitalized on their unique insights to capture huge profits. Engaging and informative, The Greatest Trades of All Time chronicles how a select few traders anticipated market eruptions from the 1929 stock market crash to the 2008 subprime mortgage meltdown and positioned themselves to excel while a majority of others failed. Along the way, author Vincent Veneziani describes the economic and financial forces that led to each market cataclysm and how these individuals perceived what was happening beforehand and why they decided to place big bets, often at great risk and in opposition to consensus opinion at the time.* Traders discussed include George Soros, Jesse Livermore, Paul Tudor Jones, John Templeton, and John Paulson* Provide contemporary traders and investors with insights on how great traders make great trades* Offers insights on market forecasting, mass psychology, and the importance of personal conviction in trading At a time when many investors are looking to the past for answers to the future, this book brings important historical moments in the financial markets to life.
Acknowledgments xiii About the Author xv Introduction xvii CHAPTER 1 J. Kyle Bass: Timing Is Everything 1 The Back Story 1 A Few Definitions 2 Bass Asks Why 4 Learning from the Past 6 Shorting Subprime Loans 7 The Best Position 8 The Effects of Abuse 11 Who Was Watching? 13 Re-creating Bass's Trading Strategies 17 Bass's Top Traits 17 CHAPTER 2 James Chanos: The Real King of Enron 21 Enter Enron 21 Really Looking at Enron 23 The Best Position 26 Recreating Chanos's Trading Strategies 28 A More Recent Example 28 Chanos's Top Traits 30 CHAPTER 3 Paul Tudor Jones II: Legendary Global Macro Trader 31 Following a Genius 31 The Path of Greatness 32 Starting Out 33 Knowing All the Markets 35 Global Macro Trading 36 Elliot Wave Theory 38 More Keys to Jones's Success 40 Success beyond Trading 43 Recreating Jones's Trading Strategies 43 Jones's Top Traits 44 CHAPTER 4 John Templeton: Legendary Mutual Fund Manager 47 What Made Templeton Famous 47 Templeton's Life before Investing 49 Educational Aspirations 50 The Married Life 52 Templeton's Big Move 53 Back to New York 54 Looking to the Future, and the Templeton Growth Fund 55 Templeton's Second Marriage and Fund 56 The Bahamas 57 Recreating Templeton's Trading Strategies 58 Templeton's Top Traits 59 CHAPTER 5 Jesse Livermore: Legendary Speculator 61 Livermore's History 61 At Home in New York 63 Fame and Fortune 63 The Panic of 1907 64 The Crash of 1929 65 Livermore's Tragic End 66 An Example of Livermore's Influence Today 68 Recreating Livermore's Trading Strategies 69 Livermore's Top Traits 69 CHAPTER 6 John Paulson: The Greatest Trade of All Time 73 Paulson's Early Career 73 Paulson & Co. 74 The Greatest Trade 74 Recreating Paulson's Trading Strategies 79 Paulson's Top Traits 81 CHAPTER 7 George Soros: From Humble Beginnings to World Trader 83 Soros's Famous Trades 84 The Hardships of a Trading Genius 87 Going to School in London 88 Work in New York 90 Joining the Big Leagues 91 Finding Himself 93 Crashing from Success 95 A New Prot'eg'e 97 Onto the World Stage 98 The Backlash 100 A Conflicted Mind 101 A New Era 101 Recreating Soros's Trading Strategies 102 Soros's Top Traits 103 CHAPTER 8 David Einhorn: A Company's Worst Nightmare 105 Allied Is Not an Ally 105 Lucky Lehman 108 The Great Beyond 110 Recreating Einhorn's Trading Strategies 111 Einhorn's Top Traits 112 CHAPTER 9 Martin Schwartz: From Amateur to Superstar 115 Start Small, Go Big 115 Trading Like a Rock Star 117 Winding Down 118 Recreating Schwartz's Trading Strategies 120 Schwartz's Top Traits 121 CHAPTER 10 John Arnold: Master of Energy 123 Success at Enron 123 Centaurus Energy 124 The Explosion 126 Recreating Arnold's Trading Strategies 127 Crude Oil 127 Natural Gas 128 Arnold's Top Traits 130 CHAPTER 11 More Great Trades: Phillip Falcone, David Tepper, Andrew Hall, Greg Lippmann 131 Phillip Falcone 131 Recreating Falcone's Trading Strategies 134 David Tepper 135 Recreating Tepper's Trading Strategies 136 Andrew Hall 138 Recreating Hall's Trading Strategies 139 Greg Lippmann 141 Recreating Lippmann's Trading Strategies 143 In Summary 144 Notes 147 Glossary 149 References 151 Helpful Web Sites 157 Index 161
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