Important investment lessons gleaned from the mistakes of accomplished professional investors and billionaire businessmen The Billion Dollar Mistake is an up-close account of the career-defining mistakes that some of the world's most brilliant billionaire investors have made, and a revealing look at what we can learn from them. Drawing on author Stephen Weiss' twenty-two years experience at some of Wall Street's most prestigious firms, the core of this book is based upon original research and interviews with these legendary investors, who discuss the most significant trade or investment that went against them, the magnitude of the loss, its effect on their businesses-and on their personal lives. To some, these fascinating accounts will read like a novel; to others, it will be a treasured and unique investment guide. This intriguing book skillfully examines the causal relationship between the quirks of each investor's personality and the mistakes they have committed. Along the way, Weiss provides a series of compelling narrative accounts of the individuals' road to success, the particular mistakes they made, the character flaws that led to them, and the lessons learned. While some investors made errors of judgment, others made errors of perception. The Billion Dollar Mistake Uncovers important lessons learned from the failures of some of the most enduring and accomplished investors, including Kirk Kerkorian, Bill Ackman, Aubrey McClendon and Leon Cooperman Discusses how to incorporate these lessons into your investment discipline and avoid the same missteps Reveals common mistakes made by bigger investors that the average investor can relate-the only difference is in magnitude with more zeros attached to the loss Includes insights on improving your investment endeavors by refining your approach to today's markets Learning from the missteps of the best in the investment business can help you succeed. With The Billion Dollar Mistake, you'll discover how.
Autorentext
STEPHEN L. WEISS has spent the last twenty-three years on Wall Street working for some of the industry's most prestigious firms. He is currently a Senior Managing Director and Head of Equities at an investment bank in New York City. Weiss started in institutional sales at Oppenheimer & Co., then moved to Salomon Brothers, where he eventually co-managed the firm's 500 person global research department and became a spokesperson for the equity division. Weiss also worked at SAC Capital, co-managing the firm for legendary hedge fund manager Steven Cohen. Subsequent to SAC, Weiss joined Lehman Brothers in senior management, helping to restore the once prominent equity business to the pinnacle of the industry.
Klappentext
"Concentrating on personal finance don'ts is a clever idea . . . an intriguing reminder of what not to do when investing your money." -The New York Times
Brilliant investors and top businesspeople make mistakes, too-very expensive ones. Drawing on his twenty-plus years of experience at some of Wall Street's most prestigious firms, as well as original research and interviews with these legendary investors, Stephen Weiss offers fascinating narrative accounts of their billion-dollar blunders.
Here, such prominent figures as Kirk Kerkorian, Bill Ackman, David Bonderman, Aubrey McClendon, and Leon Cooperman discuss the most significant trade or investment that went against them, the magnitude of the loss, its effect on their businesses-and on their personal lives. The book skillfully examines the causal relationship between the quirks of each investor's personality and the mistakes they have committed-as well as the lessons learned. While some investors made errors of judgment, others made errors of perception. But no matter how many zeros were attached to these particular losses, investors at any level can profit from the wisdom gained-and avoid the same missteps.
"When a great investor flubs it, everyone can learn a lesson. With that in mind, author Stephen Weiss delves into the biggest mistakes of such Wall Street luminaries as Bill Ackman, Leon Cooperman and Richard Pzena." -Barron's
Inhalt
Acknowledgments ix
Introduction 1
Chapter 1 Kirk Kerkorian: Due Diligence Is Due Every Time 11
Chapter 2 David Bonderman: Does This Mean I Also Overpaid for the Rolling Stones? 31
Chapter 3 Aubrey McClendon: Falling on the Wrong Edge of the Two-Edged Leverage Sword 51
Chapter 4 Bill Ackman: Detour from Discipline 69
Chapter 5 Nick Maounis: “Trust, but Verify…” 89
Chapter 6 Leon Cooperman: The Pirate of Prague Meets the Prince of Princeton—and the Boy from the Bronx Gets Squeezed 109
Chapter 7 Richard Pzena: Fashions Change, History Persists—or Does It? 129
Chapter 8 Geoff Grant: Style Drift—It’s Hot Till It’s Not 149
Chapter 9 Volkswagen and Porsche: The Hare Finally Wins and the Shorts Get Squeezed 171
Chapter 10 Chris Davis: It Was Dressed like an Insurance Company, but It Didn’t Quack Like One… 195
Chapter 11 Madoff Investors: Hook, Line, and Sunk 215
Epilogue Me Too: Mistakes I’ve Made and Lessons I’ve Learned 235
Notes 237
Glossary 241
About the Author 249
Index 251