The Most Dangerous Trade

How short sellers profit from disasters that afflict individuals, markets, and nations The 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 more Discover how short sellers make the "puts" that make them billions Uncover the short selling controversies that make headlines Written by award-winning journalist Richard Teitelbaum Discover what motivates investors who wager against the stock market and how they often profit from the misery of others.

Preface vii Chapter 1 Ackman: The Activist Grandstander 1 Chapter 2 Asensio: Exile on Third Avenue 27 Chapter 3 Chanos: Connoisseur of Chaos 51 Chapter 4 Einhorn: Contrarian at the Gates 87 Chapter 5 Block: Playing the China Hand 125 Chapter 6 Fleckenstein: Strategies and Tactics 153 Chapter 7 Kass: Nader’s Raider Hits the Street 177 Chapter 8 Tice: Truth Squad Leader 203 Chapter 9 Pellegrini: Behind the Great Subprime Bet 227 Chapter 10 Cohodes: Force of Nature, Market Casualty 257 About the Author 297 Index 299