The Most Dangerous Trade

The Most Dangerous Trade serves up a range of fascinating tales from the underbelly of the global marketplace. Investigative journalist Richard Teitelbaum reveals how short sellers navigate the darker side of events-the miscalculations, fraud, and follies-that help them profit from the failure of individuals, companies, markets, and nations. Short sellers are figures of intense controversy who some say operate at the fringe of accepted financial practices. Throughout The Most Dangerous Trade, former New York Times and Bloomberg News journalist Richard Teitelbaum profiles more than a dozen short sellers-an assortment of loners, firebrands, cynics, liars, and losers-to reveal how their investments have made and lost them millions and even billions. The book is filled with stories of successful investments as well as disastrous ventures. The Most Dangerous Trade examines the tactics of well-known short sellers such as: academic and hedge fund manager James Chanos, Herbalife short seller William Ackman, Demolition Man Manuel Asensio, and former harness horse racer Doug Kass. The author puts the spotlight on their different strategies, approaches, and various styles as they zero in on their targets, structure trades, and see their investments through to their ultimate conclusions. Written in a style and pace that could be easily mistaken for an adventure novel, The Most Dangerous Trade shows how these investors seek publicity to help drive down a stock and details the often bitter and controversial battles that ensue. The Most Dangerous Trade chronicles the serious breakdowns-financial, regulatory, ethical, and structural-that accompany short-selling campaigns, and offers a look at what motivates investors who wager against the stock market.