一直蒙骗一些人
Fooling some of the people all of the time
David Einhorn · 初版 2008 年
8人推荐
11位读者提及
13次提及
为什么值得读
- 揭露政府担保下贷款标准下滑与欺诈横生
- 以深厚实战经验揭示金融市场的丑陋真相
- 为投资提供务实且发人深省的哲学底色
一些不择手段的公司为了向美国投资者隐瞒其交易真相，究竟能走到哪一步？根据多空兼顾的价值导向型对冲基金 Greenlight Capital 创始人 Einhorn 的叙述，那远远超出了人们的想象。自 1996 年以来，Einhorn 的公司为投资者实现了超过 25% 的年化净回报率，证明了他确实能做到言出必行。在一次慈善投资会议上，他正是这么做的：他向全世界宣布自己对 Allied Capital 的做法感到警惕，并已做空该公司。其结果近乎一场大
Hacker News 上怎么说
正在加载完整评论……
理论是一回事，实践是另一回事。在提议给SBA贷款追加任何资金之前，我建议你读读David Einhorn的书《永远欺骗一部分人》（Fooling Some Of The People All of the Time）。简而言之，只要政府为贷款提供担保，贷款审核标准就会下降，欺诈就会增加。没错，监管与制衡机制确实存在，但别有用心的人总能找到钻系统空子的办法。这真是一场闹剧……
There is theory and there is practice. Before suggesting any additional funds for SBA loans, I would suggest you read David Einhorn's book "Fooling Some Of The People All of the Time". In short, when the govt. guarantees loans, loan standards go down and fraud goes up. Yes, there are checks and balances in place but motivated parties find ways to scam the system. It is a travesty…
……总体来说相当不错。现在政府债券几乎没有收益——如果每个投资者都不得不离场（比如你和我），我们手里就只剩下一堆没用的美元，而且根本没处投资。如果你还没读过，《永远欺骗一部分人》（Fooling Some of the People All of the Time）是深入探讨这一现象的极佳读物，不过读起来也挺让人郁闷的。
…pretty well, overall. Government bonds pay nothing now - if every investor had to exit the market (me and you) we'd just be stuck with useless dollars and no means to deploy them. If you haven't read it, Fooling Some of the People All of the Time is a great, but also depressing read into this.
在此强烈推荐David Einhorn的《永远欺骗一部分人》（Fooling Some of the People All of the Time）作为相关背景读物。
Highly recommend Fooling Some of the People All of the Time by David Einhorn here as relevant reading.
……（绿光资本/Greenlight Capital的）在最近的Ira Sohn大会上。Einhorn探讨了他持有的微软股票，并深入分析了该公司的业绩。我是Einhorn的铁粉——他写过《永远欺骗一部分人》（Fooling some of the people all of the time）这本书。
…(of Greenlight Capital) at the recent Ira Sohn conference. Einhorn discusses his Microsoft holdings and talks about the company's performance in some depth. I'm a big fan of Einhorn - he wrote the book "Fooling some of the people all of the time."
……学习资源。Wall Street Training是个很棒且实用的工具。能为你打下扎实底层思维的优秀资源有两个：霍华德·马克斯的《致股东信》（在橡树资本官网免费阅读）、David Einhorn的《永远欺骗一部分人》（Fooling Some of the People All of the Time），以及纳西姆·塔勒布的《随机漫步的傻瓜》（Fooled by Randomness）。
…resources. Wall Street Training is a good, practical one. Two good resources that give a strong philosophical foundation are Howard Mark's Chairman's Letters (free @ Oaktree Capital website), David Einhorn's "Fooling Some of the People All of the Time", and Nassim Taleb's "Fooled by Randomness."
^ 赞同这个。David Einhorn在《永远欺骗一部分人》（Fooling Some of the People All of the Time）中就给出了一个极好的具体案例。他经常揪出财务造假并做空它们，这本书里的案例就是Allied Capital。
^ This. A great book on a specific example is David Einhorn in "Fooling Some of the People All of the Time". He routinely finds fraud and shorts them, in this case, Allied Capital.