By Richard Teitelbaum

How brief dealers take advantage of mess ups that afflict participants, markets, and nations

The most deadly Trade serves up stories from the darkish part of the area industry to bare how investors take advantage of the failure and, frequently, the bankruptcy of others. during this publication Richard Teitelbaum profiles greater than a dozen brief to bare how they hire the strategies, ideas, and numerous kinds to 0 in on their objective, get the wanted financing, and spot their funding via to its final conclusion.

The brief profiled will comprise tales of either their profitable investments in addition to their disastrous ventures. The ebook will study the several kinds, suggestions, and strategies applied, how every one brief vendor researches his or her objectives, obtains financing, places on a alternate, and sees the funding via to fruition—or failure. With the attraction of a well-written event novel, The most threatening Trade finds how those traders search exposure to aid force down a inventory and exhibits the customarily sour and arguable battles that occur.

• comprises profiles of well-know brief resembling Jim Chanos, Steve Eisman, Manuel Ascencio, Doug Kass, and lots of more
• notice how brief make the "puts" that lead them to billions
• discover the quick promoting controversies that make headlines
• Written by means of award-winning journalist Richard Teitelbaum

Discover what motivates traders who bet opposed to the inventory industry and the way they typically cash in on the distress of others.

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Extra resources for The Most Dangerous Trade: How Short Sellers Uncover Fraud, Keep Markets Honest, and Make and Lose Billions

Sample text

Then began a slow-motion version of a short seller’s nightmare. Over the next 36 months, no matter what damaging revelations surfaced—subpoenas, missed earnings estimates, or more evidence of fraud—PolyMedica’s shares continued to rise. The company’s CEO, Steven Lee, resigned without explanation. The stock hit $24. A federal study found abuses in the test kit industry.

Today, Asensio won’t disclose the terms of the settlement. Evergreen CEO Mark Sexton was fired the next month, and the company filed for bankruptcy liquidation in January 2012, its K-Fuel dreams up in smoke. PolyMedica’s reputation was already in tatters by the time Asensio & Company issued its first research report on the Woburn, Massachusetts company in October 2001. A year earlier, Barron’s had reported that the Federal Bureau of Investigation was investigating PolyMedica for possible Medicare fraud, and the stock lost half its value.

Though he doesn’t like to talk about it, short selling has made Asensio wealthy; he keeps an apartment on Manhattan’s eastside and a luxury apartment in Miami, and dines at the finest steakhouses. He collects the artwork of contemporary Cuban artists like Alexis Leyva Machado and when in South Florida zips around on a classic 1979 BMW R65 motorcycle. But to hear Asensio tell it, uncovering fraud is less a career than a cause—part of the eternal struggle between right and wrong. “Morality is important to me,” says Asensio.

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